Florida MLO State Test 2024 Latest Questions With Reviewed Answers || Graded A+
2 views 0 purchase
Course
Florida MLO State
Institution
Florida MLO State
Florida MLO State Test 2024 Latest
Questions With Reviewed Answers
|| Graded A+
Bureau of Money Transmitter Regulation - ANSWER Conducts
examinations of funds transmitters, payment instrument sellers,
currency exchangers, and payday lenders to ensure compliance
Bureau of R...
Florida MLO State Test 2024 Latest
Questions With Reviewed Answers
|| Graded A+
Bureau of Money Transmitter Regulation - ANSWER ✔ Conducts
examinations of funds transmitters, payment instrument sellers,
currency exchangers, and payday lenders to ensure compliance
Bureau of Regulatory Review - ANSWER ✔ reviews applications
and processes amendments and renewals for all individuals
regulated by the division
December 31st each year - ANSWER ✔ Starting 2011 all
licensed loan originators, brokers and lenders will be required to
renew their license by...
Regulatory Trust Fund of the office - ANSWER ✔ All fees,
charges, and fines collected in administration and enforcement of
MLO regulations are deposited in...
8 hours - ANSWER ✔ Amount of continuing education required
for license maintenance
October 1st, 2010 - ANSWER ✔ When did the new definitions for
the types of mortgage licenses go into effect in Florida?
18 (with high school diploma or equivalent) - ANSWER ✔ What is
the minimum age for applying for an MLO license in Florida?
, December 31st - ANSWER ✔ Final date for annual MLO license
renewal in FL
contracting work with more than one licensed employer -
ANSWER ✔ A loan originator licensee who acts solely as a loan
processor is exempt from...
The licensee must file an official declaration of intent to act solely
as a loan processor. - ANSWER ✔ In order to act solely as a loan
processor
They must withdraw their declaration of intent with the
commissioner. - ANSWER ✔ In the event a licensed loan
processor wishes to begin taking mortgage loan applications,
then...
A recorded final judgement from a court - ANSWER ✔ In order to
collect payment from the trust fund, a borrower must have...
That they have done a search to ensure that the lender in
violation does not have any assets that can be liquidated to cover
the damages in the judgement. - ANSWER ✔ Before a borrower
can claim restitutions from the trust fund, their efforts must
reflect...
$50,000 - ANSWER ✔ A borrower cannot collect more than
_____ from the trust fund
January 1st, 2011 - ANSWER ✔ In order to receive restitution
from the trust fund, the violation must have occurred on or after...
, Predatory lending acts are now violations and punishable under
state law. - ANSWER ✔ The adoption of "prohibited conduct or
practices" into FL lending law has had what effect?
financial institutions - ANSWER ✔ Usage of "bank" or any word
with the same meaning is prohibited for all entities except
Florida High Cost Fair Lending Act - ANSWER ✔ Florida's anti
predatory lending law is referred to as
mortgage loan terms and practices such as prepayment
penalties, balloon payments, and negative amortization -
ANSWER ✔ FL high cost legislation targets
It can't last for more than 3 years. The terms of the penalty and
it's benefits must be disclosed 3 days before closing. The
borrower must be given a loan option without a penalty. -
ANSWER ✔ the conditions for a pre-payment penalty under FL
law
Selling door to door - ANSWER ✔ What is the unique selling
prohibition specific to Florida high cost loan law?
30 days - ANSWER ✔ If information relevant to a license
application changes, then a licensee is required to report this
information to the commission within...
10% of the company - ANSWER ✔ Any acts of moral turpitude
perpetrated by an owner in a licensee company must be reported
if they own more than...
A branch manager licensed as a loan originator - ANSWER ✔
Any branch office must also have...
, A disclosure including the information that the mortgage broker
cannot make any mortgage commitments itself. - ANSWER ✔ At
least 3 days prior to closing, a mortgage BROKER must disclose.
returned to the borrower within 60 days after rejection,
withdrawal, or closing - ANSWER ✔ Any fees charged in excess
of actual 3rd party costs must be...
24 months - ANSWER ✔ Samples of advertising must be
retained for a duration of....
a fee of $1,000 a day will be charged to a maximum of $25,000 -
ANSWER ✔ If a mortgage broker or lender conducts business at
an unlicensed branch office or a person originates loans without a
license, then...
Charging a higher interest rate - ANSWER ✔ In the event of
default on a mortgage, FL High Cost Fair Lending Act prohibits
what?
2 payments - ANSWER ✔ High Cost Fair Lending Act prohibits
financing more than...
Fraud, dishonesty, or money laundering - ANSWER ✔ An
individual can be permanently barred from licensure for any acts
related to...
$250 + 10% of the loan amount - ANSWER ✔ Maximum broker
fees are...
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProfBenjamin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
