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Questions and Answers
What is the maximum penalty the State Regulatory Authority may impose for each violation?
What is the maximum penalty the State Regulatory Authority may impose for each violation?
- $25,000 (correct)
- $10,000
- The State Regulatory Authority is not permitted to impose penalties.
- $5,000
Which of the following is not a goal of the SAFE Act?
Which of the following is not a goal of the SAFE Act?
- 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
- Provide consumers with easily accessible information, offered at no charge, through electronic media, including the Internet
What is the minimum capital requirement per licensed location for a Mortgage Lender?
What is the minimum capital requirement per licensed location for a Mortgage Lender?
- $300,000
- An amount determined by the State Regulatory Authority that reflects the dollar amount of loans originated. (correct)
- $100,000
- $200,000
What is the minimum passing score of the National Test with UST?
What is the minimum passing score of the National Test with UST?
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How long must an applicant wait to receive a new license if they have previously had their license revoked?
How long must an applicant wait to receive a new license if they have previously had their license revoked?
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