Minnesota Exam Prep
Minnesota Department of Commerce - ANS -The state agency responsible for the
business activities of Minnesota mortgage professionals
Secretary of State - ANS -Office that the Minnesota Dept of Commerce is located within
NMLS - ANS -With the passing of the SAFE Act DOC shares mortgage lending Licensing
authority with whom?
State Regulatory Registry, LLC - ANS -Who is the NMLS operated by
Commissioner - ANS -Who heads the DOC?
Financial Institutions Division - ANS -Regulates the activities of mortgage lenders,
mortgage originators, servicers and LOs
Office of Administrative Hearings - ANS -Any enforcement actions that the DOC pursues
take place before whom?
Duties of the Commissioner and DOC - ANS -Writing rules to guide compliance
reviewing license apps
determining whether to issue or deny licenses to applicants
conducting investigations to assess compliance with the law
issuing orders to cease and desist
holding administrative hearings
subpoenaing witnesses for recording hearings
Imposing penalties for violations of the law
Examinations and investigations duties of the Commissioner - ANS -Require or permit
any person to file a statement in wirting under oath for all the facts
hold hearings
Conduct investigations and hold hearings for the purpose of compiling information
Examine the books, accounts and records
publish orders
require any person subject to his authority to report regulated sales or transactions
Assess a person or entity the expenses of an investigation
30 Days - ANS -How long does an applicant or licensee have to comply with requests for
information
, Subpoena Power - ANS -The commissioner has the same power as a court to issue
subpoenas and cause them to be served and enforced
Contempt of court - ANS -Failure to obey an order of the court is punishable as
At least once every 24 calendar months - ANS -How often does the Commissioner have
to examine each mortgage originator
Control access to docs and records
Take possession of, or place in exclusive charge of, the docs and reocrds in the place
where they are usually kept - ANS -In the course of an examination, the Commissioner
may do what to control access to docs?
A court order or the consent of the Commissioner - ANS -While under control, a
document or record may not be removed by anyone except under what
A Loan originators employment history
Any publicly adjudicated disciplinary and enforcement actions in which a LO was
involved - ANS -NMLS is authorized to publish and make available to the public
information about what?
Residential Mortgage Originator and Servicer Licensing Act - ANS -Minnesota's
licensing law for mortgage lending institutions that are not traditional depository and
lending institutions such as banks, savings and loans and CU
Person - ANS -Natural person, corporation, LLC, partnership, limited liability partnership,
association or other form of business organization. It also includes the officers,
directors, employees or agents of that person.
Residential Mortgage Loan - ANS -Loan secured by a mrotgage on a residential real
property or by stock evidencing cooperative ownership in residential real property
Residential real Property - ANS -Defined as real property improved by or intended to be
improved by a structure designed principally for the occupancy of one to four families,
whether or not the owner occupies the real property.
2 points above the rate on the US Treasury Bill - ANS -APR has to be at what level for an
ARM to be considered subprime?
3 points above US Treasury Bill - ANS -What is the APR threshold for first lien loans
other than ARMs to be considered subprime?
5 Points above the US Treasury Bill - ANS -What is the APR threshold for a subordinate
lien to be considered subprime?
Minnesota Department of Commerce - ANS -The state agency responsible for the
business activities of Minnesota mortgage professionals
Secretary of State - ANS -Office that the Minnesota Dept of Commerce is located within
NMLS - ANS -With the passing of the SAFE Act DOC shares mortgage lending Licensing
authority with whom?
State Regulatory Registry, LLC - ANS -Who is the NMLS operated by
Commissioner - ANS -Who heads the DOC?
Financial Institutions Division - ANS -Regulates the activities of mortgage lenders,
mortgage originators, servicers and LOs
Office of Administrative Hearings - ANS -Any enforcement actions that the DOC pursues
take place before whom?
Duties of the Commissioner and DOC - ANS -Writing rules to guide compliance
reviewing license apps
determining whether to issue or deny licenses to applicants
conducting investigations to assess compliance with the law
issuing orders to cease and desist
holding administrative hearings
subpoenaing witnesses for recording hearings
Imposing penalties for violations of the law
Examinations and investigations duties of the Commissioner - ANS -Require or permit
any person to file a statement in wirting under oath for all the facts
hold hearings
Conduct investigations and hold hearings for the purpose of compiling information
Examine the books, accounts and records
publish orders
require any person subject to his authority to report regulated sales or transactions
Assess a person or entity the expenses of an investigation
30 Days - ANS -How long does an applicant or licensee have to comply with requests for
information
, Subpoena Power - ANS -The commissioner has the same power as a court to issue
subpoenas and cause them to be served and enforced
Contempt of court - ANS -Failure to obey an order of the court is punishable as
At least once every 24 calendar months - ANS -How often does the Commissioner have
to examine each mortgage originator
Control access to docs and records
Take possession of, or place in exclusive charge of, the docs and reocrds in the place
where they are usually kept - ANS -In the course of an examination, the Commissioner
may do what to control access to docs?
A court order or the consent of the Commissioner - ANS -While under control, a
document or record may not be removed by anyone except under what
A Loan originators employment history
Any publicly adjudicated disciplinary and enforcement actions in which a LO was
involved - ANS -NMLS is authorized to publish and make available to the public
information about what?
Residential Mortgage Originator and Servicer Licensing Act - ANS -Minnesota's
licensing law for mortgage lending institutions that are not traditional depository and
lending institutions such as banks, savings and loans and CU
Person - ANS -Natural person, corporation, LLC, partnership, limited liability partnership,
association or other form of business organization. It also includes the officers,
directors, employees or agents of that person.
Residential Mortgage Loan - ANS -Loan secured by a mrotgage on a residential real
property or by stock evidencing cooperative ownership in residential real property
Residential real Property - ANS -Defined as real property improved by or intended to be
improved by a structure designed principally for the occupancy of one to four families,
whether or not the owner occupies the real property.
2 points above the rate on the US Treasury Bill - ANS -APR has to be at what level for an
ARM to be considered subprime?
3 points above US Treasury Bill - ANS -What is the APR threshold for first lien loans
other than ARMs to be considered subprime?
5 Points above the US Treasury Bill - ANS -What is the APR threshold for a subordinate
lien to be considered subprime?
