Introduction

Question 1

What is Missouri’s state licensing law?

Answer 1

Missouri Secure and Fair Enforcement for Mortgage Licensing Act

Question 2

Who is the state regulator?

Answer 2

Missouri Division of Finance

Question 3

In what year did Missouri enact HB382?

Answer 3

2009

Question 4

What did HB 382 repeal and instead put in place?

Answer 4

Missouri Residential Mortgage Brokers License Act and replaced it with the Missouri Secure and Fair Enforcement for Mortgage Licensing Act

Question 5

Who administers mortgage broker licenses?

Answer 5

The Division of Finance

Question 6

Who administers mortgage loan originator licenses?

Answer 6

Combination of the NMLS and Division of Finance

Question 7

What two pieces of guidance did the Missouri Division of Finance adopt in order to address problems associated with nontraditional mortgage lending?

Answer 7

Guidance on Nontraditional Mortgage Product Risk & Statement on Subprime Mortgage Lending

Question 8

Who developed the Guidance on Nontraditional Mortgage Product Risk?

Answer 8

Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators

Question 9

Who developed the Statement on Subprime Mortgage Lending?

Answer 9

Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Office of Thrift Supervision, the National Credit Union Administration

Question 10

What does the Guidance on Nontraditional Product Risk and Statement on Subprime Mortgage Lending provide?

Answer 10

They provide guidelines for mortgage professionals to use to avoid the questionable lending practices