exam 1

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vivian860
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24465
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exam 1
Updated:
2010-06-21 22:57:48
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federal laws
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federal laws
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  1. The state agency responsible for the supervision of the financial services industry in California is the:
    A) California Commission of Banking
    B) California Department of Corporations Financial Services Division
    C) California Division of Financial Institutions
    D) California Division of Banking
    B) California Department of Corporations Financial Services Division
    (this multiple choice question has been scrambled)
  2. The following are defined as "Federal Banking Agencies":
    a) Federal Reserve and the Office of Thrift Supervision
    b) Federal Reserve and Commissioner of Housing and Urban Development
    c) National Credit Union Administration, Comptroller of the Currency and the Federal Deposit Insurance Corporation
    d) both a & c
    • The correct answer is "D"
    • All the listed agencies except HUD are Federal Banking Agencies that have direct regulatory and oversight responsibilities regarding banks, savings and loan institutions, credit unions and other entities know as "Depository Institutions." The Commissioner of Housing and Urban Development (HUD) is more correctly defined as a "Housing Agency" with direct oversight in areas of fair housing, community development and the credit markets that directly support housing.
  3. An applicant for a mortgage originator license in California shall obtain a surety bond of $___________.
    A) $25,000 to $150,000 depending on loan volume
    B) $50,000
    C) $15,000
    D) $25,000
    D) $25,000
    (this multiple choice question has been scrambled)
  4. An applicant for a residential mortgage lender or servicer license in California shall obtain a surety bond of $___________.
    A) $50,000
    B) $100,000
    C) $25,000
    D) $250,000
    A) $50,000
    (this multiple choice question has been scrambled)
  5. The surety bond requirements for each Residential Mortgage Lending Act License is a minimum of:
    A) $100,000
    B) $25,000
    C) $50,000
    D) $250,000
    C) $50,000
    (this multiple choice question has been scrambled)
  6. What Department of California state government has the mission, which states." to ensure an efficient and accessible financial services marketplace in California, to educate the public about the risks and rewards in investing and finances, and enforce California’s financial services laws to protect the public from fraud.?
    A) California Department of Corporations
    B) California Department of Bank Regulation and Finance
    C) California Department of Consumer Affairs
    D) California Department of Banking and Financial Institutions
    A) California Department of Corporations
    (this multiple choice question has been scrambled)
  7. What is the annual renewal fee for licensure as a residential mortgage lender including NMLS fees in California are?
    $1,100
  8. What is the fee for licensure as a mortgage broker in California including NMLS fees ?
    $320
  9. What is the initial fee for a California state licensed Mortgage Loan Originator (MLO) including NMLS fees after March 31, 2010?
    $169
  10. The minimum net worth requirement for a mortgage broker licenses is
    $0
  11. The minimum net worth requirement for a mortgage lender licenses is
    $250,000
  12. What are the requirements for Finance Lenders Act Licenses?
    $25,000 surety bond and $250,000 net worth
  13. Fred is a Mortgage Loan Originator for XYZ Mortgage Brokers in California. Fred has originated a loan for the Morgan family and is trying to compute the points and fees to ensure he has not originated a high cost home loan. Which of the following are excluded from his points and fees for the purpose of this calculation?
    Appraisal fees, Taxes, Recording fees
  14. Under state law Mortgage Foreclosure Consultants are
    required to register with the State Department of Justice
  15. The California Foreclosure Prevention Act (CFPA) was passed in 2009 for what reason?
    To allow for an additional 90 period before a notice of sale
  16. Senate Bill 1137 passed in 2008 requires creditors to
    • 1. contact homeowners and explore restructuring options before initiating the foreclosure process.
    • 2. requires owners to maintain vacant foreclosed properties

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