MLO

Question 1

The SAFE Act requires MLO to be registered with the:

Answer 1

National Mortgage Licensing System and Registry

Question 2

MLOs take residential mortgage loan applications AND

Answer 2

offer or negotiates the loan terms, for compensation

Question 3

T or F

Individuals who perform only clerical or administrative tasks are MLOs

Answer 3

FALSE

Question 4

Employees of regulated institutions must register prior to engaging in any activity that exceeds

Answer 4

6 or more loans during the previous 12 months

Question 5

If a registered MLO changes employment and their fingerprints are older than ______ they must get new fingerprints.

Answer 5

3 years

Question 6

Information submitted by the bank must be updated within 30 days of the date:

Answer 6

the information becomes inaccurate (banks must also update information annually)

Question 7

Regulated institutions that employ one or more mortgage loan originators must adopt and follow:

Answer 7

written policies and procedures to assure compliance

Question 8

A registered MLO must provide his or her unique identifier to a consumer:

Answer 8

* upon request

* before acting as a MLO AND

* through the MLOs initial written communication with a consumer

Question 9

HUD may impose civil money penalties of _____________ for MLO violations.

Answer 9

up to $25,000