Intro to the UST Flashcards
What does the UST stand for?
Uniform State Test
Why was the UST created?
The Uniform State Test was created to meet the testing requirements for all states, therefore eliminating the need for individual state testing.
What were license exams like before the UST?
Prior to the implementation of the Uniform State Test (UST), each state had its own individual licensing exam in addition to the National Exam.
What states take the UST?
As of 2019, all states have adopted the UST component.
What must license applicants now take to obtain licensure?
License applicants must now take the National and UST Exam components to obtain licensure.
What are some ways a licensee can stay on top of the laws and rule changes that occur in the mortgage history?
-Checking the NMLS website regularly
-Subscribing to mortgage industry newsletters, or
-Reading mortgage industry blogs
(Remember that not everything on the Internet is true; make sure to confirm any information with official sources, such as the NMLS, CFPB, and state regulatory websites)
What are the 4 sections of the UST?
- Department of Financial Institutions or Mortgage Regulatory Commission
- State Law and Regulation Definitions
- License Law and Regulation
- Compliance
What parts make up the Department of Financial Institutions or Mortgage Regulatory Commission?
- Regulatory authority
- Responsibilities and limitations
What parts make up the License Law and Regulation?
- Persons required to be licensed
- Licensee qualifications and application process
- Grounds for denying a license
- License maintenance
What parts make up the Compliance?
- Prohibited conduct and practices
- Required conduct
- Advertising
What are the 5 core topics on the NMLS exam?
- Federal Mortgage-Related Laws
- General Mortgage Knowledge
- Mortgage Loan Origination Activities
- Ethics
- Uniform State Content
