A loan originator who applies to be licensed again must: - ANSWERcomplete the Continuing Education requirements for the last year in which the license was held
A loan originator is: - ANSWERAn individual who takes a residential mortgage loan application and offers or negotiates terms of a reside...
UST Test Prep 1 Correct 100%
A loan originator who applies to be licensed again must: - ANSWERcomplete the Continuing
Education requirements for the last year in which the license was held
A loan originator is: - ANSWERAn individual who takes a residential mortgage loan application and
offers or negotiates terms of a residential mortgage loan for compensation or gain
All of the following are required to be licensed except: - ANSWERan individual negotiating a
residential mortgage loan with or on behalf of an immediate family membe
The Regulatory Authority may impose penalties for each violation up to, and not exceeding: -
ANSWER$25,000
The Unique Identifier, issued by NMLS, of any person originating a residential mortgage loan shall be
clearly shown on all of the following except: - ANSWERon the company's front door
A Mortgage Loan Originator is: - ANSWERany person who for compensation places a loan within this
state for others
Which of the following is not considered a Federal Banking Agency? - ANSWERThe Consumer
Financial Protection Bureau
Which of the following is not considered "prohibited conduct"? - ANSWERMaking a costly error
The SAFE Act is designed to do all of the following except: - ANSWERReduce fraud by creating an
enforcement agency that prosecutes unethical activity
Which of the following are powers/duties of the Regulatory Authority? - ANSWERConduct
examinations of licensee's books and records
A Mortgage Lender shall maintain capital of not less than $______ per licensed location: -
ANSWERAn amount determined by the state Regulatory Authority that reflects the dollar amount of
loans originated
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