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MLO > Chapter 12: Uniform State Test > Flashcards

Chapter 12: Uniform State Test Flashcards

1
Q

Financial Protections from the SAFE Act

A

Surety Bond, Recovery Fund or minimum net worth

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2
Q

Mortgage Call Reports

A

contains two (2) report areas that are required to be submitted on a quarterly basis. Residential Mortgage Loan Activity (RMLA), and Financial Condition (FC)

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3
Q

RMLA

A

Residential Mortgage Loan Activity. 1 of 2 report areas due with Mortgage Call Reports due quarterly. This component collects application, closed loan, individual MLO, line of credit, servicing, and repurchase information by state.

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4
Q

FC

A

Financial Condition. 1 of 2 report areas due with Mortgage Call Reports due quarterly. This component collects financial information at the company level. It does not have to be completed by the state.

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5
Q

Maximum Penalty for SAFE Act violations

A

$25,000

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