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For a loan processor...in addition to maintaining a loan originator license loan processors must file?
Declaration of intent to engage solely in loan processing with the office.
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Who is exempt from regulation under law?
- Federally Controlled Entities
- Licensed Attorneys
- Timeshare (plans)
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Form MU1
- Used by business entities and sole proprietors seeking a license as a mortgage lender (banker), mortgage broker, or loan servicer.
- Also requires applicants to complete criminly action, civil action, etc. on owners, officer, partners, and control persons.
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Form MU2
- License applicants must submit this form along with the MU1 from.
- Control person must disclose any criminal, civil, or regulatory action in which they are or ever have been involved, and disclose personal financial information.
- Control person must sign in front of a notary
- Biographical information for all control persons on the MU1.
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MU3
- Must be submited w/ the MU1 if it is opening a branch office.
- Also, used for additional branch offices that a licensee opens after obtainingits initial license.
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MU4
- Used by individuals seeking a license as a mortgage loan originator.
- Requests name, gender, address, etc.
- Also, requires background check
- Give authorization for all current and former employers and law enforcement agencies to provide the information pertinent.
- Must sign before a notary.
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Which MU forms must be signed before a notary?
MU2 & MU4
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Residential mortgage lending and mortgage broker licenses are required to complete which MU form?
MU1 & MU2
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MU1 Form asks?
- Within the past ten years, operated as a mortgage lender or broker that was the subjet of a bankruptcy petition
- Ever had a bonding company deny, pay out, or revoke bond
- Any unsatisfied judgments or liens pending.
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MU2 asks?
- Within the past ten years, filed a bankruptcy petitiion or been the subject of an involuntary bankruptcy action.
- With the past ten years, exercised control over an organization that has filed a bk petition or been the subject of an involuntary bk action
- Ever had a bonding company deny, pay out, or revoke bond
- Any unsatisfied judgments or liens pending.
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Loan originators are required to submit which form?
MU4
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Criminal Disclosure
- Applicant or its control affilate has:
- At any time, been charged or convicted for a felony or pled guility or nolo contendere (no contest) to a felony
- Within the past 10 yrs, been charged, convicted, pled guilty or not contest to a misdemeanor, etc. that involves financial services or financial services related business, or an offense involving breach of trust or fraudulent or dishonest dealing or money laundering.
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Regulatory Action Disclosures
- Applicant and control affiliate to disclose under oath whether a regulatory agency has taken any of the following actions against it within the pasty 10 yrs, found applicant:
- False statements or omissions
- Violations of financial-services regulations
- Denied, revoked, or suspended a license.
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How much for a mortgage company application?
$100
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How much for a mortgage loan originator application?
$30
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How much for branch office application?
$20
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How much for a residential mortgage license?
$700
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How much for a residential mortgage broker license?
$625
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How much for a mortgage loan originator license?
$245
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Net Worth Requirements for Mortgage Lenders, if applicant is not seeking a service endorsement?
$63,000
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If a lender fails to satisfy the net worth requirments, the mortgage lender is required to satisfy the worth requirements within how many days?
60 days
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If a lender fails to satisfy the net worth requirments, the mortgage lender is required to satisfy the worth requirements within how many days, if the licensee makes the office aware?
120 days
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How many hours of pre-licensing is required?
20 hours
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The licensee must report conviction of, pleao of nolo contendere, change in initial application, action in bk in how many days?
30 days
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Each person licensed as a loan originator, mortgage broker, or mortgage lender which proposes to change its name, form of business organizaiton, or any other information contained in any initial application form or any amendment thereto, must file an amendment through who and in how many days?
NMLS, no later than 30 days after the effective date of change.
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Each licensed mortgage broker or mortgage lender which proposes to change any of teh control persons listed on the initial application, or amendment thereto, must file an amendment through who and in how many days?
NMLS, 30 days prior to the effective date of the change or within 2 business days after the date the licensee first received notice of the change.
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To renew a mortgage broker license....one must submit?
- License renewal form
- Renewal fee $375, plus $100 for the Trust Fund and $25.25 for further background checks.
- Fingerprints for any new control persons who have not previously been screened by the Office.
- Authorization for the Office to obtain credit reports on all control persons.
- Any additional information requested by the Commissioner such as criminal histories, disciplinary events, and plea agreements.
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What is the renewal fee for each branch office license through NMLS at the time of renewing the mortgage broker license, and is it refundable?
$225, no....nonrefundable.
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To renew a mortgage lender license a mortgage lender must submit?
- License renewal application
- Nonrefundable renewal fee $475, and a nonrefundable fee of $100 for the Trust Fund
- Proof that the mortgage lender continues to meed the applicable net worth requirement
- Authorization to the registry to obtain independent credit reprot on the lender from a consumer reporting agency, and transmit or provide access to the report of the Office
- Prior disciplinary and criminal history or events....or other docs for the lender to determine if should be renewed.
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To renew a loan originator license the licensee must?
- Submit a renewal form
- Renewal fee of $195.25, which includes $150 renewal fee, $20 for the mortgage recovery fund and fingerprint processing fees, and $25.25 to cover further costs of criminal background check.
- Complete 8 hours of continuing education
- Authorize the registry to obtain credit report
- Submit any other documentation required by the Office.
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If a licensee mortgage broker or lender propse to change the location of books, accounts, and records, licensee must file what and when?
An amendment to Form MUI through NMLS no later than 30 days prior to the effective date of change.
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What is the first offense penatly for maintaining books, accounts, and records at a location other than the principal place of business, without written notification to the Office of Financial Regulation?
Notice of Noncompliance
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What is the penatly for maintaining books, accounts, and records at a location other than the principal place of business, without written notification to the Office of Financial Regulation after a notice of noncompliance has already been given?
During a examination or investigation results in a $500 fine, may also face license revocation for refusing to permit the Office, upon a reasonable request, to investigate or examine books and records.
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When can a license be reinstated?
Once the licensee has satisfied all reasonable conditions placed on the licensee by the Office.
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Fines, in regards to violation and provisions contained in the FL statutes or regulations pertianing to the mortgage broker, originator, and lending business can be up to how much for each violation?
$5,000
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The S.A.F.E. Act required states to implement one of three consumer protection options relating to state-licensed originators and businesses, the three options are?
- New worth
- Surety Bond
- Guaranty Fund
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Chapter 494 uses what fund?
Mortgage Guaranty Trust Fund
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What is the Mortagae Guaranty Trust Fund used for?
Ensures payment to consumers who suffer a financial loss due to fraud or deception on behalf of a mortgage originator.
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Each individual licensee is required to pay how much into the fund?
$20
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Each mortgage brokerage and morgage-lending business is required to pay how much into the Guaranty Trust Fund?
$100
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The collection for the Mortgage Guaranty Trust Fund contines annually until when?
Until the fund reaches $5 million
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Collection for the Mortgage Guaranty Trust Fund once discontinued, will be re-imposed when the fund drops below?
$1 million
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To gain recover from the Fund a borrower must first record what?
Final judgment against the licensee in a state court and notify the Office of the complaint by certified mail
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A person applying for compensation from the trust fund will receive what kind of payment?
Equal to the unsatisfied portion of that person's judgment, or $50,000 whichever is less.
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Payments for claims are limited in the aggregate to (how much) against any one licensee under the law.
$250,000
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