Florida Mortgage Exam
What is the regulatory authority in the state of Florida and what is it
responsible for? correct answersThe OFR ( The Office of Financial
Regulation) AKA The Office.
They are responsible for overseeing banks, credit unions, savings
associations, etc. also licenses and regulates non-depository finance
entities.
Who is the head of the OFR and the Office of Insurance Regulation.
Who is involved? correct answersThe Financial Services
Commission (The Commission)
Members that make up The Commission include: The Governor, Attorney
General, Cheif Financial Officer and Commissioner of Agriculture
Commission.
What is the Commission responsible for? correct answersFor final
approval and adoption of rules developed by each Office.
How is the OFR broken down? correct answers3 Divisions, and 1
Bureau:
Division of Financial Institutions:Oversees banks, credit unions, non-
depository trusts. Division of Finance:Protects by licencing and regulating
Division of Securities:Protects the investigating public from unlawful
securities activities.
Bureau of Financial Investigations:Conducts financial investigations into
suspected fraudulent and unlicensed activity.
What is the commissioners duties? correct answersRequire compliance w
florida slate laws
Issue mortgage lending licenses
Approving licenses and continuing education courses for
mortgage lenders Monitor licensee behavior
Issue and serve subpoenas and subpoenas to produce
evidence Conduct investigations into possible violations
Define - Individual, partnership, or corporation, or trust that has the power
to direct the management and policies of a company(10%) correct
answersControl Person
What is the difference between a In House Loan Processor and a Contract
Loan Processor. correct answersIn house is an employee of Mort. Broker
or Mort. Lender who ONLY engages in Loan Processing.
Contract LP is and independant contractor of a MB or ML that is LICENSED
as a Loan Orig. and ONLY engages in LP.
Licensees total assets minus liabilites is ? correct answersNet Worth
, what authorizes a mortgage lender to service a loan for more that 4
months? correct answersServicing Endorsement
What is the periodic payment of principle and interest on a loan? correct
answersDebt Service
Define Material Change and 3 examples correct answersA change that
would be important to the borrower as far as their decision making.
1. A change in the interest rate previously offered.
2. A change in the type of loan offered
3. A change in fees to be charged, resulting in total fees greater than
$100.
What is the Uniform Form for Mortgage Lender/Mort. Brokers? correct
answersMU1 What is a Loan originators Initial Licensing fee? correct
answers$332
A fund that protects consumers by insuring payment to those who suffer
financial losses due to fraud and/or deception by the mort. originator.
How much per individual? correct answersMortgage Guaranty Trust Fund.
$20 for each individual
when does the collection of the Mortgage Guaranty Trust Fund discontinue?
(dollar amount). When will it be re-imposed?(dollar amount) correct
answersDiscontinues once the fund reaches $5 Million.
Re-imposed when fund dips below $1 Million
Borrowers seeking recovery for actions on the Mort Guar. Trust Fund
cannot collect more than ($ amount).
Claims against any one license may not exceed correct answersCannot
collect more than $50,000 from the fund for any claim.
claims against any one license cannot exceed $250,000
What are the minimum net worth requirements for 1. seeking an
endorsement
2. not seeking an endorsement correct answersSeeking an endorsement -
$250,000 Not seeking an endorsement - $63,000
When is a service endorsement required? correct answersa service
endorsement is required if the mortgage lender wishes to service
mortgage loans for more than 4 months.
If the servicing endorsement net worth of $250,000 is not met, who must
the lender notify and what actions need to be taken? correct answersLender
must notify the Office within 2 days and immediatly stop taking new loan
applications.
What does a lender submit when indicating whether or not they will be
seeking a servicing endorsement on the application form? correct
answersLender must submit a
What is the regulatory authority in the state of Florida and what is it
responsible for? correct answersThe OFR ( The Office of Financial
Regulation) AKA The Office.
They are responsible for overseeing banks, credit unions, savings
associations, etc. also licenses and regulates non-depository finance
entities.
Who is the head of the OFR and the Office of Insurance Regulation.
Who is involved? correct answersThe Financial Services
Commission (The Commission)
Members that make up The Commission include: The Governor, Attorney
General, Cheif Financial Officer and Commissioner of Agriculture
Commission.
What is the Commission responsible for? correct answersFor final
approval and adoption of rules developed by each Office.
How is the OFR broken down? correct answers3 Divisions, and 1
Bureau:
Division of Financial Institutions:Oversees banks, credit unions, non-
depository trusts. Division of Finance:Protects by licencing and regulating
Division of Securities:Protects the investigating public from unlawful
securities activities.
Bureau of Financial Investigations:Conducts financial investigations into
suspected fraudulent and unlicensed activity.
What is the commissioners duties? correct answersRequire compliance w
florida slate laws
Issue mortgage lending licenses
Approving licenses and continuing education courses for
mortgage lenders Monitor licensee behavior
Issue and serve subpoenas and subpoenas to produce
evidence Conduct investigations into possible violations
Define - Individual, partnership, or corporation, or trust that has the power
to direct the management and policies of a company(10%) correct
answersControl Person
What is the difference between a In House Loan Processor and a Contract
Loan Processor. correct answersIn house is an employee of Mort. Broker
or Mort. Lender who ONLY engages in Loan Processing.
Contract LP is and independant contractor of a MB or ML that is LICENSED
as a Loan Orig. and ONLY engages in LP.
Licensees total assets minus liabilites is ? correct answersNet Worth
, what authorizes a mortgage lender to service a loan for more that 4
months? correct answersServicing Endorsement
What is the periodic payment of principle and interest on a loan? correct
answersDebt Service
Define Material Change and 3 examples correct answersA change that
would be important to the borrower as far as their decision making.
1. A change in the interest rate previously offered.
2. A change in the type of loan offered
3. A change in fees to be charged, resulting in total fees greater than
$100.
What is the Uniform Form for Mortgage Lender/Mort. Brokers? correct
answersMU1 What is a Loan originators Initial Licensing fee? correct
answers$332
A fund that protects consumers by insuring payment to those who suffer
financial losses due to fraud and/or deception by the mort. originator.
How much per individual? correct answersMortgage Guaranty Trust Fund.
$20 for each individual
when does the collection of the Mortgage Guaranty Trust Fund discontinue?
(dollar amount). When will it be re-imposed?(dollar amount) correct
answersDiscontinues once the fund reaches $5 Million.
Re-imposed when fund dips below $1 Million
Borrowers seeking recovery for actions on the Mort Guar. Trust Fund
cannot collect more than ($ amount).
Claims against any one license may not exceed correct answersCannot
collect more than $50,000 from the fund for any claim.
claims against any one license cannot exceed $250,000
What are the minimum net worth requirements for 1. seeking an
endorsement
2. not seeking an endorsement correct answersSeeking an endorsement -
$250,000 Not seeking an endorsement - $63,000
When is a service endorsement required? correct answersa service
endorsement is required if the mortgage lender wishes to service
mortgage loans for more than 4 months.
If the servicing endorsement net worth of $250,000 is not met, who must
the lender notify and what actions need to be taken? correct answersLender
must notify the Office within 2 days and immediatly stop taking new loan
applications.
What does a lender submit when indicating whether or not they will be
seeking a servicing endorsement on the application form? correct
answersLender must submit a
