AZ NMLS Test Questions and Answers Already Passed

AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: ✔✔brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instutions every... ✔✔5 ...

AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: ✔✔brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instutions every... ✔✔5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ ✔✔Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financial industry to serve ✔✔5 years of experience within 15 years prior to appointment Responsibilities of the superintendent are to ____ and ____ ✔✔Protect the public and avoid conflict of interest The superintendent must publish a ______________ ✔✔Consumer information brochure The maximum interest rate in Arizona is _______. ✔✔10% if not stated in writing The superintendent shall examine ______ every _____. ✔✔Each bank, credit union, and other associations once every 2 years All assets, fees, fines and assessments received by the department are deposited into the _________ ✔✔State General FundThe application fee for a Loan Originator is ____ and the renewal fee is _____ ✔✔$150 application fee $350 renewal fee The AZ license transfer fee is ____, which is determined by _____. ✔✔$50; determined by the superintendent A Loan Originator is ____________________. ✔✔A natural person who for compensation or gain or in the expectation of compensation or gain does any of the following: -Takes a residential loan application -Offers to negotiate terms of a loan -Offers to negotiate modifications with lenders or noteholders Continuing Education Unit ✔✔A 50 minute period of time in a continuing education course Immediate Family Member ✔✔A spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, or stepsibling whether related by adoption or blood Loan processors or underwriters perform________ ✔✔Clerical or supportive duties Definition of Clerical or Support Duties ✔✔Duties subsequent to the receipt of a residential mortgage loan application: -The receipt, collection, distribution and analysis of information -Communication with a consumer to obtain any information necessary Registered Loan Originator ✔✔A loan originator who is registered with and maintains a unique identifier through NMLS An employee is one of the following:-A depository institute -A subsidiary that is owned and controlled by a depository institution and is regulated by a federal banking agent -An institution regulated by the farm credit administration Affidavit of Affixture ✔✔A person who owns a mobile home that is permanently affixed to real property may file for an affidavit of affixture with the county recorder Mortgage Broker ✔✔A person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. Mortgage Banker ✔✔A person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a "mortgage banking loan" or a mortgage loan Mortgage Banking Loan ✔✔A loan which is funded exclusively from the mortgage banker's own resources Mortgage Banking Loan Closing ✔✔The day all documents relating to the mortgage banking loan or mortgage loan have been "executed and recorded and all monies have been accounted for". Branch Office ✔✔Any location within or outside of Arizona, including a personal residence, but not including a licensee's principal place of business in Arizona, where the licensee holds out to the public their intentions MLO's must notify ___ immediately before address changes. ___ must be notified ____ before branch office address changes. ✔✔Department of Financial Institutions (DFI); Must be notified 5 days before a branch change. May include a few determined by the superintendent A Responsible Individual ✔✔A resident of the state who:-Lives in Arizona during the entire period of designation as the responsible individual on a license -Is in active management of the licensee's affairs -Is an officer, director, member, partner, employee or trustee of a licensed entity -"Can not be an independent contractor" Mortgage Recovery Fund ✔✔Consists of the monies received by the superintendent for the benefit of any person aggrieved by any act, representation, transaction or conduct of a licensed loan originator that violates this title or the rules adopted pursuant to this title The fund shall only pay for a loss that is an actual and direct out-of-pocket loss to an aggrieved person directly arising out of a mortgage transaction, including reasonable attorney fees and court costs. Payments to the Mortgage Recovery Fund ✔✔Applicants shall pay an amount to be determined by the superintendent to the mortgage recovery fund on an application On ______, if the mortgage recovery fund is less than _____, every MLO renewing their license the following year, shall pay an additional fee to be determined by the superintendent. ✔✔On June 30th; 2 million dollars NMLS is managed through ___ state and territorial authorities. NMLS does not itself ______. ✔✔58 stat and territorial authorities; does not grant or deny licenses itself NMLS provides: ✔✔-Unique I.D.s to every mortgage professional -Provides public access to licensing information for every MLO -Provides a single source for regulatory/licensing agencies to check for misconduct of MLOs and use this info to deny future applications MU 1, MU 2, MU 3, MU 4 definitions ✔✔MU 1: Company MU 2: Owners, executives, branch managers, RI, etc.MU 3: Branch locations MU 4: LOs A licensed attorney as a mortgage negotiator ✔✔Exemption: a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an "ancillary matter" to the attorney's representation of the client, unless the attorney is compensated by a lender or other affiliated professionals