MLO MA LAWs |40 questions| with correct answers

In the state of Massachusetts, what agency is responsible for overseeing regulation of the mortgage industry? Division of Banks Secretary of State The Office of the Governor Financial Affairs Commission CORRECT ANSWER Division of Banks Which of the following is true regarding the definition of a high cost home loan? Since Massachusetts specifies the definition of a high cost loan within its law, licensees must adhere to the state's definition, rather than that provided under federal law The definition is the same under federal and state law The thresholds defined under federal law differ from those outlined under Massachusetts law Massachusetts law defines a high cost loan as one that exceeds a finance charge threshold CORRECT ANSWER The thresholds defined under federal law differ from those outlined under Massachusetts law In addition to penalties imposed under the Massachusetts licensing law, a person who has engaged in an unfair or deceptive act or practice may be subject to a civil penalty of up to ____ per violation, plus investigation and litigation costs. CORRECT ANSWER 5K Massachusetts regulations related to unfair or deceptive acts or practices provide that the advertisement of foreclosure-related services is: Permitted if the advertisement clearly and conspicuously states that the provider of services will offer a foreclosure rescue transaction Not permitted Permitted if the advertisement discloses the particular services offered and precisely describes how the provider will delay foreclosure Permitted if the advertisement includes an equally conspicuous statement that the homeowner should seek the advice of an attorney CORRECT ANSWER