Mortgage Regulation Quiz
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Questions and Answers

What is the maximum penalty that the State Regulatory Authority may impose for each violation?

  • The State Regulatory Authority is not permitted to impose penalties
  • $5,000
  • $25,000 (correct)
  • $10,000

    • Which of the following is NOT a purpose of the SAFE Act?

  • Provide consumers with easily accessible information, offered at no charge, through electronic media, including the Internet
  • Reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators.
  • Reduce fraud by creating an enforcement agency that prosecutes unethical activity (correct)
  • Establish and maintain a nationwide mortgage licensing system and registry

    • What capital amount per licensed location must a Mortgage Lender maintain?

  • $200,000
  • An amount determined by the State Regulatory Authority that reflects the dollar amount of loans originated. (correct)
  • $100,000
  • $300,000

    • What is the minimum passing score of the National Test with UST?

    <p>75%</p> Signup and view all the answers

    How long must an applicant wait to receive a new license if they have previously had their license revoked?

    <p>5 years</p> Signup and view all the answers

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