Ohio Mortgage Law Review Questions with Complete Solutions

Ohio Mortgage Law Review Questions with Complete Solutions Which of the following is NOT a factor listed under the Ohio Administrative Code for determining repayment ability? Current equity in the property An Ohio mortgage broker is required to keep its records for: Four years minimum The NMLS unique identifier for mortgage loan originators must be clearly shown: In advertisements The Superintendent may impose a fine of up to ______ per violation that is committed by an unlicensed or unregistered person. NOT $10,000 In connection with an investigation by the Superintendent, it is prohibited for a licensee or registrant to: Tamper with or alter evidence Ohio law defines a low-interest loan as one that carries an interest rate of ________ the yield on Treasury securities with comparable maturity. Two (or more) percentage points below In Ohio, what agency is responsible for overseeing regulation of the mortgage industry? Division of Financial Institutions A licensee must notify the Division of Financial Institutions within ___ days after being convicted of a felony. NOT 10 20 Which of the following is considered an improper action with regard to appraiser relations? Communicating a desired value to the appraiser According to Ohio law, which of the following individuals is responsible for supervising loan originators employed by a broker? NOT The control person In Ohio, the operations manager must have ____ years of experience. Three Which of the following is defined as collecting and distributing, and communicating with consumers to obtain, information necessary for the processing or underwriting of a loan? Administrative or clerical tasks A mortgage loan originator is required to wait _______ after failing a third attempt on a licensing exam. A minimum of 180 days In assessing a borrower's ability to repay a loan, a licensee or registrant would consider all of the following, EXCEPT: The value of the dwelling securing the loan Which of the following makes licensing decisions in Ohio? The Ohio Division of Financial Institutions All but which of the following disclosures of criminal, civil, and financial background information would be considered relevant when a licensing decision is made? NOT A broker without 24 hours of pre-licensing hours completed All but which of the following is true concerning the Informational Document? NOT The document is published by the Attorney General Under Ohio mortgage law, a loan originator's unique identifier is required to be included on all but which of the following? NOT Mortgage application forms