Florida Office of Financial Regulation

Question 1

The Commissioner of the Florida Office of Financial Regulation (OFR) is appointed by whom?

Answer 1

Financial Services Commission

Question 2

This federal act requires that all states have in place a system of licensure for mortgage loan originators?

Answer 2

the Secure and Fair Enforcement for Mortgage Licensing Act of 2008

Question 3

This organizations maintains a national database which tracks mortgage industry licensees and their licenses is the

Answer 3

Nationwide Mortgage Licensing System and Registry (NMLSR).

Question 4

Which is the NMLSR registry form that is used by mortgage loan originators?

Answer 4

MU4

Uniform Individual Mortgage License Registration & Consent Form

Question 5

Which is the NMLSR form that is used by mortgage lenders and originators ?

Answer 5

MU1

Question 6

Which is the NMLSR form that is used by mortgage branches?

Answer 6

MU3

Question 7

Which is the NMLSR form that is Uniform Biographical Statement & Consent

Answer 7

MU2

Question 8

Which division of the Office of Financial Regulation (OFR) is the one that licenses, examines, and regulates non-depository financial services companies and other related industries in the state of Florida?

Answer 8

Division of Finance

Question 9

Which division of the Office of Financial Regulation (OFR) i is the one thatprotects the investing public from investment and securities fraud?

Answer 9

Division of Securities

Question 10

Which division of the Office of Financial Regulation (OFR) is the one examines, and regulates state-chartered financial institution?

Answer 10

Division of Financial Institutions charters

Question 11

Within the Florida Office of Financial Regulation, the responsibility for the establishment of regulations for chartering banks, savings and loans, and credit unions falls under what ?

Answer 11

Division of Financial Institutions

Question 12

Which is a responsibility of the Division of Finance within the Office of Financial Regulation?

Answer 12

Conduct Examinations of Mortgage Brokers

Question 13

Within the Office of Financial Regulation (OFR), which is a criminal justice agency responsible for conducting financial investigations of illegal activities within the Office’s jurisdiction?

Answer 13

The Bureau of Financial Investigations

Question 14

What mortgage licensing system maintains an individual record for each mortgage lender, broker, branch, and each loan originator?

Answer 14

The Nationwide Mortgage Licensing System and Registry (NMLSR)

Question 15

To protect the citizens of Florida by providing regulation of businesses that promote the growth and development of the economy and by enforcing the banking, securities and financial laws of the state is the mission of the

Answer 15

Office of Financial regulation

Question 16

What does the APR represent in a mortgage transaction?

Answer 16

The actual cost in the form of an annual interest rate the bower will pay for credit

Question 17

Where are the finance charges reported to the borrower initially?

Answer 17

On the Truth in Lending initial disclosure form

Question 18

TILA requires two additional disclosures for Adjustable Rate Mortgages on a consumer’s principal dwelling with a loan term greater than 12 months when the rate can change after the consummation of the loan. One disclosure is a booklet titled “Consumer Handbook on Adjustable Rate Mortgages.” Choose the other required disclosure is ?

Answer 18

A disclosure for every adjustable program in which the consumer expresses an interest