UST Test Prep 1 Study Guide with Complete Solutions

UST Test Prep 1 Study Guide with Complete Solutions A loan originator who applies to be licensed again must: - Answer-complete the Continuing Education requirements for the last year in which the license was held A loan originator is: - Answer-An individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain All of the following are required to be licensed except: - Answer-an individual negotiating a residential mortgage loan with or on behalf of an immediate family membe Which of the following is not considered a Federal Banking Agency? - Answer-The Consumer Financial Protection Bureau The Regulatory Authority may impose penalties for each violation up to, and not exceeding: - Answer-$25,000 The Unique Identifier, issued by NMLS, of any person originating a residential mortgage loan shall be clearly shown on all of the following except: - Answer-on the company's front door A Mortgage Loan Originator is: - Answer-any person who for compensation places a loan within this state for others EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024. Page 2/4 Which of the following is not considered "prohibited conduct"? - Answer-Making a costly error The SAFE Act is designed to do all of the following except: - Answer-Reduce fraud by creating an enforcement agency that prosecutes unethical activity Which of the following are powers/duties of the Regulatory Authority? - Answer-Conduct examinations of licensee's books and records A Mortgage Lender shall maintain capital of not less than $______ per licensed location: - Answer-An amount determined by the state Regulatory Authority that reflects the dollar amount of loans originated The Regulatory Authority shall renew a mortgage loan originator's (MLO) license if all of the following are done EXCEPT: - Answer-the MLO retests It is okay to advertise for specific interest rates, points, or terms if: - Answer-you currently offer the terms advertised For a Mortgage Servicer, refusing to reinstate a delinquent loan after receiving a payment made to pay all past due amounts: - Answer-is prohibited. Loans must be reinstated once all past due payments have been made Who determines continuing education requirements and dates for license renewal? - Answer-The state Regulatory Authority as established under the SAFE Act EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024. Page 3/4 All advertising of a Mortgage Loan Originator must include which of the following? - Answer-The Mortgage Loan Originator's unique identifier Background checks performed by the Regulatory Authority cannot include: - Answer- Personal checking account information The SAFE Mortgage Licensing Act is NOT designed to: - Answer-kee