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Random Questions
2010-11-02 16:20:33
Florida State Mortgage Exam

Florida State Mortgage Exam
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  1. Which agency is responsible for monitoring and regulating mortgage professionals in Florida?
    Division of Finance
  2. A violation of the Florida Fair Lending Act can lead to a fine up to:
  3. The initial licensure fee for Florida mortgage broker is?
  4. According to Florida law, samples of advertising must be kept for how long after the date of publication of broadcast?
    2 years
  5. In Florida a late payment fee for a high-cost loan my not exceed:
    5% of the payment past due
  6. What is the maximum fee or commission that may be charged on a mortgage loan exceeding $5,000?
    $250, plus 10% of the entire mortgage
  7. Any required disclosure made for a high-cost loan under Florida Fair Lending Act must be made:
    Not less than three business days prior to the consummation of the high-cost home loan
  8. Any person applying for a loan originator's license in Florida must complete how many hours of pre-licensing education?
    20 hours
  9. The licensure fee for a mortgage lending license is?
  10. The license renewal fee for a mortgage broker's license in Florida is?
  11. How many hours of continueing education are required for Florida mortgage loan originators to qualify for license renewal?
    8 hours
  12. What is not prohibited activity under Florida Law?
    To delay the issuance of a written loan payment beyond 15 days
  13. What is not a valid penalty for a license violation in the state of Florida?
  14. Each mortgage broker business must be operated by an?
    Principal loan originator
  15. The initial licensure fee for Florida mortgage brokerage branch office is?
  16. How many days does a borrower with a high cost loan have to cure thier default amount?
    45 days
  17. What fine is assessed for daily administration penalites?
    $1,000k a day up to $25k
  18. After what disclosure is presented to the borrower are they then responsible for fees due to the loan originator?
    Bone Fide Loan Commitment
  19. What needs to be done if a borrower wants to waive their 3 day right of recission?
    A written letter to the loan originator explaining a financial hardship and request the waiver.
  20. What needs to be doen if a licensee is changing information on their MU4 application?
    Submit an amendment to the NMLS with in 30 days
  21. Net Worth for lender seeking endorsement?
  22. Net worth for lender NOT seek endorsement?
  23. Def. Making a Mortgage?
    Closing a mortgage loan in a person's name, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a mortgage loan.

    (offering to fund a loan)
  24. On what grounds can a license be suspended without hearing?
    If arrested, state views you as able to damage public - immediate suspension.
  25. According to the State of Florida what length of time is considered "imprisonment"?
    1 year
  26. For not disclosing a felony that you did as a minor that was exponged from record, whats the consequence?
    Nothing, expunged - if before license application say nothing, if applied then expunged office can't hold against you, if you do not disclose and expunged after - denied.
  27. Homestead ammendment 1?
    Off of tax assessed value
  28. Phone # and pymt info can be found where?
    Servicing Disclosure
  29. When can a lender choose not to fund a loan?
    If borrower rescinds and there was fraudulent activity