Missouri State Test| 75 QUESTIONS| WITH COMPLETE SOLUTIONS

Under the Missouri S.A.F.E act, how long go mortgage brokers have to report changes involving mortgage loan originator employees? correct answer: Next business day Which of the following is NOT exempt from the Missouri mortgage loan originator licensing requirements? correct answer: An individual who lives outside of Missouri but who works as a mortgage loan originator in Missouri When are prepayment penalties allowed in a second mortgage? correct answer: When the borrower takes out a new mortgage with a different lender in order to avoid prepayment penalties Which of the following is a true statement about reverse mortgages offered in Missouri? correct answer: Applications may be taken over the phone What are the continuing education requirements for mortgage loan originators? correct answer: Eight hours per year What is the standard that the Director has to establish before a license holder's business can be placed in receivership? correct answer: The license holder is engaging in "unsafe or unsound practices" Under the Statement on Subprime Mortgage Lending, which of the following is NOT singled out as a feature of which lenders should warn consumers? correct answer: Disclosure requirements Which of the following is a true statement of the rules that apply to disclosing fees and compensation? correct answer: Mortgage brokers are required to disclose both the source and the amount of fees incurred for obtaining the loan