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sanbaugh
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A person who fails the loan originator test may retake the test
Three (3) times with at least 30 days elapsing beween each re-test
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In order to renew a mortgage loan originator license, the license holder shall complete 8 hours of continuing education. The courses must include which of the following:
Federal law and regulations
Ethics including fraud, consumer protection, and fair lending issues;
Lending standards for the non-traditional mortgage product marketplace.
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Which of the following best describes an MLO?
A person who takes a residential loan application and negotiates terms for a residential mortgage loan for compensation
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A person seeking an MLO endorsement for their real estate license must do all of the following:
Submit to a criminal background check
Authorize credit report thru NMLS
Pass the National and State Components of the SAFE Act MLO test
DOES NOT have to submit Medical Records!
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20 hrs of pre-licensing education is required of MLO applicants. In what instance is the 20 hrs waived?
If all other MLO requirements are met by 8-31-2010
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To maintain the MLO endorsement on one's license, the licensee will have to do which of the following?
Complete 8 hours of continuing education every year.
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Continuing education courses to maintain the MLO endorsement must include all of the following except:
Special Calculations
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Continuing education courses to maintain the MLO endorsment must include:
Fed Law
Ethics
Non Traditional Mortgage Products
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Purpose of submitting fingerprints to NMLS
for criminal background check
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which of the following was passed to ensure that California complies with the Federal SAFE Act?
SB36 (Senate Bill 36 was signed into law Oct.2009)
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Minimum # years. Required to verify income, w2, 1040's?
2
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Max tolerance for APR % error on fixed rate loans?
1/8th %
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Max tolerance for APR % on variable rate loans?
1/4%
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max dti ratios
VA
n/a / 41%
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Max DTI ratios
Conventional
28/36
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Upfront MIP FHA Loans?
2.25%
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Monthly Mortgage Insurance Premium 30 yr FHA Loans
.55 / 12 mos
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MMI for 15 yr fixed FHA loans
.25/12 mos
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% down payment required FHA loans
3.5%
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FHA Max seller contribution or credit
6% based on sales price
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% of VA funding fee
1.25% - 3.30%
0 for disabled vet
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% of down payment on VA loan?
0
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VA loan max % seller contribution or credit allowed?
4%
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% down payment req on USDA rural development loans?
0
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% Guarantee Fee paid by borrower on USDA loans?
3.5%
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Max Area Median Income (AMI) for USDA loan?
115%
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# days advance notice required for lender to notify borrower of changes to variable rate index, rate, etc?
25 days min
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Age required to qualify for Reverse Mtg?
62
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1031 exchange must locate new property within ____ days and close escrow within ______days
45/180
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Conversion of a Trust Fund account to personal money is
Stealing
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Trust Funds must be reconciled
monthly (if active)
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A trustee may keep a certain amount of $ of their own funds for expenses and not be penalized for commingling of funds
$200
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Fine for DNC registry violation
$16K NOT $11K
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Redlining is covered by
CRA
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CRA
Community Reinvestment Act
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The term Equal Housing Lender must be used in advertising because of the
Fair Housing Act
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Discouraging a clearly unqualified consumer from applying is a violation of Reg B
ECOA
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The first Agency in the secondary market was
Fannie Mae
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SAFE Act is Title
Title V 2008
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