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MLO Vermont State Laws questions with correct answers. CA$20.14   Add to cart

Exam (elaborations)

MLO Vermont State Laws questions with correct answers.

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MLO Vermont State Laws questions with correct answers. Department of Financial Regulation state regulatory agency responsible for oversight of VT financial service industry Who leads Department of Financial regulation? Commissioner NMLS Nationwide Mortgage Licensing System and Registry Th...

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  • March 21, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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MLO Vermont State Laws questions with
correct answers.
Department of Financial Regulation

state regulatory agency responsible for oversight of VT financial service industry

Who leads Department of Financial regulation?

Commissioner

NMLS

Nationwide Mortgage Licensing System and Registry

The Vermont Banking Division

within Department of Financial Regulation, also supervises, regulates, and examines Lenders, Mortgage
brokers, and MLOs

VT License Law for MLO's can be found

Chapter 73 Title 8 of the VT statutes annotated

Lender License

Required by any company or person engages in the business of making loans (Secure, unsecured,
mortgage, and commercial loans)

Mortgage Broker License

a person or company who negotiates, assists, or finds mortgage loans, other than commercial loans

Mortgage Broker Sole Proprietor License

issued to a person who engages in 5 or fewer loans per calendar year

Mortgage Loan Originator License

takes residential applications, offers or negotiates terms of residential loans, and represents to the public
MLO services provided

Broker/Prospect Borrowing Agreement`

must have in advance of taking any fees or at the time of signed application

commitment letter requirement- fixed loans

interest cannot exceed what's mentioned in the commitment letter

commitment letter requirements- variable rate loan

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