MORTGAGE EXAM REVIEW EXAM QUESTIONS AND ANSWERS RATED A+.

MORTGAGE EXAM REVIEW EXAM
QUESTIONS AND ANSWERS RATED
A+
WhatAdoesAtheAtermA"clericalAorAsupportAduties"AnotAreferAto?A-ACORRECTAANSWERS-
CommunicatingAandAcounselingAaAconsumerAregardingAtheAtermsAofAaAloan



TheANMLSAhasAmadeApartAofAyourAlicenseArecordsAavailableAtoAtheApublic,AwhichAitem(s)AifAdisclos
edAwouldAexceedAtheANMLS'sApermissibleAdisclosureAauthority?A-ACORRECTAANSWERS-
RevealedAinformationAinAaAcreditAreportAaccessedAbyAaAregulatorAonAaAlicenseeAtriggeredAaAmoreAt
horoughAinvestigation



HowAcanAaAlicenseeAdiscloseAhisAorAherAlicenseAnumberAtoAclients?A-ACORRECTAANSWERS-
ByAplacingAitAonAloanAapplicationAformsAandAallAadvertisements



AA"uniqueAidentifier"AisAdescribedAas:A-ACORRECTAANSWERS-
TheAnumberAassignedAtoAyouAwhenAyouAbecomeAaAstateAlicensedAorAregisteredAloanAoriginatorAwi
thAtheANMLS



MikeAisAmailingAoutApostcardsAadvertisingAhisAlowAinterestArateAadjustableAmortgages.AWhichAofAt
heAfollowingAitemsAisAnotArequiredAtoAbeAcontainedAinAtheAadvertisement?A-ACORRECTAANSWERS-
HisAwebsiteAaddress



WhatAdoesAaAstateAlicensingAauthorityAlackAtheApowerAtoApunishAorAimposeAonAtheAlicensee?A-
ACORRECTAANSWERS-


ImprisonAwithoutAassistanceAofAaAlocalAProsecutingAAttorney,AAttorneyAGeneralAorAFederalAAuthor
ity



IfAaAfelonyAcommittedAinvolvedAanAactAofAfraud,AdishonestlyAorAaAbreachAofAtrustAorAmoneyAlaunde
ring,AyouAmustAwaitA___AyearsAbeforeAapplyingAforAaAmortgageAlicenseA-ACORRECTAANSWERS-
Indefinitely

,MortgageAbrokersAandAloanAoriginatorsAhaveAaAfiduciaryAdutyAtoAborrowers.AWhichAofAtheAfollowi
ngAwouldANOTAbeAconsideredAoneAofAtheseAdutiesAowed?A-ACORRECTAANSWERS-
GettingAtheAborrowerAtheAlowestApossibleArate,AregardlessAofAtheAupfrontAcosts



YouAwillAhaveAtoAgoAthroughAaAbackgroundAcheckAwhenAyouAapplyAforAaAmortgageAoriginatorAlicen
se.AHowAoftenAwillAthatAprocessAoccur?A-ACORRECTAANSWERS-
PeriodicallyAasAyourAstateAregulatoryAdetermines



AnyAfelonyAcommittedAinAtheAlastA___AyearsAmustAprecludeAanAapplicantAfromAobtainingAtheirAmor
tgageAlicenseAexceptAunderAwhatAcircumstances?A-ACORRECTAANSWERS-
7AyearsAunlessAtheAconvictionAwasApardoned



TheANMLSAhasAmadeApartAofAyourAlicenseArecordsAavailableAtoAtheApublic,AwhichAitem(s)AifAdisclos
edAwouldAexceedAtheANMLS'sApermissibleAdisclosureAauthority?A-ACORRECTAANSWERS-
DisclosedAanAexpungedAconvictionAselfAreportedAbyAaAlicensee



UponAanAinvestigation,AtheACommissionerAspecificallyArequestsAaAMLOAlicenseeAproduceArecords,A
copiesAofAemails,AandAanyAcommunicationAtheAMLOAhadAwithAaAcomplainantAloanAapplicant,Awhat
AhappensAnext?A-ACORRECTAANSWERS-


TheAMLOAmustAprovideAtheArequestedAdocumentsAorAanswerAasAtoAwhyAtheAMLOAdoesAnotAposses
sAthemAwithinAtheACommissioner'sAspecifiedAtime



AACaliforniaAlicensedAMLOAleavesAworkAatAaAfederallyAcharteredAbankAasAaAMortgageARegisteredAO
riginatorAinA2016,AtheApersonAleavesAtheAbankAinA2020AafterAwinningAtheAlottery.AIfAtheyAwantAtoAr
eturnAtoAbeingAaAlicensedAMLO,AinAwhatAyearAwouldAtheyAbeArequiredAtoAretakeAtheAexam.A-
ACORRECTAANSWERS-AnytimeAafterA2025




CourtneyAisAaAprocessorAforAaAconventionalAlenderAandAisAexemptedAfromAlicensureAlaws.AWhichAo
fAtheAfollowingAactionsAwouldAbeAaAviolationAofAherAexemption?A-ACORRECTAANSWERS-
TheAoriginatorAisAoutAofAtheAoffice,AandACourtneyAcontactsAtheAclientAtoAletAthemAknowAtheAcurren
tArates,AsoAthatAtheAborrowerAcanAdecideAwhetherAorAnotAtoAlockAtheirAloan

, TheAlicenseArenewalAperiodAforAaAMLO?A-ACORRECTAANSWERS-
Annually,ArenewalsAsubmittedApriorAtoADecemberA31



ItAisAconsideredAaAprohibitedApracticeAtoA______AmisrepresentAorAconcealAaAmaterialAfact,Aterm,Ao
rAconditionArelatedAtoAanAapplicationAforAaAmortgageAloanAorAaAborrowerA-ACORRECTAANSWERS-
Intentionally



WhichAofAtheAfollowingAcanAaAlicenseeANOTAdoAatAtheANMLSAsite?A-ACORRECTAANSWERS-
ContactAtheASecretaryAofAStateAforAbusinessAfilings



WhatApersonAhasAtheAauthorityAtoAimplementArulesAandAregulationsApertainingAtoAtheAloanAbusin
essAonAstateAlicensedAloanAoriginatorAcompaniesAandAtheAindividualAloanAoriginatorsAwhomAthoseA
companiesAemploy?A-ACORRECTAANSWERS-TheACommissioner



AAlicensedAmortgageAloanAoriginatorAshallAcompleteAatAleastAeightAhoursAofAapprovedAcontinuingA
educationAwhichAshallAincludeAatAleast:A-ACORRECTAANSWERS-
8AhoursAtotal,A3AhoursAfederalAlaw,A2AhoursAethicsAandAconsumerAprotection,A2AhoursAnontradition
alAmortgageAproductsAandA1AhourAundefined



HowAlongAmustAloanAfileAandAotherArecordsAbeAmaintained?A-ACORRECTAANSWERS-
3AyearsAfromAdateAofAoriginalAentryAandAmustAretainAlongerAuponArequestAofAtheACommissioner



AApersonAwhoAonlyAworksApartAtimeAasAaAmortgageAloanAoriginatorA-ACORRECTAANSWERS-
isArequiredAtoAbeAlicensedAandAmustAbeAregisteredAwithAtheANMLS



AccordingAtoAtheASAFEAAct,AwhichAincidentAfromA9AyearsAagoAwouldANOTAautomaticallyAdisqualifyA
anAapplicantAforAaAmortgageAloanAoriginatorAlicense?A-ACORRECTAANSWERS-
AApatternAofAlackAofAfinancialAresponsibility