Missouri Law And Regulation Definitions

Question 1

An “Exempt Person” is any person that is:

Answer 1

1. A depository institution
2. Engaged solely in commercial mortgage lending
3. Engaged solely in the business of securing existing loans on the secondary market
4. A wholesale mortgage lender

Question 2

The term “Mortgage Loan Originator” specifically excludes:

Answer 2

1. Loan processor or underwriter
2. An entity that performs only real estate brokerage activities
3. A person solely involved in extensions of credit related to timeshare plans
4. An individual servicing a mortgage loan
5. A person employed by a licensed mortgage broker or loan originator who accepts or receives apps

Question 3

Usury

Answer 3

A rate charged that is in excess of the amount deemed acceptable under law

Question 4

What can a residential real estate loan be used for?

Answer 4

Acquisition, construction, repair, rehabilitation, or remodeling of, or secured by, residential real estate

Question 5

A reverse mortgage loan:

Answer 5

1. is secured by residential real estate property
2. provides cash advances to the borrower based on the existing equity in the borrower’s owner-occupied principal residence
3. requires no payment of principal or interest until the entire loan becomes due and payable

Question 6

Control

Answer 6

The power to directly or indirectly affect the voting interest of 25% or more of any class of outstanding voting shares, partnership interest, or LLC interest of a broker

Question 7

Consumer Credit Loan

Answer 7

a loan for personal, family, or household purposes in an amount of $500 or more

Question 8

Titled Personal Property

Answer 8

any personal property, excluding property qualified to be a personal dwelling, the ownership of which is evidenced by a certificate of title

Question 9

Security Instrument

Answer 9

A mortgage, deed of trust, or other instrument in which real or personal property is used for a debt