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Cards In This Set
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One regulatory authority for mortgage originators in California is the1.
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Department of Corporations.
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The person who is the head of the Department of Real Estate is called the2.
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Commissioner
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To arrange, negotiate, or make a consumer loan is to3.
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Originate
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Processing, underwriting, or, as a lender, using or advancing one’s own funds, or making a commitment to advance one’s own funds, is known as4.
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Mortgage lending.
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Any mortgage loan that is not a 30-year fixed-rate mortgage is considered a(n)5.
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Nontraditional loan.
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Under California statutes, a lender who collects three or more payments is considered a6.
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Servicer
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If a person acts as a mortgage originator in California at a location other than the licensee location identified on the application, the location must have a7.
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Branch office license.
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To be eligible to originate loans in California, an individual must take a(n)8.
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Examination.
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California Senate Bill 36 requires all mortgage loan originators (MLOs) employed by the department’s licensees to be licensed no later than9.
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July 31, 2010.
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License endorsements expire in California on10.
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December 31
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A licensee in California must post a surety bond for an amount of no less than
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$25,000
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An individual who fails to pass the mortgage loan originator test must wait how many days before taking the second attempt at the test?13.
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30 days
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To be compliant, a mortgage loan originator must have at least ________ of continuing education hours/credits every year.14.
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8 hours
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The following are exempt from mortgage licensing in California 15.
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(1)Savings and loans.
(2) Commercial banks
(3) Trust Officers
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To act as a mortgage loan originator in California, a real estate broker must first16.
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Obtain a real estate license and obtain an endorsement.
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