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CA State License Exam Questions And Accurate Answers.

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Annual Audit - Answer a certified audit of a licensee's books, records, and systems of internal control performed by an independent certified public accountant in accordance with generally accepted accounting principles and auditing standards Call report - Answer a report of condition on a...

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CA State License Exam Questions And
Accurate Answers.
Annual Audit - Answer a certified audit of a licensee's books, records, and systems of internal control
performed by an independent certified public accountant in accordance with generally accepted
accounting principles and auditing standards



Call report - Answer a report of condition on a residential mortgage lender or mortgage servicer and its
operations, including financial statements and production activity volumes



Institutional investor - Answer this exceptionally broad term encompasses governmental entities,
government agencies, government-sponsored enterprises, depository institutions, non-depository
lenders, corporations, securities brokers, real estate brokers, and any other partnership, business, or
association that can purchase or sell investments, including mortgage loans



Institutional lender - Answer in addition to residential mortgage lenders and mortgage servicers
licensed under the Residential Mortgage Lending Act, the law broadly defines the term "institutional
lender" to include governmental entities, depository institutions, non-depository lenders, and
corporations. These include:



An agency or instrumentality of the United States or any state, district, territory, city, or county, including
Fannie Mae and Freddie Mac

A bank, trust company, savings and loan, credit union, industrial loan company, insurance company, or
wholly-owned service or investment company

A publicly traded corporation



Lender - Answer a person that:



Is an approved lender for the Federal Housing Administration, Veterans Administration, Farmers Home
Administration, Ginnie Mae, Fannie Mae, or Freddie Mac

Directly makes residential mortgage loans, and

Makes the credit decision in the loan transaction

, Loan processor or underwriter - Answer an individual who performs clerical or support duties as an
employee at the direction and under the supervision of a mortgage loan originator. Clerical and support
duties include receiving, collecting, and distributing information necessary to process a mortgage loan
and communicating with a consumer to obtain information necessary for loan processing, as long as the
communication does not include any offer or negotiation of lending terms and interest rates



Mortgage loan originator - Answer an individual who, for compensation or gain, or in the expectation
of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a
residential mortgage loan



Mortgage servicer - Answer a person that:



Is an approved servicer for the Federal Housing Administration, Veterans Administration, Farmers Home
Administration, Ginnie Mae, Fannie Mae, or Freddie Mac, and

Directly services or offers to service mortgage loan



Registered mortgage loan originator - Answer meets the definition of a "mortgage loan originator," and
is registered with and maintains a unique identifier through the NMLS. However, registered mortgage
loan originators work for a depository institution, a subsidiary that is owned and controlled by a
depository institution and regulated by a federal banking agency, or an institution regulated by the Farm
Credit Administration



Servicing - Answer receiving more than three installment payments of principal, interest, or other
amounts placed in escrow pursuant to the terms of a mortgage loan, and performing services relating to
the receipt of payments, on behalf of the holder of the note



Sponsoring - Answer the maintenance of an employment relationship between a mortgage loan
originator and a residential mortgage lender or mortgage servicer in which the loan origination activities
are subject to the oversight of the lender or servicer



Unique identifier - Answer a number or other identifier assigned by protocols established by the NMLS



California Residential Mortgage Lending Act - Answer Enacted by the California State Legislature in
1994, the ___ applies to non-depository lenders and loan servicers, and to the mortgage loan originators
that they employ

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