Chp. 32 Quiz - Mortgage Brokerage Flashcards
The following action would NOT be grounds for disciplinary action against a mortgage broker.
Having complaint against broker filed with Department of Licensing
The mortgage industry practice where the loan is put in the broker’s name but the actual funds are provided by a lender is
Table funding.
What does a mortgage broker usually do?
Bring borrower and lender together.
Mortgage brokers engage in all of the following activities EXCEPT which?
Servicing mortgage loans
Dee Wheaton was found guilty of bribing a government official to obtain a mortgage broker’s license. She was permanently deleted from the mortgage broker’s roll. What other action can the Banking Department take?
The Banking Department can assess a maximum fine of $5,000 per violation.
Why are mortgage companies less regulated than traditional institutional lenders?
They are not lending depositors’ money.
In what section of the mortgage broker dual agency disclosure does the broker indicate the number of mortgage lenders he or she uses?
Your Rights Under Dual Agency section
Which statement about a banking department dual agency affidavit is true?
It is submitted to the New York Banking Department by mortgage broker license applicants who are also real estate brokers.
Which of the following is NOT true about a Mortgage Loan Originator (MLO)?
NYS Attorneys are required to complete eighteen hours of education courses before they can function as an MLO.
Which statement is true?
A mortgage fee may be a yield service premium paid by the lender.
How much is the investigation fee for a mortgage broker applicant?
1,500
All of the following are loan servicing duties EXCEPT for
title search.
If an individual who holds a real estate broker license wants to become a mortgage broker, he or she must
Submit a dual agency affidavit.
A person who is registered to solicit, process, place, or negotiate mortgage loans for others is a
Mortgage broker.
