Mortgage Loan Originator Uniform State Content

1.Mara Ellison is applying to originate mortgages. The state tells her to submit fingerprints before it will license her. Her office manager says the fingerprints exist so a lender can price her next loan. Why does the licensing system require those fingerprints?

2.Owen Briggs has been asked to take applications and discuss rates. He has not completed the education originators must finish. He tells his manager that a hiring letter is enough to begin. What does the licensing system still require of Owen?

3.Priya Nandakumar holds a license. A borrower asks how to confirm that Priya is allowed to take the application. Priya says her status can be seen only by her manager. What does the licensing system give that borrower?

4.Luis Ortega tells a client that the licensing system exists to cap the rate he may offer on a purchase loan. The client asks what the system is for. Which purpose matches the system?

5.Helen Cho passed an internal quiz on her brokerage's own products. She tells a new hire that the quiz is the background check, the education, and the public record the state system is built to provide. What is that system built to provide?

6.Andre Wallace has passed a background check and finished the required education. He asks whether borrowers still have a way to see that he is licensed. What part of the system answers that question?

7.Sofia Marin wants to take her cousin's application and negotiate the rate. She asks to skip fingerprints because the borrower is a relative. What does the licensing system still require for Sofia?

8.Caleb Frost tells a borrower that the public licensing record will list every commission Caleb was paid last quarter. The borrower asks what that record is for. What does the public record show?

9.Nina Petrov has completed a background check and the required education, and her licensing status is on the public record. A coworker says those three items let Nina originate with no license. What are those three items for?

10.Jonah Hale takes a residential loan application and leaves his unique identifier off the form. He writes the loan number 44192 on that line instead. What must the application show as his unique identifier?

11.Amina Yusuf publishes a website advertisement offering to take purchase applications. The ad shows her photograph and phone number and does not show her unique identifier. What must the advertisement include?

12.Derek Lang left one licensed company and joined another. His new manager tells him to stop using his current unique identifier and apply for a different one on his first day. What happens to Derek's unique identifier?

13.Camille Brooks is about to run an advertisement. Her own unique identifier was issued last week. She plans to print a coworker's identifier because that coworker has been licensed longer. Whose identifier belongs on Camille's advertisement?

14.Hector Ruiz prints his unique identifier on a flyer that solicits mortgage loans. On the application he asks the borrower to sign, he leaves the unique-identifier line empty and says the flyer already covered it. What must the application show?

15.Paige Donovan is named in a radio advertisement that solicits mortgage applications. She says her name and does not give her unique identifier. The company name is spoken in the ad. What does that advertisement still need?

16.Victor Chen is completing an application and wants to put his Social Security number in the unique-identifier space. His driver's license number is written beside it. What belongs in that space?

17.Lila Grant's business card shows her unique identifier. A bench advertisement solicits mortgage applications, lists her phone number, and leaves the identifier off. She says the card in her wallet covers the bench ad. What must the bench advertisement show?

18.Marcus Webb's application shows his company's unique identifier and leaves his individual unique identifier blank. He says the company identifier covers the originator. What must that application show about Marcus?

19.Elena Vasquez finished 2 hours of federal law, 3 hours of ethics, 2 hours of nontraditional lending, and 13 hours of electives. Prelicense education is 20 hours: 3 federal, 3 ethics, 2 nontraditional, and 12 electives. She says the extra elective fills federal law. What is she short?

20.Thomas Reed completed 3 hours of federal law, 3 hours of ethics, 2 hours of nontraditional lending, and 12 hours of electives. Prelicense education is 20 hours with that same split. Has Thomas met the prelicense hour requirement?

21.Keisha Ballard completed this year's continuing education as 3 hours of federal law, 1 hour of ethics, 2 hours of nontraditional lending, and 2 hours of electives. Continuing education is 8 hours: 3 federal, 2 ethics, 2 nontraditional, and 1 elective. She says the extra elective covers ethics. What is she short?

22.Noah Kim completed 3 hours of federal law, 2 hours of ethics, 2 hours of nontraditional lending, and 1 elective hour this year. Continuing education is 8 hours with that split. Has Noah met this year's continuing-education requirement?

23.Bridget Howe completed 3 hours of federal law, 2 hours of ethics, 2 hours of nontraditional lending, and 1 elective hour. She says those 8 hours finish prelicense education. Prelicense education is 20 hours: 3 federal, 3 ethics, 2 nontraditional, and 12 electives. How many prelicense hours is she short, and in which categories?

24.Samuel Ortiz completed 3 hours of federal law, 3 hours of ethics, 1 hour of nontraditional lending, and 13 hours of electives. Prelicense education is 20 hours: 3 federal, 3 ethics, 2 nontraditional, and 12 electives. He says the extra elective fills nontraditional lending. What is he short?

25.Yara Hassan completed this year's continuing education as 3 hours of federal law, 2 hours of ethics, 2 hours of nontraditional lending, and 0 elective hours. Continuing education is 8 hours: 3 federal, 2 ethics, 2 nontraditional, and 1 elective. What is she short?

26.Felix Adler's continuing education this year is 3 hours of federal law, 2 hours of ethics, 1 hour of nontraditional lending, and 1 elective hour. Continuing education requires 2 nontraditional hours this year. He wants to reuse 2 nontraditional hours from last year's prelicense class. What does this year still require?

27.Monica Blake completed 4 hours of federal law, 3 hours of ethics, 2 hours of nontraditional lending, and 11 hours of electives. Prelicense education is 20 hours: 3 federal, 3 ethics, 2 nontraditional, and 12 electives. She says the extra federal hour fills the elective category. What is she short?

28.Grant Ivers holds an individual originator license. No company has sponsored him. This morning he took a purchase application and negotiated the rate. What was required before those acts?

29.Alicia Nguyen was sponsored by Red Maple Mortgage. She resigned on Friday, and that sponsorship ended. On Monday, before any new company sponsored her, she negotiated a rate lock. What is the result of that Monday lock?

30.Rowan Peck is licensed and sponsored by North Harbor Lending, which is licensed. He has started taking applications and negotiating rates for Cedar Street Home Loans, a company that has not sponsored him. What limit applies at Cedar Street Home Loans?

31.Danielle Cho is licensed. Bright Pier Mortgage has submitted a sponsorship request, and the request is still pending. That same day she quotes a rate and takes an application for Bright Pier Mortgage. What must she wait for?

32.Omar Farouk is licensed, and Lark and Field Lending, a licensed company, sponsors him. He takes an application and negotiates the terms. A coworker says the sponsorship blocks those acts. May Omar do them?

33.Bethany Cole's originator license has lapsed. Harbor and Pine Mortgage says it still sponsors her. She negotiates a rate that afternoon. What is missing?

34.Isaac Romero holds an individual license. The company that sponsored him lost its own license this morning. That afternoon he takes a new application and negotiates the rate for that company. What must happen before he originates again?

35.Claire Dunne is between sponsors and has no active sponsorship. A licensed originator asks her to collect the pay stubs on a list. Claire collects those documents and does not take an application or discuss rates or terms. What may she do while unsponsored?

36.Peter Langston's individual license is active, and a licensed company sponsors him today. A borrower asks him to take an application this afternoon. May Peter take it?

37.Nadia Shah keeps loan files for the mortgages she originates. A state regulator opens an examination and asks to review those books. Nadia says only a court may look at them. What may the regulator do?

38.Colin Burke received notice that the state regulator is suspending his originator license. He says the regulator may impose a fine and must leave the license active. What may the regulator do with the license?

39.Rosa Delgado's state authorizes the regulator to impose a civil penalty of $5,000 for her recordkeeping violation. Rosa says the regulator may suspend a license and cannot impose a money penalty. What penalty may the regulator impose?

40.Evan Park originated while unsponsored. In his state the regulator may examine books, suspend a license for this conduct, and impose a penalty of $1,000. The regulator has his loan files. What may the regulator do?

41.Hannah Briggs refuses an examination of her loan books. She says the regulator's only power is to issue a new unique identifier. The regulator demands the loan books. What may the regulator demand?

42.Malik Johnson's originator license is suspended. He tells a borrower he can still negotiate the rate until he pays a separate penalty. What may he do while the suspension is in effect?

43.Teresa Quinn's state authorizes a civil penalty of $250 for each day of her recordkeeping violation. The violation lasted 4 days. She says the regulator may collect $250 once. What penalty may the regulator impose?

44.Joel Hartman received a notice that the regulator will examine his books, impose a $2,000 penalty stated for his violation, and suspend his license. Joel says a jury verdict is required before any suspension. What may the regulator do?

45.Simone Adler asks which powers her regulator has. In her state the regulator may examine books, suspend a license, and impose a $750 penalty for a late filing. Simone says the regulator has none of those powers. Which of them does the regulator have?

46.Wyatt Brooks's company must keep a $50,000 surety bond. The bond lapsed on March 1. On March 2 Wyatt takes an application and negotiates the rate. What fails because the bond lapsed?

47.Farah Qureshi's company has $25,000 of net worth and no surety bond. Her state requires a $25,000 surety bond or $25,000 of net worth. Does the company meet that financial requirement?

48.Logan Price's company must maintain a $100,000 surety bond. The bond in force is $80,000. How far short is the bond?

49.Ingrid Solberg's required surety bond lapsed yesterday. She says last year's bond still lets her take applications and negotiate rates today. What fails after the lapse?

50.Damian Wells's company must keep a $150,000 surety bond. The company cancels the bond and offers Damian's personal automobile, worth $150,000, in its place. What is the result?

51.Chloe Martin's company must keep a $60,000 surety bond, and a $60,000 bond is in force. She is licensed and sponsored and wants to negotiate a rate. What is true of this bond?

52.Rafael Santos's required surety bond lapses the morning he plans to negotiate a borrower's rate. He says he can still negotiate the rate and that only a new advertisement would fail. What fails while the bond is lapsed?

53.June Keller's company must show $250,000 of net worth. The company's net worth is $200,000. No bond alternative is available in her case. How far short is the company?

54.Bennett Shaw's company cancels its required surety bond at noon. At 3 p.m. Bennett takes an application and negotiates the terms. He says the bond and his authority to originate are unrelated. What fails at 3 p.m.?

55.Holly Brennan is licensed in her current state. She filed an originator application in a new state and is sponsored there by a company licensed in that state. The application is pending, and she has no disqualifying bar. May she take an application in the new state while it is pending?

56.Quentin Diaz is licensed in his current state. He has not filed an application in the state he is moving to, and no company there has sponsored him. A company asks him to negotiate rates today, before any filing. May he originate in the new state today?

57.Sasha Levin filed in a new state, was sponsored by a company licensed there, and originated while the application was pending. The new state then denies the application. May she negotiate a rate there the next day on that temporary authority?

58.Miles Okonkwo has a pending application and temporary authority in one new state, where a licensed company sponsors him. He has not applied in a second state. He wants to take an application in the second state this week. Where may he originate on this authority?

59.Patricia Voss had authority to originate in a new state while her application was pending. She withdraws that application. A borrower asks her to negotiate a lock that afternoon. May she negotiate the lock on the withdrawn application?

60.Elliot Marsh is licensed in his current state, has filed in a new state, and is sponsored by a company licensed there. That state ends temporary authority if the file is still incomplete 120 days after the application date. On day 120 the file is still incomplete. May he originate on day 121 on that authority?

61.Carmen Ibarra filed an application in a new state. No company licensed in that state sponsors her. She wants to take applications there while the filing is pending. May she originate unsponsored on temporary authority?

62.Nathan Crowe originated under temporary authority while his new-state application was pending. That state issues his license on Tuesday. He has a loan to take on Wednesday. Under what authority does he originate on Wednesday?

63.Leila Haddad is licensed in her current state, has filed a complete application in a new state, and is sponsored by a company licensed there. The application is still pending. A coworker says she may originate there forever without a decision. What limit applies?

64.Serena Walsh was convicted of a felony for mortgage fraud, a crime of dishonesty. She has finished the education hours and asks for an originator license. What effect does that felony have on the license?

65.Dominic Kerr transposed two digits in a borrower's phone number and corrected the file the same day. He was not charged with a crime. He asks whether this clerical mistake bars him the way a felony involving fraud or dishonesty would. What is the result?

66.Aisha Rahman was convicted of a felony for embezzling client funds, a crime of dishonesty. The conviction was several years ago. She says the age of the case removes the licensing bar. What effect does that felony have now?

67.Graham Holt filed a disclosure one day late and paid the late fee the regulator assessed. He was not charged with a crime of fraud or dishonesty. Does that late filing bar his license the way a dishonesty felony would?

68.Bianca Flores was convicted of a felony for lying on a loan application to obtain money, a crime of dishonesty. She once misspelled a street name in an email and was not charged. Which event bars her license?

69.Travis Boone was convicted of a felony for bank fraud, a crime of dishonesty. He still has a unique identifier issued before the conviction and says the identifier waives the licensing bar. What is the result?

70.Ursula Klein put a document in the wrong folder, noticed the error, and moved it. She was not charged with any crime. Her manager says she now has a felony involving fraud or dishonesty. What effect does the misfile have?

71.Jamal Wright was convicted of a misdemeanor for a records error. The court did not treat it as a felony involving fraud or dishonesty. He asks if that conviction is the felony bar. What is it?

72.Fiona McKay was convicted of a felony for dishonest handling of escrow funds. A coworker typed the wrong zip code on a cover sheet and was not charged. Both apply for licenses. Who has the felony bar for fraud or dishonesty?

73.Oscar Lind passed the national test. His state still requires its own state component, and he has not taken that component. Which test must he still pass?

74.Mei Tanaka passed her state's component. She has not passed the national test, and her state requires the national test. Which test must she still pass?

75.Callum Reeves passed the national test and one state's component. He is applying in another state that requires its own state component, which he has not passed. Which test must he still pass?

76.Diana Voss has not passed the national test or her state's component. Her state requires both before it will license her. A sponsor says its sponsorship letter stands in for the tests. What must Diana still pass?

77.Henry Okada passed the national test and failed his state's component. That state requires the component. He says the national result cures the failed component. What must he still pass?

78.Paula Greene passed the national test. Her state accepts that result and does not require a separate state component. Which test must she still pass?

79.Seth Alvarez passed a company product quiz he calls the national test. He has not passed the national test or his state's component. His state requires both. What must he still pass?

80.Naomi Feldman passed the national test last year. Her state says that passing result still counts, and it also says she still must pass the state's component. She has not passed the component. What must she still pass?

81.Ian Cartwright passed his state's component and has not passed the national test. His state requires the national test before licensing. He says the component included the national test. What must he still pass?

82.Vera Solano's company closed residential loans throughout the quarter. The state requires a periodic report of that origination activity. Vera says a marketing email replaces the report and that the company may skip the filing. What filing is required?

83.Kyle Osterman's company must file its required periodic report by March 31. The company files the report on April 10. Kyle says April 10 meets the March 31 due date. Did the company meet the deadline?

84.Anita Desai's company originated no loans during the period. The state still requires the periodic report for a period with no originations. Anita wants to send her personal tax return instead. What must the company do?

85.Jordan Pell drafted the company's required periodic report and left out the loans he originated during the period. The report must cover the company's origination activity for that period. What is wrong with the draft?

86.Elise Moreau printed her unique identifier on a flyer and says the flyer is the company's required periodic report. The company has not filed any report. What does the company still have to file?

87.Conrad Pike's company must file the required periodic report every quarter. It filed the report for January through March and did not file a report for April through June. What report is still owed?

88.Ruby Dalton's company stores its loan files in the office and does not send the required periodic report. Ruby says storing the files is the same as filing the report. What must the company do?

89.Steven Hull's company filed its required periodic report on the due date and included the period's origination activity, which is what the state asked the report to include. What is the status of that filing duty?

90.Gina Morales's company never files the required periodic report. Her state says the regulator may suspend the company's license for that failure. What can follow from never filing?

91.Harold Jensen keeps every loan file only on his personal laptop. A regulator demands those files during an examination. Harold refuses access and says a personal laptop is off limits. What is his duty?

92.Latoya Simmons keeps advertisements, signed applications, and rate-lock notes only on her laptop. She will not unlock the laptop. The regulator demands those records. What must she do?

93.Edgar Moss tells an examiner that the regulator may demand his continuing-education certificate and may not demand the loan files stored on his laptop. The examiner demands the loan files. What may the regulator demand?

94.Wendy Sato kept loan files only on her laptop. When the regulator demanded them, she provided complete printed copies and did not refuse. A coworker says paper copies of laptop files never count. What is the result?

95.Paul Ricci refused a regulator access to the loan files on his laptop. He then originated three new loans and says those new loans cure the refusal. What is the status of the refusal?

96.Sandra Vo keeps each loan file on her laptop and in the company system. The regulator demanded every copy of the loan records, including the copies she kept. She provides the company-system files and refuses the laptop copies. What else must she provide?

97.Mateo Cruz keeps the loan application, the disclosures he gave the borrower, and his notes of the quoted rate. His state treats those three items as books the regulator may demand. Mateo says only a personal photo can be demanded. What may the regulator demand?

98.Irene Bakker will not open the laptop that holds her loan files. She hands the regulator a business card showing her unique identifier and says the card is the only record that can be demanded. The regulator demands the loan files. What must she provide?

99.Arthur Pennington keeps loan files only on a laptop. When the regulator demands the files, he gives access the same day. A coworker says he failed because the files were on a laptop. What is the result?

100.Brooke Callahan is not licensed. She tells a borrower the rate is 6.5 percent and negotiates a lock at that rate while the licensed originator is on vacation. What is Brooke allowed to do?

101.Devon Sharpe is not licensed. The licensed originator asked him to collect the pay stubs and bank statements on a written list. Devon collects those documents and does not take an application or discuss rates or terms. What is he allowed to do?

102.Amira Nouri is not licensed. She first collects documents a licensed originator requested. The borrower then asks her to move the lock from 6.25 percent to 6.00 percent, and she agrees. Which part required a license?

103.George Lin is not licensed. He takes a completed application from a borrower and negotiates a lower rate. He says an assistant may do both acts. What does George need in order to do them?

104.Tiffany Rowe is not licensed. A licensed originator asks her to schedule the appraisal and file the report when it comes back. She does those two tasks and does not quote a rate or take an application. What is she allowed to do?

105.Hassan Ali is not licensed. He texts a borrower a rate and writes that the lock is accepted at that rate. He says a text message cannot be a negotiation. What did the text do?

106.Nora Singh is not licensed. She collects W-2 forms a licensed originator requested. When the borrower asks what rate can be locked, Nora reads 6.375 percent from the originator's note and says she can lock it. What required a license?

107.Patrick Doyle is licensed and sponsored. His unlicensed assistant collected only the documents Patrick requested and did not discuss terms. Patrick quoted the rate and negotiated the lock himself. Who was allowed to negotiate the lock?

108.Yvette Morel is not licensed. She tells a borrower, "I can lock 6.125 percent if you send the tax return," and then she collects the tax return. What required a license?