Washington State Testing (with 100% Correct Answers)

Washington's Predatory Lending Law applied to: correct answers Loans defined in the law as "residental mortgage loans" Mandatory record retention period for books/accounts... correct answers 3 years Research term Predatory Lending correct answers Research term "subPrime" correct answers Define the acronym MBPA correct answers Mortgage Broker Practices Act Define acronym CLA correct answers Consumer Loan Act What financial instituion provides oversigh for financial service providers in the state of WA. correct answers DFI - Department of Financial Institutions Which 5 divisions regulate the DFI (Department of Financial Institutions) correct answers -Division of Administration -Division of Banks -Division of Consumer Services -Division of Credit Unions -Division of Securities Who hea'ds the DFI and how are they appointed? correct answers Director of the Department of Financial Instituations. Appointed by the Governor of WA What is the Division of Consumer Services, and under whom's responsibilitiy? correct answers DFI is responsible. Division of consumer services is responsible for the licensing and regulation of mortgage brokers. They do NOT recieve revenue from the states General Fund or other Public Sources. What is the Mortgage Broker Commission, and who do they report to? correct answers Advisory board that reviews broker issued and reports to the Director of the DFI Who is on the board, and for how long on the Mortgage Broker Commission board? correct answers Made up of 7 memebers, serving 2 year terms. Mortgage Brokers & LO's servce as members. Important note, the director also services as a "non-voting" member. Does the Director of DFI have a vote during mortgage broker commission reviews? correct answers No, they serve (or a designee) as a non-voting member Define acroynm MBPA correct answers Mortgage Broker Practices Act What year was the MBPA created in Washington? correct answers 1993