NMLS-CA State Component

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NMLS-CA State Component
2010-08-04 16:01:39

NMLS - CA State Questions
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  1. 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
  2. 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.
  3. 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
  4. 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!
  5. 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
  6. 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.
  7. Continuing education courses to maintain the MLO endorsement must include all of the following except:
    Special Calculations
  8. Continuing education courses to maintain the MLO endorsment must include:
    Fed Law


    Non Traditional Mortgage Products
  9. Purpose of submitting fingerprints to NMLS
    for criminal background check
  10. 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)
  11. Minimum # years. Required to verify income, w2, 1040's?
  12. Max tolerance for APR % error on fixed rate loans?
    1/8th %
  13. Max tolerance for APR % on variable rate loans?
  14. max dti ratios
  15. max dti ratios
    n/a / 41%
  16. Max DTI ratios

  17. Upfront MIP FHA Loans?
  18. Monthly Mortgage Insurance Premium 30 yr FHA Loans
    .55 / 12 mos
  19. MMI for 15 yr fixed FHA loans
    .25/12 mos
  20. % down payment required FHA loans
  21. FHA Max seller contribution or credit
    6% based on sales price
  22. % of VA funding fee
    1.25% - 3.30%

    0 for disabled vet
  23. % of down payment on VA loan?
  24. VA loan max % seller contribution or credit allowed?
  25. % down payment req on USDA rural development loans?
  26. % Guarantee Fee paid by borrower on USDA loans?
  27. Max Area Median Income (AMI) for USDA loan?
  28. # days advance notice required for lender to notify borrower of changes to variable rate index, rate, etc?
    25 days min
  29. Age required to qualify for Reverse Mtg?
  30. 1031 exchange must locate new property within ____ days and close escrow within ______days
  31. Conversion of a Trust Fund account to personal money is
  32. Trust Funds must be reconciled
    monthly (if active)
  33. A trustee may keep a certain amount of $ of their own funds for expenses and not be penalized for commingling of funds
  34. Fine for DNC registry violation
    $16K NOT $11K
  35. Redlining is covered by
  36. CRA
    Community Reinvestment Act
  37. The term Equal Housing Lender must be used in advertising because of the
    Fair Housing Act
  38. Discouraging a clearly unqualified consumer from applying is a violation of Reg B
  39. RESPA
    Reg X
  40. TILA
    Reg Z
  41. ECOA
    Reg B
  42. The first Agency in the secondary market was
    Fannie Mae
  43. Reg B
    ECOA 1974
  44. Reg C
    HMDA 1975
  45. Reg X
    RESPA 1974
  46. RESPA
  47. Reg Z
    TILA 1968
  48. TILA
    1968 Reg Z
  49. SAFE Act is Title
    Title V 2008
  50. FCRA
    Reg V 1968