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Missouri State Test > Missouri License Law and Regulation > Flashcards

Missouri License Law and Regulation Flashcards

1
Q

The Missouri Division of Finance states that a license is required to do what?

A

To broker, fund, service, or purchase residential mortgage loans

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2
Q

In what year did Missouri require that all residential mortgage originators be licensed?

A

2010

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3
Q

Who establishes licensing rules and acceptance of license applications?

A

The Director

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4
Q

What are some mortgage loan originator license exemptions?

A
  1. MLO employed by a depository institution
  2. An individual who offers or negotiates residential mortgage loan terms on behalf of an immediate family member
  3. An individual who offers or negotiates terms that is secured by their own dwelling
  4. Licensed attorney as a matter ancillary
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5
Q

When is a Missouri Company License required?

A

When an entity has its corporate office located within the state, or a servicer primarily engaged in servicing in MO (75% or more of gross income in MO from residential loan servicing)

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6
Q

When is a Missouri Company Registration required?

A

When an entity has its corporate office outside of the state

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7
Q

Residential Mortgage Loan Broker License Exemptions?

A
  1. Depository institutions
  2. Person engaged solely in commercial mortgage lending
  3. Any person solely in the business of securing existing loans on the secondary market
  4. A wholesale mortgage lender who purchases existing loans
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8
Q

Who must an exemption letter be sent to?

A

The Division of Finance, Residential Mortgage Section

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9
Q

What are three Missouri-specific requirements that MLO applicants must satisfy?

A
  1. For any “Yes” to disclosures on MU4, applicants must provide complete details and supporting docs
  2. Must complete and submit the “Access to Credit Report and Law Enforcement Info” and “Request for Criminal Records Check” release forms
  3. Must supply proof of employment
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10
Q

What is the maximum amount of days an applicant has to reply to a request from the Director needing more information on the application?

A

They have ten business days until the application is denied

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11
Q

What factors will be considered for financial responsibility?

A
  1. Foreclosures in the past three years
  2. A pattern of seriously delinquent accounts within the past three years
  3. Outstanding tax liens and judgments
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12
Q

How much should a surety bond be for a MLO?

A

No less than $50k, no more than $1 million

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13
Q

Who is not required to fulfill pre-licensing education requirements? What is required?

A

Mortgage Loan Brokers, must have “mortgage broker or lender experience”

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14
Q

“Substantial continuity”

A

Exists between the applicant and some other person that has violated one or more of the provisions of the licensing laws

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15
Q

By what date should a bond increase be filed with The Director? What is the penalty if not?

A

May 1st, may result in license suspension

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16
Q

For someone to obtain a mortgage broker license, where must an applicant file an application?

A

Through the NMLS (used to be through the Division of Finance)

17
Q

What are the fees for obtaining a mortgage broker license?

A

$1000 licensing costs = $300 investigation fee, $600 first year MO fee, $100 NMLS processing fee

18
Q

What are the continuing education requirements for mortgage loan brokers?

A

There are no requirements

19
Q

How many days does a MLO have to notify the Director of 1. filing a bankruptcy 2. institution by any state of a regulatory action 3. Entry of judgment 4. ETC?

A

Within 5 days of the occurrence

20
Q

When must changes be provided to the Director regarding a report that lists all MLOs under a licensee’s supervision?

A

NO later than the next business day following the change

21
Q

How long do licensees have to notify the Director of any changes regarding directors or principal officers? What is the fee for each notice?

A

Must provide a 30 day notice; $50 for each notice

22
Q

How long do licensees have to provide a notice when a name or address changes? What is the fee?

A

Ten days notice; $50

23
Q

What notice must be filed for a licensee to open an additional full-service office? How many days notice must be given? What is the fee?

A

Notice of Intent to Establish an Additional Full-Service Office; 30 days before beginning operations, $50

24
Q

What is the time frame that a notice must be submitted to The Director regarding a change to ownership or control? What is the fee?

A

45 days prior to the proposed change; $50

25
Q

When is the last day that Missouri allows for late license renewal requests?

A

Through the last day of February

26
Q

How long must mortgage loan brokers maintain application logs? Where must they be kept? How often should they be updated? What is the penalty for failing to maintain it?

A

At least 36 months; Main Missouri office; updated at least every 7 days; license suspension or revocation

27
Q

When must mortgage loan brokers file an Annual Report of Residential Mortgage Loan Brokerage Activity?

A

By March 1st

28
Q

Those who fail to comply with reporting requirements are guilty of what? What is the penalty?

A

Class A misdemeanor; fine up to $1,000 and/or a prison sentence of up to one year

29
Q

Any letter issued by the Director declaring grounds for denials or refusal to renewal may be appealed to who?

A

The Board

30
Q

What is the maximum amount of days that the Director may suspend a license on an emergency basis?

A

Up to 30 days

31
Q

What must occur when the Director revokes or suspends a license? May be appealed to who?

A

Public notice of that order must be posted and a copy sent to the licensee; the Board

32
Q

Does a suspended license affect the validity of any contract entered into between the licensee and a consumer prior to suspension?

A

No

Missouri State Test (7 decks)

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