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UST Test Prep 7 Questions And Answers With Verified Solutions 100% Correct Rated A+
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UST Test Prep 7 Questions And Answers With Verified Solutions 100% Correct Rated A+
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UST Test Prep 7 Questions And AnswersWith Verified Solutions 100% Correct
Rated A+
The __________ is designed (in part) to establish and maintain a nationwide
mortgage licensing system and registry. - ANSWER✔✔ S.A.F.E. Act
An applicant who has had a loan originator license revoked previously is eligible
for a license as long as __________ - ANSWER✔✔ this applicant is NOT eligible
for a license
What entity works with the NMLSR to establish a backup licensing system,
licensing and registration requirements, unique identifiers, and state licensing law
requirements? - ANSWER✔✔ Secretary of Housing and Urban Development
The Secretary is required to submit periodic reports to Congress of the
effectiveness of the SAFE Mortgage Licensing Act. What are some reasons why
the Secretary is required to do so? - ANSWER✔✔ To strengthen consumer
protections; to streamline communication between all stakeholders involved in
residential mortgage loan origination and processing; to establish performance
based bonding requirements for mortgage originators or institutions.
In order to carry out the purposes of examination and investigation authority, this
cannot be done - ANSWER✔✔ access personal and confidential information and
distribute said information to the public in the event that doing so would be in the
best interest of the general public
Who determines continuing education requirements and dates for licensing
renewal? - ANSWER✔✔ The state Regulatory Authority as established under the
SAFE Act
, What is not considered a Federal Banking Agency - ANSWER✔✔ Mortgage
Bankers
This would make an applicant ineligible for their MLO license - ANSWER✔✔ If
the applicant has plead guilty or no contest to, a felony in a domestic, foreign, or
military court in the 7 years prior to their application for a license
The _______ encourages states to establish minimum standards for the licensing
and registration of state-licensed mortgage loan originators. - ANSWER✔✔ The
SAFE Act
The Regulatory Authority shall have free and reasonable access to - ANSWER✔✔
books and records, hard copy and electronic files and personal credit reports but
NEVER personal checking account information
A loan originator who applies to be licensed again after expiration shall complete -
ANSWER✔✔ Continuing Education
All of the following are powers/duties of the Regulatory Authority - ANSWER✔✔
conduct investigations and issue fees and penalties; conduct examinations of
licensee's books and records; collect and submit fingerprints and participate in
background investigation done by FBI
Applicants may retake the exam a total of three (3) times with each retake attempt
occurring at least how long after the preceding exam? - ANSWER✔✔ thirty (30)
days
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