Minnesota Exam Prep Questions and Answers Rated A+

Minnesota Exam Prep Questions and Answers Rated A+ The state agency responsible for the business activities of Minnesota mortgage professionals Minnesota Department of Commerce Office that the Minnesota Dept of Commerce is located within Secretary of State With the passing of the SAFE Act DOC shares mortgage lending Licensing authority with whom? NMLS Who is the NMLS operated by State Regulatory Registry, LLC Who heads the DOC? Commissioner Regulates the activities of mortgage lenders, mortgage originators, servicers and LOs Financial Institutions Division Any enforcement actions that the DOC pursues take place before whom? Office of Administrative Hearings Writing rules to guide compliance reviewing license apps determining whether to issue or deny licenses to applicants conducting investigations to assess compliance with the law issuing orders to cease and desist holding administrative hearings subpoenaing witnesses for recording hearings Imposing penalties for violations of the law Duties of the Commissioner and DOC Require or permit any person to file a statement in wirting under oath for all the facts hold hearings Conduct investigations and hold hearings for the purpose of compiling information Examine the books, accounts and records publish orders require any person subject to his authority to report regulated sales or transactions Assess a person or entity the expenses of an investigation Examinations and investigations duties of the Commissioner How long does an applicant or licensee have to comply with requests for information 30 Days The commissioner has the same power as a court to issue subpoenas and cause them to be served and enforced Subpoena Power Failure to obey an order of the court is punishable as Contempt of court How often does the Commissioner have to examine each mortgage originator At least once every 24 calendar months In the course of an examination, the Commissioner may do what to control access to docs? Control access to docs and records Take possession of, or place in exclusive charge of, the docs and reocrds in the place where they are usually kept While under control, a document or record may not be removed by anyone except under what A court order or the consent of the Commissioner NMLS is authorized to publish and make available to the public information about what? A Loan originators employment history Any publicly adjudicated disciplinary and enforcement actions in which a LO was involved Minnesota's licensing law for mortgage lending institutions that are not traditional depository and lending institutions such as banks, savings and loans and CU Residential Mortgage Originator and Servicer Licensing Act Natural person, corporation, LLC, partnership, limited liability partnership, association or other form of business organization. It also includes the officers, directors, employees or agents of that person. Person Loan secured by a mrotgage on a residential real property or by stock evidencing cooperative ownership in residential real property Residential Mortgage Loan Defined as real property improved by or intended to be improved by a structure designed principally for the occupancy of one to four families, whether or not the owner occupies the real property. Residential real Property APR has to be at what level for an ARM to be considered subprime? 2 points above the rate on the US Treasury Bill What is the APR threshold for first lien loans other than ARMs