UST Test Questions & 100% Correct Answers

A mortgage broker is prohibited from recording a mortgage or deed of trust for which the backing money is not immediately available to the mortgagor, unless: (A) the broker gets written authorization from the superintendent (B) before recording the mortgage or deed, the broker notifies the mortgagor of a definite date when the payment will be made and gets written permission from the mortgagor (C) the broker gets written permission from the escrow agent, the mortgagor, and the superintendent by supplying a good faith reason for the delay (D) before recording the mortgage or deed, the broker and the mortgagor verbally agree to the delay ~~ (B) before recording the mortgage or deed, the broker notifies the mortgagor of a definite date when the payment will be made and gets written permission from the mortgagor What is used to permanently identify an MLO? (A) social security number (B) driver's license number (C) unique identifier 2 | P a g e | © copyright 2024/2025 | Grade A+ Master01 | September, 2024/2025 | Latest update (D) birth date ~~ (C) unique identifier Contract processors and underwriters licensed as an MLO may work for how many entities? (A) 2 (B) as many as they want (C) only 1 (D) 1 licensed entity and 1 registered entity ~~ (B) as many as they want Job functions such as taking residential mortgage loan applications or offering or negotiating terms of a residential mortgage loan for compensation or gain, represent the functions of which person in the mortgage industry? (A) MLO (B) processor (C) underwriter (D) closing agent ~~ (A) MLO 3 | P a g e | © copyright 2024/2025 | Grade A+ Master01 | September, 2024/2025 | Latest update An entity will be granted a loan originator's license if: (A) the entity's responsible individual satisfies the requirements for becoming a loan originator (B) the entity's responsible individual passes the originator's exam (C) the entity pays the required application fee (D) an entity cannot be granted a loan originator license no matter what it does ~~ (D) an entity cannot be granted a loan originator license no matter what it does Which of the following would be a prohibited act under the SAFE Act? (A) require a borrower to enter a "best efforts" contract (B) misleading borrowers (C) deploying a scheme (D) all of the above ~~ (D) all of the abov