Training Pro Quiz

Question 1

What accurately describes financial responsibility requirements for mortgage loan originators?

Answer 1

They must be covered by the surety bond of their employing mortgage loan broker

Question 2

In what type of case may parties agree in writing to any rate of interest?

Answer 2

A loan secured by real estate for agricultural purpose

Question 3

Under what circumstances is a lender not required to wait 20 days after notice of the right to cure before accelerating the maturity of an unpaid debt on which the borrower has defaulted?

Answer 3

The borrower has defaulted on the same transaction before

Question 4

Second mortgage loans that are less than ___ are prohibited?

Answer 4

$2,500

Question 5

What is the term for an entity that purchases or otherwise acquires retail time contracts or accounts under retail change agreements?

Answer 5

Financing institution

Question 6

An order of removal may be accompanied by?

Answer 6

A civil penalty of up to $25k per occurrence

Question 7

A person who charges points in violation of Missouri usury provisions is guilty of?

Answer 7

Class B misdemeanor

Question 8

Purposely delaying the filing of a required report with the Director is guilty of?

Answer 8

Class A misdemeanor

Question 9

The maximum charge that may be imposed for a late payment is?

Answer 9

$50

Question 10

A MLO employee of a non-federally-insured credit union must do what for licensing?

Answer 10

Register with the NMLS

Question 11

An association with a principal office located outside of the state of Missouri is known as what?

Answer 11

Foreign association

Question 12

A mortgage loan broker that funded $40,000,000 in loans last year would be required to maintain a surety bond of at least what?

Answer 12

$300,000

Question 13

A mortgage loan originator who serves as an instructor for approved continuing education courses receives what?

Answer 13

May obtain continuing education credit for each hour taught at a ratio of 2:1

Question 14

Grace is a licensed mortgage loan broker. A MLO under her supervision is terminated. What must Grace do?

Answer 14

She must notify the Director of the change within the next business day

Question 15

Within what period of time after the closure of a full-service office must licenses be returned to the Director?

Answer 15

Ten days

Question 16

What type of loan allows for the use of otherwise restricted or prohibited features like balloon payments and compound interest?

Answer 16

Reverse mortgage loans

Question 17

What document contains guidelines that have since been incorporated into requirements under federal law?

Answer 17

The Guidance on Nontraditional Mortgage Product Risks

Question 18

Appraiser in Missouri are required to comply with what?

Answer 18

The USPAP

Question 19

What percentage of the assets of a Missouri savings bank must be taken from first and second lien residential mortgage loans?

Answer 19

at least 15%

Question 20

The Director is required to conduct periodic examinations of every state financial institution under his or her supervision that has an office in a city or county with a population of what?

Answer 20

more than 250,000

Question 21

The Director has begun suspension proceedings against a licensee for failure to comply with licensing law.. The licensee has been given notice. How many days after providing the notice and an opportunity for a hearing may the Director suspend the license?

Answer 21

10 days

Question 22

A mortgage loan broker that funded $50,000,000 in loans last year would be required to obtain a surety bond for?

Answer 22

$400,000