Uniform State Content Flashcards
The unique identifier of a person originating a residential mortgage loan must be clearly shown on all the following, except:
all internal office communications.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 is a key component of what Federal Law?
Housing and Economic Recovery Act of 2008
A Residential Mortgage Loan Originator employed by a federally insured depository institution:
must be registered.
Which of the following persons is not exempt from licensing under the SAFE Act?
An individual who is an independent contractor engaging in residential mortgage loan origination activities as a loan processor or underwriter.
All licenses issued shall be valid for a term of not more than one year from the date of issuance and shall expire:
on December 31st of the year issued.
What government entity has backup authority to establish a loan originator licensing system if it determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of the SAFE Act:
Consumer Financial Protection Bureau.
To meet the annual continuing education requirements required by the SAFE Act, a licensed mortgage loan originator shall complete:
At least 8 hours of education approved by the Nationwide Mortgage Licensing System and Registry.
A licensed mortgage loan originator who subsequently becomes unlicensed must complete the continuing education requirements:
For the last year in which the license was held prior to issuance of a new or renewed license.
To meet the written test requirement of the SAFE Act, an individual must achieve a test score:
of not less than 75 percent correct answers to questions.
For purposes of the SAFE Act, a person has shown that he or she is not financially responsible when they show a disregard in the management of their own financial condition. Which of the following would best indicate that an individual has not shown financial responsibility?
A pattern of seriously delinquent accounts within the past 3 years
As defined by the SAFE Act, a traditional mortgage loan is:
Any 30-year fixed-rate mortgage loan.
An individual who completed 20 hours Pre-Licensure education but failed to acquire a valid state license as a mortgage loan originator within three years must:
complete 20 hours of Pre-Licensure education.
An individual may retake a test 2 consecutive times, with each consecutive taking occurring at least 30 days after the preceding test. After failing 3 consecutive tests, an individual shall:
Wait at least 6 months before taking the test again.
Xavier has been charged with alleged violations of his state’s SAFE Act. Before a civil penalty may be imposed on him, the state is required to:
provide Xavier notice and an opportunity for a hearing.
Which of the following best describes a Balloon Mortgage?
A partially amortized loan with a final payment substantially larger than the others.