Shared Flashcard Set

Details

NMLS - WS UST Test Prep
Uniform State Test Component preperation
36
Real Estate & Planning
Professional
12/11/2013

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Who is responsible for determining whether to issue a license approval
Definition
The Commissioner of the DFI/MRC
Term
How long is a loan origination license valid?
Definition
1 year.
Term
What is DFI?
Definition
Department of Financial Institutions
Term
What is the Mortgage Regulatory Commission?
Definition
Term
Who is responsible for issuing license approval
Definition
The commisioner of DFI/MRC
Term
How long is a loan originator license valid?
Definition
1 year
Term
What laws specify requirements for Loan Originators
Definition
- Title V (S.A.F.E.)
- Regulation H (SAFE part 1008 State compliance & Bureau Registration System)
-SML State Model Legislature
Term
Who wrote the implementing regulations for S.A.F.E and what are they known as?
Definition
HUD
Regulation H
Term
Who provides a surety bond?
Definition
The individual or if the person is an employee or exclusive agent of a person subject to the states SAFE Act, the surety bond of the employing licensee may satisfy the bond requirement
Term
What are the 3 MLO Renewal Requirements
Definition
- Continue to meet min standards for license
- Satisfy annual continuing education
- Pay all required fees.
Term
What does Licensee submit to NMLS?
Definition
Reports of condition. I.E. Mortgage Call Reports
Term
What regulation G created under the S.A.F.E act?
Definition
Created the registration system and transferred responsibility to CFPB.
Term
Who regulates S.A.F.E?
Definition
HUD
Known as Regulation H it gave HUD
-responsibility for monitoring states compliance with SAFE
- authority to establish & maintain licensing systems in states without a licensing system.
Term
State Licensing & regulatory agencies have?
Definition
the authority to investigate and examine any:
- Licensed Loan originator
- Individual required to have a loan originator license
Term
What are the purposes for SLA (state licensing agency) investigations
Definition
Initial or renewal of license
License suspension, conditioning, revocation, or termination
Determining compliance w/state law
Term
What are NMLS confidentiality requirements for information disclosed to them?
Definition
The same as applied to the information prior to being disclosed.
- May be shared with state & federal officials involved in Mortgage oversight sans loss of privilege & confidentiality protections provided by law.
- Is not subject to; disclosure or subpoena(unless waived by owner.
Personal material LO employment and or disciplinary information is not protected/
Term
What is the SAFE definition of MLO
Definition
Mortgage Loan Originator
Takes an application 1003
Offers or negotiates terms of a mortgage loan.
Term
Real estate brokerage activities include:
Definition
- Acting as a real estate agent or broker
- Bringing parties together in the interest of sale/purchase/rental or exchange of real property
Negotiating on behalf of a party any portion of a sale/purchase/rental or property exchange contract.
- Engaging in activities where a person is required to be a registered or licensed real estate agent or broker.
Term
What is a loan processor or underwriter?
Definition
a person who performs clerical or support duties at the direction of & subject to supervision of a State Licensed LO.
Term
Unique ID
Definition
-Permanently ID's LO
- Is assigned by protocols from NMLS federal banking agencies
Term
What is the max penalty for each act or omission under the SAFE act?
Definition
$25K
Term
What are the State Agencies 6 remedies for violations
Definition
-Deny, suspend, revoke, or decline to renew, a license
- Order restitution be paid
-Impose fines
- Issue orders (cease & desist from business or harmful activities
-Order and direct other affirmative action
Term
When new or edited state law is amended or passed, what can the CFPB request
Definition
- Evidence of SAFE compliance
- Citations to relevant state laws
- Information on states supervisory process
- Data on State Regulators work (investigations, examinations, enforcement)
Term
Who determines that state laws satisfy S.A.F.E. licensing requirements?
Definition
Director of the CFPB
Term
How long do states have to remedy non-compliance with S.A.F.E?
Definition
24 months
Term
When must the initial 20 hour class be completed?
Definition
Any time 2 years prior to passing the S.A.F.E. test
Term
Advertising
What is bait and switch
Definition
advertising a loan at very attractive terms and then informing potential customers that that loan is not available but that a loan with different terms is.
Term
Advertising
What are 4 triggering terms?
Definition
- The amount or % of any down payment (except for 0)
- The Number of payments or period of repayment (150 payments)
- The amount of any payment
- The amount of any finance charge
Term
Advertising
Disclosures required by triggering terms
Definition
- Amount or % of down payment
- Terms of repayment (i.e. schedule, timing, balloon)
- APR
Term
Advertising
Credit secured by dwelling
What is disclosure is required for an ad with simple annual rate, where more than one rate will apply over life of loan?
Definition
-Each applicable rate
-The period of time each rate is applied
-The APR of the loan
Term
Advertising
Credit secured by dwelling
What is disclosure is required for an ad stating the amount of payment?
Definition
The amount of each payment
The period of time during which payment applies
For credit secured by a 1st lien on a dwelling, the fact that payments DO NOT include taxes /ins/ if appicable and that the obligation will be greater
Term
Advertising
Credit secured by dwelling
Cannot use "fixed" to refer to payments, rates, or credit transaction on what type of transactions?
Definition
variable rate
where payment will increase
where there are transactions with both variable & fixed transactions
Term
Who is/are responsible for renewal of LO license?
Definition
LO
Term
What are the NMLS requirements for an independent contractor?
Definition
He must become state licensed.
Term
What are the federal S.A.F.E. requirements for a state licensing agency?
Definition
- Effective supervision & enforcement
- Writing rules & regs necessary to license LO
- setting and resetting of renewal or reporting dates.
- conduct background checks
- Participate in NMLS
Term
When would a license be suspended with out a hearing?
Definition
Anytime. Hearings aren't required. However, the LO has a right to request one.
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