UST Test Prep 4 Questions and Answers 2024

UST Test Prep 4 Questions and Answers 2024 True or False? The Regulator has both summons and examination authority over any loan originator as may be relevant or material to an investigation of such loan originator for compliance with the licensing requirements. - ANS ️️ True True or False? A registered loan originator does not need to maintain a unique identifier through the NMLSR so long as he or she works for a subsidiary that is regulated by a federal banking agency. - ANS ️️ False True or False? An individual engaging solely in loan processor or underwriter activities, shall not represent to the public, through advertising or other means of communicating. - ANS ️️ True Which of the following is NOT true of a loan originator? - ANS ️️ A loan originator performs purely administrative tasks. It is permissible to sign a borrower's application or related documents on behalf of or instead of another Mortgage Broker, Lender, or Loan Originator as long as: - ANS ️️ none of the above, this action is not permitted. True or False? States are encouraged to use unique identifiers for their loan originators in lieu of social security numbers. - ANS ️️ True What does the term "Nontraditional mortgage product" mean? - ANS ️️ Any mortgage product other than a 30-year fixed rate mortgage Which of the following would NOT be considered an administrative or clerical task? - ANS ️️ Bringing together parties interested in the mortgage of a property