WV Flashcards
Max fine and jail time for an individual who violated the SMLA
$500, 6 mo
Max fine and jail time for an individual who violated the CCPA
$1000, 1 yr
Max fine for a lender or broker that violated the SMLA
$1,000
CSO surety bond min
$15,000
Must document tangible net benefit on a refinance < how many months after purchase?
24
You can appeal the Commissioner’s decision to revoke a license to the:
Circuit court
A prepayment penalty can be charged only on a ____ loan, and then only for the first _ years. The penalty is limited to what percent of the original principle amount?
Primary
3 years
1%
The Commissioner may impose an administrative penalty up to $_____ upon any LO who violates the SMLA.
$25,000
Max i on subordinate
%18
A broker must maintain its records of a loan for how long?
36 months after closing or denial
A broker is required to pay _ for each loan originated
$5
A mortgage broker must have a net worth of _
$10,000
