Louisiana S.A.F.E test

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Author:
nikkie7734
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28284
Filename:
Louisiana S.A.F.E test
Updated:
2010-07-28 15:28:58
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Louisiana Mortgage
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Louisiana S.A.F.E
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  1. The board is comprised of how many members?
    5 members

    • (4 appointed by the Commissioner from a list of nominees submitted by the LA Mortgage Lenders Association
    • 1 shall be the comissioner of his designee.)
  2. Do the members of the board have to be licensed?
    NO, must have 3 years of experience.
  3. How much is an annual lender renewal?
    Not to exceed $300.
  4. How much is an annual Loan originator renewal?
    Not to exceed $100
  5. Depository Institution
    Any bank or saving association; includes credit unions.
  6. What is the Residential Mortgage Lending Board called?
    Board.
  7. What is a consumer?
    Natural person who enters into or seeks to enter into a residential loan transaction for a personal, family or household purpose.
  8. What is a Federally Related Mortgage Loan?
    An extention of credit to a consumer secured by a first mortgage on residential immovable property located in this state, including mobile homes that are immobilized and designed for occupancy of 1-4 families.
  9. What are the Federal Banking Agencies?
    • The Board of Governors of Federal Reserve System
    • The Office of the Comptroller of the Currency
    • The Office of Thrift Supervision
    • The National Credit Union Admin
    • Federal Deposits Ins. Corp.
  10. What is a Mortgage Broker/Residential Mortgage Broker?
    • Any person who directly/indirectly (for compensation/expectation of compensation) negotiates/places or finds or offers to negotiate/place/or find a residential mortgage loan for another person.
    • Also includes approved Federal Housing Administration loan correspondents.
  11. What is a Mortgage Loan Originator?
    A person who for compensation/gain or expectation of compensation/gain takes a residential mortgage loan application or offers to negotiate terms of a residential mortgage loan.
  12. What is a Mortgage Servicer Loss Mitigation Specialist?
    A person who on behalf of a holder or mortgagee assits a borrower to modify or refinance either temporary or permanent the borrowers obligations in order to avoid default/foreclosure of residential mortgage loans.
  13. What is a principal stockholder?
    Any person holding 10% or more of the outstanding stock of a corporate mortgage broker or mortgage lender.
  14. What is residential immovable property?
    Any immovable property located in this state upon which it is constructed or intended to be constructed as a dwelling.
  15. What are the Pre-Payment Penalties?
    • 5% of unpaid principal during 1st year
    • 4% during 2nd yr
    • 3% during 3rd yr
    • 2% during 4th yr
    • 1% during 5th yr
    • 0% after 5th year
  16. How long does a person whose license has been revoked have to wait to re-apply?
    5 yrs from the date of the order of revocation, unless the commissioner prescribes an earlier or later date.
  17. If found guilty of violating any provisions of the RMLA or Rule Brokers and/or originators may be fined?
    up to $1,000 per violation and up to $1,000 oer day the person acts as a residential mtg. broker/lender/originator w/o complying w/RMLA or any rules promulgated thereunder.
  18. What is table funding?
    When a residential mtg. lender closes a residential mtg. loan in his own name but it is funding is provided through a third party.
  19. What is the deadline for submitting your annual license renewal application?
    December 31st.
  20. When do you have to notify the Commissioner of the closing of an office?
    • Within 30 days of closure.
    • Failure to notify results in a $100 late fee.
  21. When do you have to notify the Commissioner of change of employment?
    • Within 30 days and $50 transfer fee to change sponsorship.
    • Failure to notify w/in 30 days results in a $100 late notification fee.
  22. What is the penalty for collecting advance fees in excess of those provided in R.S.?
    Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
  23. What is the penalty for providing false/misleading information to the commissioner on an application and such info is material to approval of the application?
    Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
  24. What is the penalty for failing to account for or deliver to any person any money/funds/deposits/checks/drafts/mortgages/documents/things of value to the borrower?
    Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
  25. What is the penalty for failing to disbure (w/o just cause) any funds belonging to the borrower?
    Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
  26. What is the penalty for a lender/broker/originator who knowingly operates w/o a license?
    Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
  27. How long must records be retained by the office?
    7 years

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