Illinois Law and Regulation Definitions (15%)

Question 1

This is the license that is available to qualifying individuals that work with a residential mortgage licensee as an employee that originates residential mortgage loans.

Answer 1

Mortgage Loan Originator License

Question 2

This is the license that is available to qualifying entities that broker, fund, originate, service, and purchase residential mortgage loans in Illinois

Answer 2

Residential Mortgage License

Question 3

What terms are all defined as a loan that is intended primarily for personal, family, or household use and secured by either of the following:
 A mortgage, deed of trust, or other security interest on a dwelling, which is defined as a residential structure or mobile home containing one to four housing units or individual units of condominiums or cooperatives
 Residential real estate where a dwelling is constructed or intended to be constructed

Answer 3

the terms “Mortgage Loan,” “Residential Mortgage Loan,” and “Home Mortgage Loan”

Question 4

Helping a borrower to obtain a mortgage loan secured by residential real estate in Illinois from another entity, and receiving compensation from the borrower or lender for the soliciting, negotiating, processing, and placing of residential mortgage loans

Answer 4

Brokering, Loan Brokering, or Brokerage Service

Question 5

Earning direct or indirect compensation by advancing funds or making a commitment to advance funds to a loan applicant for a residential mortgage loan

Answer 5

Making or Funding a Residential Mortgage Loan

Question 6

Earning compensation by accepting, negotiating, and assisting a borrower in the processing of a mortgage loan application, or by offering to represent a borrower by negotiating the terms of a loan with a lender. These activities include, but are not limited to submitting credit packages for a lender’s approval and preparing documents for closing

Answer 6

Soliciting, Processing, Placing, or Negotiating a Residential Mortgage Loan

Question 7

The issuing of commitments for and funding of residential mortgage loans

Answer 7

Originating

Question 8

“Any individual, corporation partnership, or other entity who or which is licensed pursuant to this Act to engage in activities regulated by this Act

Answer 8

Licensee or Residential Mortgage Licensee

Question 9

An individual who earns compensation by taking residential mortgage loan applications or by offering or negotiating the terms of a residential mortgage loan

Answer 9

Mortgage Loan Originator

Question 10

refers not only to a natural person or individual, but also to business entities and organizations such as corporations, partnerships, and limited liability companies

Answer 10

person