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Which agency is responsible for monitoring and regulating mortgage professionals in Florida?
Division of Finance
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A violation of the Florida Fair Lending Act can lead to a fine up to:
$5,000
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The initial licensure fee for Florida mortgage broker is?
$425
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According to Florida law, samples of advertising must be kept for how long after the date of publication of broadcast?
2 years
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In Florida a late payment fee for a high-cost loan my not exceed:
5% of the payment past due
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What is the maximum fee or commission that may be charged on a mortgage loan exceeding $5,000?
$250, plus 10% of the entire mortgage
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Any required disclosure made for a high-cost loan under Florida Fair Lending Act must be made:
Not less than three business days prior to the consummation of the high-cost home loan
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Any person applying for a loan originator's license in Florida must complete how many hours of pre-licensing education?
20 hours
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The licensure fee for a mortgage lending license is?
$500
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The license renewal fee for a mortgage broker's license in Florida is?
$375
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How many hours of continueing education are required for Florida mortgage loan originators to qualify for license renewal?
8 hours
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What is not prohibited activity under Florida Law?
To delay the issuance of a written loan payment beyond 15 days
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What is not a valid penalty for a license violation in the state of Florida?
Imprisonment
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Each mortgage broker business must be operated by an?
Principal loan originator
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The initial licensure fee for Florida mortgage brokerage branch office is?
$225
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How many days does a borrower with a high cost loan have to cure thier default amount?
45 days
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What fine is assessed for daily administration penalites?
$1,000k a day up to $25k
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After what disclosure is presented to the borrower are they then responsible for fees due to the loan originator?
Bone Fide Loan Commitment
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What needs to be done if a borrower wants to waive their 3 day right of recission?
A written letter to the loan originator explaining a financial hardship and request the waiver.
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What needs to be doen if a licensee is changing information on their MU4 application?
Submit an amendment to the NMLS with in 30 days
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Net Worth for lender seeking endorsement?
$250k
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Net worth for lender NOT seek endorsement?
$63K
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Def. Making a Mortgage?
Closing a mortgage loan in a person's name, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a mortgage loan.
(offering to fund a loan)
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On what grounds can a license be suspended without hearing?
If arrested, state views you as able to damage public - immediate suspension.
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According to the State of Florida what length of time is considered "imprisonment"?
1 year
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For not disclosing a felony that you did as a minor that was exponged from record, whats the consequence?
Nothing, expunged - if before license application say nothing, if applied then expunged office can't hold against you, if you do not disclose and expunged after - denied.
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Homestead ammendment 1?
Off of tax assessed value
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Phone # and pymt info can be found where?
Servicing Disclosure
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When can a lender choose not to fund a loan?
If borrower rescinds and there was fraudulent activity
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