UST Test Prep 7 (Guaranteed Pass!)

The __________ is designed (in part) to establish and maintain a nationwide mortgage licensing system and registry. correct answers S.A.F.E. Act An applicant who has had a loan originator license revoked previously is eligible for a license as long as __________ correct answers this applicant is NOT eligible for a license What entity works with the NMLSR to establish a backup licensing system, licensing and registration requirements, unique identifiers, and state licensing law requirements? correct answers Secretary of Housing and Urban Development The Secretary is required to submit periodic reports to Congress of the effectiveness of the SAFE Mortgage Licensing Act. What are some reasons why the Secretary is required to do so? correct answers To strengthen consumer protections; to streamline communication between all stakeholders involved in residential mortgage loan origination and processing; to establish performance based bonding requirements for mortgage originators or institutions. In order to carry out the purposes of examination and investigation authority, this cannot be done correct answers access personal and confidential information and distribute said information to the public in the event that doing so would be in the best interest of the general public Who determines continuing education requirements and dates for licensing renewal? correct answers The state Regulatory Authority as established under the SAFE Act What is not considered a Federal Banking Agency correct answers Mortgage Bankers This would make an applicant ineligible for their MLO license correct answers If the applicant has plead guilty or no contest to, a felony in a domestic, foreign, or military court in the 7 years prior to their application for a license The _______ encourages states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators. correct answers The SAFE Act The Regulatory Authority shall have free and reasonable access to correct answers books and records, hard copy and electronic files and personal credit reports but NEVER personal checking account information A loan originator who applies to be licensed again after expiration shall complete correct answers Continuing Education All of the following are powers/duties of the Regulatory Authority correct answers conduct investigations and issue fees and penalties; conduct examinations of licensee's books and records; collect and submit fingerprints and participate in background investigation done by FBI