Florida MLO Test Prep with 100% correct answers

Financial Services Commission The governor and cabinet who select two officials to regulate banking, securities, and insurance Division of Finance Department responsible for licensing, examining and regulating non-depository financial services companies in Florida Bureau of Finance Regulation Conducts examinations of the books and records of mortgage brokers, mortgage brokerage businesses and mortgage lenders to ensure compliance Bureau of Money Transmitter Regulation Conducts examinations of funds transmitters, payment instrument sellers, currency exchangers, and payday lenders to ensure compliance Bureau of Regulatory Review reviews applications and processes amendments and renewals for all individuals regulated by the division December 31st each year Starting 2011 all licensed loan originators, brokers and lenders will be required to renew their license by... Regulatory Trust Fund of the office All fees, charges, and fines collected in administration and enforcement of MLO regulations are deposited in... 8 hours Amount of continuing education required for license maintenance October 1st, 2010 When did the new definitions for the types of mortgage licenses go into effect in Florida? 18 (with high school diploma or equivalent) What is the minimum age for applying for an MLO license in Florida? December 31st Final date for annual MLO license renewal in FL contracting work with more than one licensed employer A loan originator licensee who acts solely as a loan processor is exempt from... The licensee must file an official declaration of intent to act solely as a loan processor. In order to act solely as a loan processor They must withdraw their declaration of intent with the commissioner. In the event a licensed loan processor wishes to begin taking mortgage loan applications, then... The company that employs the loan processor The fee earned by a loan processor may be paid to... at all times A loan processor who has declared intent must maintain licensure... That they will only be allowed to perform mortgage origination activities for one licensee. If a loan processor withdraws declaration of intent, then they must also aknowledge... They are exempt from the requirement to be licensed. If someone wishes to provide a mortgage to the purchaser of their own primary residence as a means to sell and finance the property, then... Exempt from the licensing requirements. An attorney who negotiates the terms of a mortgage on behalf of a client as an ancillary matter is... October 1, 2011; $63,000; $125,000 On ____(date)____, the net worth requirement for FL mortgage lenders increased from ______ to _____ Immediately cease taking new mortgage applications. If a lender cannot maintain the net worth requirement, then they must... 120; 60 If a lender makes the office aware of failure to meet the net worth requirement, then they will have _____ days to satisfy the requirements. If the failure to meet requirements is discovered by the commissioner, then they will have _____ days. The lender license is deemed relinquished and cancelled. If a lender fails to meet net worth requirements after notice is given, then... 4 months If a licensee does not have a servicing endorsement, then they can only retain a loan in their own name for ______ after closing. 3 years A licensee is required to keep records for a duration of ______ to ensure compliance Mortgage Guaranty Trust Fund Surently bonds are replaced with this in FL fees charged to licensees The Mortgage Guaranty Trust Fund is capitalized by... $20; $100 The Guaranty fund fee charged at license renewal is ____ for MLOs and ____ for brokers and lenders. A recorded final judgement from a court In order to collect payment from the trust fund, a borrower must have... That they have done a search to ensure that the lender in violation does not have any assets that can be liquidated to cover the damages in the judgement. Before a borrower can claim restitutions from the trust fund, their efforts must reflect... $50,000 A borrower cannot collect more than _____ from the trust fund January 1st, 2011 In order to receive restitution from the trust fund, the violation must have occurred on or after... Predatory lending acts are now violations and punishable under state law. The adoption of "prohibited conduct or practices" into FL lending law has had what effect? financial institutions Usage of "bank" or any word with the same meaning is prohibited for all entities except Florida High Cost Fair Lending Act Florida's anti predatory lending law is referred to as mortgage loan terms and practices such as prepayment penalties, balloon payments, and negative amortization FL high cost legislation targets It can't last for more than 3 years. The terms of the penalty and it's benefits must be disclosed 3 days before closing. The borrower must be given a loan option without a penalty. the conditions for a pre-payment penalty under FL law