NMLS-CA State Component

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A person who fails the loan originator test may retake the test

Three (3) times with at least 30 days elapsing beween each re-test
In order to renew a mortgage loan originator license, the license holder shall complete 8 hours of continuing education. The courses must include which of the following:

Federal law and regulations

Ethics including fraud, consumer protection, and fair lending issues;

Lending standards for the non-traditional mortgage product marketplace.
Which of the following best describes an MLO?

A person who takes a residential loan application and negotiates terms for a residential mortgage loan for compensation
A person seeking an MLO endorsement for their real estate license must do all of the following:

Submit to a criminal background check

Authorize credit report thru NMLS

Pass the National and State Components of the SAFE Act MLO test

DOES NOT have to submit Medical Records!
20 hrs of pre-licensing education is required of MLO applicants. In what instance is the 20 hrs waived?

If all other MLO requirements are met by 8-31-2010
To maintain the MLO endorsement on one's license, the licensee will have to do which of the following?

Complete 8 hours of continuing education every year.
Continuing education courses to maintain the MLO endorsement must include all of the following except:

Special Calculations
Continuing education courses to maintain the MLO endorsment must include:

Fed Law

Ethics

Non Traditional Mortgage Products
Purpose of submitting fingerprints to NMLS

for criminal background check
which of the following was passed to ensure that California complies with the Federal SAFE Act?

SB36 (Senate Bill 36 was signed into law Oct.2009)
Minimum # years. Required to verify income, w2, 1040's?

2
Max tolerance for APR % error on fixed rate loans?

1/8th %
Max tolerance for APR % on variable rate loans?

1/4%
max dti ratios
FHA

31/43
max dti ratios
VA

n/a / 41%
Max DTI ratios

Conventional

28/36
Upfront MIP FHA Loans?

2.25%
Monthly Mortgage Insurance Premium 30 yr FHA Loans

.55 / 12 mos
MMI for 15 yr fixed FHA loans

.25/12 mos
% down payment required FHA loans

3.5%
FHA Max seller contribution or credit

6% based on sales price
% of VA funding fee

1.25% - 3.30%

0 for disabled vet
% of down payment on VA loan?

0
VA loan max % seller contribution or credit allowed?

4%
% down payment req on USDA rural development loans?

0
% Guarantee Fee paid by borrower on USDA loans?

3.5%
Max Area Median Income (AMI) for USDA loan?

115%
# days advance notice required for lender to notify borrower of changes to variable rate index, rate, etc?

25 days min
Age required to qualify for Reverse Mtg?

62
1031 exchange must locate new property within ____ days and close escrow within ______days

45/180
Conversion of a Trust Fund account to personal money is

Stealing
Trust Funds must be reconciled

monthly (if active)
A trustee may keep a certain amount of $ of their own funds for expenses and not be penalized for commingling of funds

$200
Fine for DNC registry violation

$16K NOT $11K
Redlining is covered by

CRA
CRA

Community Reinvestment Act
The term Equal Housing Lender must be used in advertising because of the

Fair Housing Act
Discouraging a clearly unqualified consumer from applying is a violation of Reg B

ECOA
RESPA

Reg X
TILA

Reg Z
ECOA

Reg B
The first Agency in the secondary market was

Fannie Mae
Reg B

ECOA 1974
Reg C

HMDA 1975
Reg X

RESPA 1974
RESPA

1974
Reg Z

TILA 1968
TILA

1968 Reg Z
SAFE Act is Title

Title V 2008
FCRA

Reg V 1968

Author

sanbaugh

28956

Card Set

NMLS-CA State Component

Description

NMLS - CA State Questions

Updated

2010-08-04T20:01:39Z

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