Florida MLO State Test
Financial Services Commission correct answersThe governor and cabinet
who officials
two select to regulate banking, securities, and
insurance
Division of Finance correct answersDepartment responsible for licensing,
examining
and regulating non-depository financial services companies
in Florida
Bureau of Finance Regulation correct answersConducts examinations of the
books and
records of mortgage brokers, mortgage brokerage businesses and mortgage
lenders to
ensure
compliance
Bureau of Money Transmitter Regulation correct answersConducts
funds transmitters,
examinations of payment instrument sellers, currency exchangers,
and payday
lenders to ensure
compliance
Bureau of Regulatory Review correct answersreviews applications and
amendments and renewals for all individuals regulated by
processes
the division
December 31st each year correct answersStarting 2011 all licensed loan
originators,
brokers and lenders will be required to renew their
license by...
Regulatory Trust Fund of the office correct answersAll fees, charges, and fines
in administration and enforcement of MLO regulations are
collected
deposited in...
8 hours correct answersAmount of continuing education required
for license
maintenan
ce
October 1st, 2010 correct answersWhen did the new definitions for
the types of
mortgage licenses go into effect in
Florida?
18 (with high school diploma or equivalent) correct answersWhat is the
minimum age
for applying for an MLO license in
Florida?
December 31st correct answersFinal date for annual MLO license
renewal in FL
contracting work with more than one licensed employer correct
answersA 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.
correct answersIn order to act solely as a loan
processor
, They must withdraw their declaration of intent with the commissioner.
correct
the event
answersIn
a licensed loan processor wishes to begin taking mortgage loan
applications,
then..
.
The company that employs the loan processor correct answersThe fee
earned by may
processor a loanbe paid
to...
at all times correct answersA loan processor who has declared intent
must maintain
licensure.
..
That they will only be allowed to perform mortgage origination activities for
one licensee.
correct answersIf a loan processor withdraws declaration of intent, then
they must also
aknowledge.
..
They are exempt from the requirement to be licensed. correct
answersIf
wishes to provide
someone 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. correct answersAn attorney who
the terms of a mortgage on behalf of a client as an ancillary
negotiates
matter is...
October 1, 2011; $63,000; $125,000 correct answersOn (date) , the
net worth
requirement for FL mortgage lenders increased from to
Immediately cease taking new mortgage applications. correct answersIf a
lender cannot
maintain the net worth requirement, then
they must...
120; 60 correct answersIf 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
The lender license is deemed relinquished and cancelled. correct
answersIf
fails
days.to meeta lender
net worth requirements after notice is
given, then...
4 months correct answersIf a licensee does not have a servicing
endorsement, then a loan in their own name for after
they can only retain
closing.
3 years correct answersA licensee is required to keep records for a duration
to ensure
of
compliance
Mortgage Guaranty Trust Fund correct answersSurently bonds are replaced
with this in
FL
fees charged to licensees correct answersThe Mortgage Guaranty
Trust Fund is
capitalized
by...
Financial Services Commission correct answersThe governor and cabinet
who officials
two select to regulate banking, securities, and
insurance
Division of Finance correct answersDepartment responsible for licensing,
examining
and regulating non-depository financial services companies
in Florida
Bureau of Finance Regulation correct answersConducts examinations of the
books and
records of mortgage brokers, mortgage brokerage businesses and mortgage
lenders to
ensure
compliance
Bureau of Money Transmitter Regulation correct answersConducts
funds transmitters,
examinations of payment instrument sellers, currency exchangers,
and payday
lenders to ensure
compliance
Bureau of Regulatory Review correct answersreviews applications and
amendments and renewals for all individuals regulated by
processes
the division
December 31st each year correct answersStarting 2011 all licensed loan
originators,
brokers and lenders will be required to renew their
license by...
Regulatory Trust Fund of the office correct answersAll fees, charges, and fines
in administration and enforcement of MLO regulations are
collected
deposited in...
8 hours correct answersAmount of continuing education required
for license
maintenan
ce
October 1st, 2010 correct answersWhen did the new definitions for
the types of
mortgage licenses go into effect in
Florida?
18 (with high school diploma or equivalent) correct answersWhat is the
minimum age
for applying for an MLO license in
Florida?
December 31st correct answersFinal date for annual MLO license
renewal in FL
contracting work with more than one licensed employer correct
answersA 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.
correct answersIn order to act solely as a loan
processor
, They must withdraw their declaration of intent with the commissioner.
correct
the event
answersIn
a licensed loan processor wishes to begin taking mortgage loan
applications,
then..
.
The company that employs the loan processor correct answersThe fee
earned by may
processor a loanbe paid
to...
at all times correct answersA loan processor who has declared intent
must maintain
licensure.
..
That they will only be allowed to perform mortgage origination activities for
one licensee.
correct answersIf a loan processor withdraws declaration of intent, then
they must also
aknowledge.
..
They are exempt from the requirement to be licensed. correct
answersIf
wishes to provide
someone 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. correct answersAn attorney who
the terms of a mortgage on behalf of a client as an ancillary
negotiates
matter is...
October 1, 2011; $63,000; $125,000 correct answersOn (date) , the
net worth
requirement for FL mortgage lenders increased from to
Immediately cease taking new mortgage applications. correct answersIf a
lender cannot
maintain the net worth requirement, then
they must...
120; 60 correct answersIf 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
The lender license is deemed relinquished and cancelled. correct
answersIf
fails
days.to meeta lender
net worth requirements after notice is
given, then...
4 months correct answersIf a licensee does not have a servicing
endorsement, then a loan in their own name for after
they can only retain
closing.
3 years correct answersA licensee is required to keep records for a duration
to ensure
of
compliance
Mortgage Guaranty Trust Fund correct answersSurently bonds are replaced
with this in
FL
fees charged to licensees correct answersThe Mortgage Guaranty
Trust Fund is
capitalized
by...
