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UST Test Prep 4 Questions And Answers With Verified Solutions Already Passed!!!
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UST Test Prep 4 Questions And Answers With Verified Solutions Already Passed!!!
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UST Test Prep 4 Questions And AnswersWith Verified Solutions Already
Passed!!!
True or False? The Regulator has both summons and examination authority over
any loan originator as may be relevant or material to an investigation of such loan
originator for compliance with the licensing requirements. - ANSWER✔✔ True
True or False? A registered loan originator does not need to maintain a unique
identifier through the NMLSR so long as he or she works for a subsidiary that is
regulated by a federal banking agency. - ANSWER✔✔ False
True or False? An individual engaging solely in loan processor or underwriter
activities, shall not represent to the public, through advertising or other means of
communicating. - ANSWER✔✔ True
Which of the following is NOT true of a loan originator? - ANSWER✔✔ A loan
originator performs purely administrative tasks.
It is permissible to sign a borrower's application or related documents on behalf of
or instead of another Mortgage Broker, Lender, or Loan Originator as long as: -
ANSWER✔✔ none of the above, this action is not permitted.
True or False? States are encouraged to use unique identifiers for their loan
originators in lieu of social security numbers. - ANSWER✔✔ True
What does the term "Nontraditional mortgage product" mean? - ANSWER✔✔
Any mortgage product other than a 30-year fixed rate mortgage
, Which of the following would NOT be considered an administrative or clerical
task? - ANSWER✔✔ Bringing together parties interested in the mortgage of a
property
All of the following must be deposited into trust accounts EXCEPT: -
ANSWER✔✔ MLO Commission Checks
AARMR is the national association of executives and employees of the various
states who are charged with the responsibility for administration and regulation of
residential mortgage lending, servicing, and brokering, and dedicated to the goals
described at www.aarmr.org. What does AARMR stand for? - ANSWER✔✔
American Association of Residential Mortgage Regulators
True or False? A state-licensed loan originator may only receive credit for a
continuing education course in the year in which the course is taken. -
ANSWER✔✔ True
If a loan originator violates or fails to comply with requirements in a temporary
cease and desist order, the Regulator may impose a civil penalty of up to how
much? - ANSWER✔✔ $25,000
Which of the following must be conspicuously disclosed on all advertisements? -
ANSWER✔✔ Your Unique Identifier
In order to meet the pre-licensing education requirement, a person shall complete
at least 20 hours of approved education. Which of the following is NOT included
in the minimum educational requirements? - ANSWER✔✔ 2 hours of training
related to predatory lending laws
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