By The Numbers Flashcards

Question

Financial Responsibility (surety bond and net worth or recovery bond) Mortgage Lender / Servicer

Answer 1

Surety bond = $50k Tangible net worth = $250k

Answer 2

Regulations, or orders issued by the DOB, the bond requirement maybe increased to $100,000. A new bond must be filed with in 10 days of recovery being made from the existing bond.

Answer 3

Any change of address, change of name or change in control? Must be recorded on the appropriate form MU1 and MU2 form. These changes must be electronically submitted and and any information that cannot be sent electronically must be sent within 5 business days of the submission to the NMLS. Change of ownership = $100 Fingerprints = $20 (for live scan) $62 for fingerprint cards

Answer 4

Any change in branch manager must be reported on the appropriate MU1 or MU2 form. All other amendments should be filed through the MU3 form. There are no fees for branch amendments. These changes must be electronically submitted and any information that cannot be sent electronically must be sent within 5 business days of the electronic submission to the NMLS

Answer 5

Any changes of address, name, ownership, control person or lessons authority must be reported and completed on the appropriate MU1, MU2, and MU3 form. For change of address, the change must be reported 10 days prior to relocation (if the notification is more than 10 days after a change of address a $500 penalty will be charged). No fee for change of address, name, ownership, control person or lessons authority, but there is a charge for fingerprinting of the new control person ($20 for live scan processing or $86 for fingerprint cards) Changes must be electronically submitted and any information that could not be sent electronically must be sent within 5 business days of the electronic submission to the NMLS

Answer 6

On or before the 30th day of September each year, the department will notify each licensee of the amount assessed and levied against it and that amount shall be paid by October 31. The minimum assessment will be $250 per license location and failure to pay the assessment will result in the loss of the license.

Answer 7

On or before September 30 of each year, the department levies annual assessment to be paid by each licensee for its pro rata share of all costs and expenses reasonably incurred in the administration of CRMLA. The pro rata share is the proportion which a licensee is lending, brokering and servicing activity as reported on the annual report for the previous calendar year bears the aggregate activity at all licenses. The minimum amount provided by statute is $1000 with a maximum of $5000. Payment of the annual assessment is required within 20 days of the invoice date.

Answer 8

Renewal fee 330 100 for late renewal

Answer 9

$100 processing fee for NMLS $20 branch location processing fee for NMLS

Answer 10

Initial license set up fee = $330

Answer 11

$400 * $100 NMLS fee

Answer 12

Renewal fee $330 + $30 NMLS fee

Answer 13

Sell more than 8 loans per year to a person who is not an institutional investor

Answer 14

Increasing a borrowers monthly payment on an adjustable rate mortgage by more than 7.5% per year

Answer 15

Charging private mortgage insurance (PMI) for mortgage guarantee insurance on loans who's unpaid principal balance is 75% or less.

Answer 16

Within 90 days of the loan closing them prior to the institution of any action against a licensed person under the section the license person did all of the following: Notify the power of the compliance failure Tendered appropriate restitution

Answer 17

Make a covered loan having a term of less than five years that includes terms in which the total amount of the regular periodic payments would not fully amortized the principal balance (balloon)

Answer 18

Make a covered loan if the consumers total monthly debt, including amounts owed under the loan, exceed 55% of the consumers monthly gross income

Answer 19

The covered loan cannot be made unless the following disclosure, written and 12 point font or larger, has been provided to the consumer no later then three business days prior to signing of the loan documents of the transaction (closing)

Answer 20

Hey at least 2% simple interest annually on prepaid funds received from the borrower for the purpose of mortgage insurance or taxes held in escrow The interest should be credited to the borrowers account annually or upon termination of the escrow account

Answer 21

Must wait 30 days from initial contact with the borrower regarding a loan default status before filing a notice of default

Answer 22

Any change of address, change of name or change in control person must be reported on the appropriated form MU1 and form MU2. These names must be electronically submitted and any information that cannot be sent electronically must be sent with in 5 business days of the electronic submission to the NMLS. Change of ownership $100 Finger prints $20 (for live-scant processing) or $62 for finger prints cards.

Answer 23

Any change of address, name, ownership, control person or licensee authority must be reported and completed on the appropriate MU1, MU2, and MU3 form. For change of address, the change must be reported 10 days prior to relocation (if the notification is more than 10 days after a change of address a $500 penalty will be charged). No fee for change of address, name, ownership, control person or licensed authority, but there is a charge for fingerprinting of the new control person ($20 for lives scan processing or $86 for finger print cards) These changes must be electronically submitted and any information that cannot be submitted electronically must be sent with in 5 business days of the electronic submission to the NMLS.

Answer 24

Any change of address, change or addition of trade name, control person or manager must be reported and completed on the appropriate MU1, MU2, and MU3 form. For change of address, the change must be reported 10 days prior to relocation (if the notification is more than 10 days after a change of address a $500 penalty will be charged). No fee for change or addition of Trade Name or Change of branch manager, but there is a charge for fingerprinting of the new branch manager ($20 for live scan process or $86 for finger printing cards) These changes must be electronically submitted and any information that cannot be submitted electronically must be sent with in 5 business days of the electronic submission to the NMLS.

By The Numbers Flashcards

(48 cards)