NJ Mortgage Loan Originator Exam Questions with
Verified Solutions
The Supervision Bureau of the Office of Consumer Finance (OCF) consists of two areas, one of which is
known as - Answer Examinations
The Office of Depositories is responsible for the examination of and may take enforcement action
against: - Answer All state-chartered commercial banks, savings banks, and savings and loan institutions.
The Office of Consumer Finance does ALL of the following EXCEPT - Answer Processes and reviews
applications by depository institutions for relocations.
DOBI is involved in all of the following except for - Answer Promoting the exchange of information
between the banking, real estate, and insurance industries
The mission of the New Jersey Dept. of Banking and Insurance (DOBI) is - Answer To regulate the
banking, insurance and real estate industries in a professional and timely manner.
The DOBI consists of two units: one is the Office of Depositories, the other is the: - Answer Office of
Consumer Finance
One responsibility of the DOBI is to provide oversight for the Residential Mortgage Licensing Act.
Oversight may include - Answer Issuance of administrative penalties, fines and temporary or full
suspension of licenses
NJAC limits how lenders charge application fees by: - Answer Not allowing them to charge the fee as a
percentage of the loan
NJAC 3:1-16.10 permits certain costs allowed as mortgage charges. For example, cancellation fees are
capped at - Answer $25
, A major purpose of the "NJ Residential Mortgage Lending Act" is: - Answer To ensure that the mortgage
lending industry operates without unfair, deceptive, and fraudulent practices as per the SAFE Act of
2008.
To ensure that the mortgage lending industry operates without unfair, deceptive, and fraudulent
practices as per the SAFE Act of 2008.You correctly checked this. - Answer Make written disclosure to
the borrower describing fees and charges and state if or when they are refundable.
Any closed-end loan secured by a first mortgage on real property on a one to four family dwelling is
known as a - Answer Mortgage Loan
The document(s) or information that a lender or broker requires a borrower to submit for the purpose
of having the lender to determine whether to grant or deny a mortgage loan is known as a - Answer
Mortgage Application
The definition of a Business Licensee under RMLA is: - Answer A corporation, association, joint venture,
partnership, limited liability company, limited liability partnership, sole proprietorship, licensed as a
residential mortgage lender or residential mortgage broker, or that should be so licensed.
The acronym NMLSR stands for - Answer Nationwide Mortgage Licensing System and Registry
Per NJ RMLA, who can now have a mortgage license in New Jersey? - Answer Mortgage
Bankers/Brokers/ Originators; Correspondents
Failure to satisfy minimum standards of license renewal may result in: - Answer License Expiration
Licensees shall report a change of location of mortgage records to the Commissioner within: - Answer 5
Business days of the change
A license may be revoked, suspended, or renewal refused by the Commissioner if: - Answer Any officer,
director, partner, or member/ owner of the licensee has committed any act which would be cause for
suspending or revoking or not renewing a license if issued to him as an individual
Verified Solutions
The Supervision Bureau of the Office of Consumer Finance (OCF) consists of two areas, one of which is
known as - Answer Examinations
The Office of Depositories is responsible for the examination of and may take enforcement action
against: - Answer All state-chartered commercial banks, savings banks, and savings and loan institutions.
The Office of Consumer Finance does ALL of the following EXCEPT - Answer Processes and reviews
applications by depository institutions for relocations.
DOBI is involved in all of the following except for - Answer Promoting the exchange of information
between the banking, real estate, and insurance industries
The mission of the New Jersey Dept. of Banking and Insurance (DOBI) is - Answer To regulate the
banking, insurance and real estate industries in a professional and timely manner.
The DOBI consists of two units: one is the Office of Depositories, the other is the: - Answer Office of
Consumer Finance
One responsibility of the DOBI is to provide oversight for the Residential Mortgage Licensing Act.
Oversight may include - Answer Issuance of administrative penalties, fines and temporary or full
suspension of licenses
NJAC limits how lenders charge application fees by: - Answer Not allowing them to charge the fee as a
percentage of the loan
NJAC 3:1-16.10 permits certain costs allowed as mortgage charges. For example, cancellation fees are
capped at - Answer $25
, A major purpose of the "NJ Residential Mortgage Lending Act" is: - Answer To ensure that the mortgage
lending industry operates without unfair, deceptive, and fraudulent practices as per the SAFE Act of
2008.
To ensure that the mortgage lending industry operates without unfair, deceptive, and fraudulent
practices as per the SAFE Act of 2008.You correctly checked this. - Answer Make written disclosure to
the borrower describing fees and charges and state if or when they are refundable.
Any closed-end loan secured by a first mortgage on real property on a one to four family dwelling is
known as a - Answer Mortgage Loan
The document(s) or information that a lender or broker requires a borrower to submit for the purpose
of having the lender to determine whether to grant or deny a mortgage loan is known as a - Answer
Mortgage Application
The definition of a Business Licensee under RMLA is: - Answer A corporation, association, joint venture,
partnership, limited liability company, limited liability partnership, sole proprietorship, licensed as a
residential mortgage lender or residential mortgage broker, or that should be so licensed.
The acronym NMLSR stands for - Answer Nationwide Mortgage Licensing System and Registry
Per NJ RMLA, who can now have a mortgage license in New Jersey? - Answer Mortgage
Bankers/Brokers/ Originators; Correspondents
Failure to satisfy minimum standards of license renewal may result in: - Answer License Expiration
Licensees shall report a change of location of mortgage records to the Commissioner within: - Answer 5
Business days of the change
A license may be revoked, suspended, or renewal refused by the Commissioner if: - Answer Any officer,
director, partner, or member/ owner of the licensee has committed any act which would be cause for
suspending or revoking or not renewing a license if issued to him as an individual
