The Office of Financial Regulation has three divisions and
one bureau
Decision for licensed in writing
If application not approved due to a condition you can
challenge
Commission is comprised of four members:
the Governor, the Attorney General, the Chief Financial Officer
and the Commissioner of
Agriculture.
Which
of the following is NOT a member of the Financial Services Commission?
Commissioner
of Agriculture
The
Governor
Chief
Operating Officer
The
Attorney General
The Financial Services Commission is comprised of four members:
the Governor, the
Attorney General, the Chief Financial Officer and the Commissioner of
Agriculture.
Which
best details the mission statement of the Commission and Office?
To protect the citizens of Florida by creating a solid financial marketplace, and protecting from
predatory financial services.
To
promote a sound financial marketplace, in order to contribute to Florida's
economic growth through the financial services industry.
To
protect the citizens of Florida with smart, efficient and effective appropriate
regulation of the financial services industry.
To
protect the citizens of Florida, promote a sound financial marketplace, and
contribute to the growth of Florida's economy with appropriate regulation of
the financial services industry.
Mission Statement: To protect the citizens of Florida, promote a safe and sound financial marketplace,
and contribute to the growth of Florida's economy with smart, efficient and effective
regulation of the financial services industry.
.
How many days after a completed application is received
must the determination be
made to approve or deny the application for a license?
90
days
60
days
30
days
120
days
An application for a license must be approved or denied within
90 days after receipt of a completed application unless a
shorter period of time for agency
action is provided by law.
.
Which
of the following correctly describes the Office of Financial Regulation (OFR)
structure?
Has
two Divisions and two Bureaus
Has
two Bureaus and one Division
Has
three Divisions and one Bureau
Has
three Divisions
The OFR
has three Divisions and one Bureau.
.
Which of the following statements is
NOT TRUE regarding an area that the
commission
may adopt rules and requirements?
Prescribe
procedures for filing violations
Require
use of uniform forms for reporting violations
Requiring
loan originators to register through the Nationwide Mortgage Licensing System
and Registry
Prescribing
actions to be taken by a borrower when seeking a mortgage
The commission may adopt rules to administer parts I, II, and III of this chapter, including rules:
(a)?Requiring electronic submission of any forms, documents, or fees required by this act.
(b)?Relating to compliance with the S.A.F.E. Mortgage Licensing Act of 2008, including rules to:
1.?Require loan originators, mortgage brokers, mortgage lenders, and branch offices to register through the registry.
2.?Require the use of uniform forms that
have been approved by the registry,
and any subsequent amendments to such forms if the forms are substantially
in compliance with the provisions of this chapter. Uniform forms that the commission
may adopt include, but are not limited to:
a.Uniform Mortgage Lender/Mortgage Broker Form, MU1.
b.Uniform Mortgage Biographical
Statement & Consent Form, MU2.
c.Uniform Mortgage Branch Office Form, MU3.
d.Uniform Individual Mortgage License/Registration & Consent Form, MU4.
3.Require the filing of forms, documents.
.
Which
of the following BEST DEFINES "Loan origination fee"?
fee
added to the mortgage loan for originating the loan application.
total
compensation that a mortgage broker receives acting as a loan originator
the
maximum fee allowed by law for originating a non-traditional mortgage loan
all
fees to be paid by the borrower to vendors for the services rendered toward
loan closing
"Loan origination fee" means the total compensation
from any source received by a mortgage
broker acting as a loan originator.
Which
of the following is NOT included in the definition of "Rule"?
agency
statement interpreting policy and its requirements
memoranda
issued by the Executive Office of the Governor relating to information
resources management
statement
of agency practice that further explains a required statute requirement
an
amendment to an existing rule
"Rule" means each agency statement of general applicability that
implements, interprets, or prescribes law or policy
or describes the procedure or practice requirements
of an agency and includes any form which imposes
any requirement or solicits any information not specifically
required by statute or by an existing rule.
The term also includes the amendment or repeal of a rule.
The term does not include:
(a) Internal management memoranda which do not affect either
the private interests of any person or any plan or procedure
important to the public and which have no application
outside the agency issuing the memorandum.
(b) Legal memoranda or opinions issued to an agency
by the Attorney General or agency legal opinions
prior to their use in connection with an agency action.
(c) The preparation or modification of:
1.Agency budgets.
2. Statements, memoranda, or instructions to state agencies
issued by the Chief Financial
Officer or Comptroller as chief fiscal officer of the state .
.
Which of the following is the BEST DEFINITION of
"Good faith"?
honesty
and fair dealing with the public in a commercial setting
statements
made under oath
trusting
that the information provided is factual and accurate
best
practices for ensuring borrowers receive all required disclosures
"Good faith" means honesty in fact and the observance
of reasonable commercial standards of
fair dealing.
.
Which of the following statements is
NOT TRUE per the definition of "Material
change"?
a
change in the type of loan offered to a borrower
a
change in the interest rate previously offered a borrower
a change that is important enough to influence a
borrower in making a borrowing
decision
a change that affects the borrower's information
as given on the application such
as an incorrect address
"Material change" means a change that would be important
to a reasonable borrower in making a borrowing decision,
and includes a change in the interest rate previously
offered a borrower, a change in the type of loan offered to a borrower,
or a change in fees to be charged to a borrower resulting in
total
fees greater than $100.
.
Which
of the following would not be included as a "Control person"?
shareholder who owns 10% or more or has the
power to vote 10% or more of voting securities
a
trustee within a trust
a
mortgage broker
a
company's executive officers
"Control person" means an individual, partnership,
corporation, trust, or other organization that possesses
the power, directly or indirectly, to direct the management
or policies of a company, whether through ownership of
securities, by contract, or otherwise.
The term includes, but is not limited to:
(a) A company's executive officers, including the president,
chief executive officer, chief financial officer, chief operations officer,
chief legal officer, chief compliance officer,
director, and other individuals having similar status or functions.
b) For a corporation, each shareholder that, directly or indirectly,
owns 10 percent or more or that has the power to vote
10 percent or more, of a class of voting securities
unless the applicant is a publicly traded company.
(c For a partnership, all general partners and limited or
special partners that have contributed 10 percent
or more or that have the right to receive, upon dissolution,
10 percent or more of the partnership's capital.
Which
of the following is not included as a "Loan originator"?
an
individual who accepts or offers to accept an application for a mortgage loan
someone
who solicits or offers to solicit a mortgage loan
someone
who negotiates the terms / conditions of a new or existing mortgage loan on
behalf of a borrower
an
individual who is employed by a mortgage lender to transmit completed
application forms to a lender for prospective borrowers
"Loan originator" means an individual who, directly or indirectly,
solicits or offers to solicit a mortgage loan, accepts or offers to accept
an application for a mortgage loan, negotiates or offers to negotiate
the terms or conditions of a new or existing mortgage loan on behalf
of a borrower or lender, or negotiates or offers to negotiate
the sale of an existing mortgage loan to a noninstitutional investor
for compensation or gain.
The term includes an individual who is
required to be licensed as a
loan originator under the S.A.F.E. Mortgage
Licensing Act of 2008.
The term does not include an employee of a mortgage broker
or mortgage lender whose duties are limited to physically
handling a completed application form or transmitting a
completed application
form to a lender on behalf of a prospective borrower.
Which
of the following is NOT considered exempt from licensure?
A person who performs real estate brokerage activities and is
compensated by a
mortgage broker or other loan originator
any
agency of the Federal Government
a
depository institution
an
attorney licensed in Florida who negotiates mortgage loan terms on behalf of a
client
The following are exempt from regulation
(a) Any person operating exclusively as a registered loan originator
in accordance with the S.A.F.E. Mortgage Licensing Act of 2008.
(b) A depository institution; subsidiaries that are owned and
controlled by a depository institution and regulated by the
Board of Governors of the Federal Reserve System,
the Comptroller of the Currency, the Director of the Office of Thrift Supervision,
the National Credit Union Administration,
or the Federal Deposit Insurance Corporation;
or institutions regulated by the Farm Credit Administration.
(c) The Federal National Mortgage Association;
the Federal Home Loan Mortgage Corporation;
any agency of the Federal Government; any state, county,
or municipal government; or any quasi-governmental agency
that acts in such capacity under the specific authority of the laws
of any state or the United States.
(d) An attorney licensed in this state who negotiates the t
.
What is the current renewal fee for a
loan originator license in the state of Florida?
$150
$100
$200
$250
Submit a nonrefundable renewal fee of $150,
the $20 nonrefundable fee if required by s. 494.00172,
and nonrefundable fees to cover the cost of further
fingerprint
processing and retention as set forth in commission rule.
.
What
happens if a license was issued by mistake?
The
license is annulled.
The
application fee is returned to the applicant and license is annulled.
The
license is valid for 30 days only.
The
license holder may not re-apply for a period of six months.
A loan originator license shall be annulled pursuant to
s. 120.60 if it was issued by
the office by mistake.
.
Which statement is TRUE regarding fingerprints
submitted with an application for a
loan originator license?
The costs of fingerprint processing, including the cost of retaining the fingerprints,
shall be borne by the Financial Services Commission.
The registry is responsible for reviewing the results of the state
and federal criminal history checks and determining
whether the applicant meets licensure
requirements
The office may contract with a third-party
vendor to provide live-scan
fingerprinting
A
federal criminal history background check must be conducted through the CIA.
Submit fingerprints in accordance with rules adopted by the commission:
1. The fingerprints may be submitted to the registry,
the office, or a vendor acting on behalf of the registry or the office.
2. The office may contract with a third-party vendor to provide live-scan fingerprinting.
3. A state criminal history background check must be conducted through
the Department of Law Enforcement, and a federal criminal history
background check must be conducted through the
Federal Bureau of Investigation.
4. All fingerprints submitted to the Department of Law Enforcement
must be submitted electronically and entered into the statewide
automated biometric identification system established
in s. 943.05(2)(b) and available for use in accordance with s.
943.05(2)(g) and (h). The office shall pay an annual fee to the
department to participate in the system and inform the department
of any person whose fingerprints are no longer required to be retained.
5. The costs of fingerprint processing.
.
What is
the cut-off date in which all loan originator licenses must be renewed?
The
anniversary date that the license was initially issued
1-Jan
31-Dec
1-Sep
All loan originator licenses must be renewed annually by
December 31 pursuant to s.
494.00313.
.
