Uniform State Content (CA DBO)

Question 1

What does DBO stand for?

Answer 1

Department of business oversight

Fact: Headed by a commissioner who is appointed by the governor, the DBO oversees mortgage licensees on the whole

Question 2

The Commissioner of the DBO has the authority to make, amend, and rescind rules, forms, and orders as necessary to carry out the law

True or False

Answer 2

True

Question 3

CFL stands for:

A.California Federal Legislation
B. California Federal Law
C. California Financing Legislation
D. California Financing Law

Answer 3

D. CFL (California Financing Law)

Question 4

Fun Fact

Answer 4

The Broker is the negotiating arm of the transaction overall. They do this typically by taking an application, and shopping it across several lenders to see who will be most competitive for the borrower

Question 5

What does the CRMLA stand for?

Answer 5

The CRMLA stands for California Residential Mortgage Lending Act

Question 6

What is a call report?

Answer 6

The summary of the information gathered by an Annual Audit, which is sent to the Commissioner

Question 7

The CRMLA (California Residential Mortgage Lending Act) is responsible for which of the following:

A. Non-depository lenders and loan servicers
B. Mortgage loan originators
C. Consumer loans and commercial loans
D. Finance lenders and brokers

Answer 7

A and B. The CRMLA (California Residential Mortgage Lending Act) is responsible for Non-depository lenders and loan servicers, as well as Mortgage loan originators

Question 8

The California Financing Law is responsible for which of the following:

A. Consumer loans and commercial loans
B. Non-depository lenders and loan servicers
C. Mortgage loan originators
D. Finance lenders and brokers

Answer 8

A and D. California Financing Law oversees consumer loans and commercial loans, as well as finance lenders and brokers