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The board is comprised of how many members?
5 members
- (4 appointed by the Commissioner from a list of nominees submitted by the LA Mortgage Lenders Association
- 1 shall be the comissioner of his designee.)
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Do the members of the board have to be licensed?
NO, must have 3 years of experience.
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How much is an annual lender renewal?
Not to exceed $300.
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How much is an annual Loan originator renewal?
Not to exceed $100
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Depository Institution
Any bank or saving association; includes credit unions.
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What is the Residential Mortgage Lending Board called?
Board.
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What is a consumer?
Natural person who enters into or seeks to enter into a residential loan transaction for a personal, family or household purpose.
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What is a Federally Related Mortgage Loan?
An extention of credit to a consumer secured by a first mortgage on residential immovable property located in this state, including mobile homes that are immobilized and designed for occupancy of 1-4 families.
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What are the Federal Banking Agencies?
- The Board of Governors of Federal Reserve System
- The Office of the Comptroller of the Currency
- The Office of Thrift Supervision
- The National Credit Union Admin
- Federal Deposits Ins. Corp.
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What is a Mortgage Broker/Residential Mortgage Broker?
- Any person who directly/indirectly (for compensation/expectation of compensation) negotiates/places or finds or offers to negotiate/place/or find a residential mortgage loan for another person.
- Also includes approved Federal Housing Administration loan correspondents.
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What is a Mortgage Loan Originator?
A person who for compensation/gain or expectation of compensation/gain takes a residential mortgage loan application or offers to negotiate terms of a residential mortgage loan.
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What is a Mortgage Servicer Loss Mitigation Specialist?
A person who on behalf of a holder or mortgagee assits a borrower to modify or refinance either temporary or permanent the borrowers obligations in order to avoid default/foreclosure of residential mortgage loans.
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What is a principal stockholder?
Any person holding 10% or more of the outstanding stock of a corporate mortgage broker or mortgage lender.
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What is residential immovable property?
Any immovable property located in this state upon which it is constructed or intended to be constructed as a dwelling.
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What are the Pre-Payment Penalties?
- 5% of unpaid principal during 1st year
- 4% during 2nd yr
- 3% during 3rd yr
- 2% during 4th yr
- 1% during 5th yr
- 0% after 5th year
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How long does a person whose license has been revoked have to wait to re-apply?
5 yrs from the date of the order of revocation, unless the commissioner prescribes an earlier or later date.
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If found guilty of violating any provisions of the RMLA or Rule Brokers and/or originators may be fined?
up to $1,000 per violation and up to $1,000 oer day the person acts as a residential mtg. broker/lender/originator w/o complying w/RMLA or any rules promulgated thereunder.
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What is table funding?
When a residential mtg. lender closes a residential mtg. loan in his own name but it is funding is provided through a third party.
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What is the deadline for submitting your annual license renewal application?
December 31st.
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When do you have to notify the Commissioner of the closing of an office?
- Within 30 days of closure.
- Failure to notify results in a $100 late fee.
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When do you have to notify the Commissioner of change of employment?
- Within 30 days and $50 transfer fee to change sponsorship.
- Failure to notify w/in 30 days results in a $100 late notification fee.
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What is the penalty for collecting advance fees in excess of those provided in R.S.?
Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
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What is the penalty for providing false/misleading information to the commissioner on an application and such info is material to approval of the application?
Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
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What is the penalty for failing to account for or deliver to any person any money/funds/deposits/checks/drafts/mortgages/documents/things of value to the borrower?
Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
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What is the penalty for failing to disbure (w/o just cause) any funds belonging to the borrower?
Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
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What is the penalty for a lender/broker/originator who knowingly operates w/o a license?
Misdemeanor. A fine no less than $500 but not to exceed $1,000 and/or imprisonment not to exceed 1 yr.
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How long must records be retained by the office?
7 years
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