UST Acutal questions

An entity will be granted a loan originator's license if:

the entity's responsible individual satisfies the requirements for becoming a loan originator

True or False? All applicants must demonstrate financial responsibility, character, and general fitness that show the confidence of the community and to warrant a determination that the loan originator will operate honestly, fairly, and efficiently as required by law.

true

All residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule, regulation or order of the Commissioner must have which item listed below on the form?

unique identifier

Those seeking to license as an MLO must complete a minimum of ____ hours of pre-licensing education.

2

A mortgage banking licensee must keep background checks on employees for at least:

2 years after termination date

How long after an MLO fails to maintain a valid license must they retake the test?

5 years

MLOs seeking to renew a license must complete a minimum of ___ hours of required CE, and in some cases, may require additional state related CE.

8

All of the following are exempt from licensing except?

an individual wishing to originate mortgage loans for a lender or broker

What is the maximum amount of insurance an originator can require a borrower to obtain on his/her home?

Replacement cost of the home

The Nationwide Mortgage Licensing System was put in place to do all of the following except?

approve or deny applications for license

Responsibilities of a state regulatory authority include all but which of the following?

arrest violators

Offering a borrower a lower rate than what is actually available is considered?

bait and switch

Business cards, stationery, brochures, signs, rate lists, or other promotional items are considered?

advertising

All of the following are required to be maintained for 24 months with the exception of?

credit authorization

When an MLO requires a borrower to sign an exclusive contract for services where the MLO is paid, whether or not a loan is found, it is called?

single source contract

In order to obtain an MLO license, all of the following are required as part of the licensing process except?

Business reference

Which two entities below created and manage the NMLS&R?

CSBS and AARMR

Job functions such as taking residential mortgage loan applications or offering or negotiating terms of a residential mortgage loan for compensation or gain, represent the functions of which person in the mortgage industry?

MLO

An individual may not engage in the business of a loan originator without first obtaining and maintaining all of the following except?

Pass an annual exam

Which of the following would need to license as an MLO?

Processor or underwriter who works as an independent contractor

Which term below is defined as any individual who meets the definition of loan originator and is an employee of a depository institution or a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency or an institution regulated by the Farm Credit Administration and is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry?

licensed loan originator

Which of the following is a prohibited act?

omitting information in an application

Licensed MLOs may work for how many entities?

only 1

All of the following are exempt from licensing as an MLO except?

processor or underwriter that works directly with a lender as an independent contract employee

Making, in any manner, any false or deceptive statement or representation including, with regard to the rates, points, or other financing terms or conditions for a residential mortgage loan, or engage in bait and switch advertising is considered to be?

prohibited act