Colorado Mortgage Home Loan Answers
Which
of the following answers is NOT a responsibility of DORA?
Educational
programs
Follow
up of complaints about mortgage loan originators
Programs
related to real estate professionals
Maintain
an advocacy team that mediates discrepancies between consumers and mortgage
companies
Some of
the responsibilities covered by DORA are: - Programs related to real estate
professionals - Educational programs - Licensing and Registration of mortgage
loan originators and brokers - Follow up of complaints
Question 2
The
board is to maintain a communication system such as a hotline or website. What
is the purpose of that communication system?
to
ask the board for advise regarding their mortgage loan
to
assist consumers to find missing information and documentation required to
process their mortgage loan application
to
track the progress of their mortgage loan application to closing
to
provide an easy way for consumers to make complaints about a mortgage loan
originatorYou correctly checked this.
The
board shall maintain a system, which may include, without limitation, a hotline
or web site, that gives consumers a reasonably easy method for making
complaints about a mortgage loan originator.
Question 3
Which
of the following is NOT an action that may be conducted by the board?
pull
licensees' credit reportsYou correctly checked this.
take
affirmations of witnesses
request
any information relevant to an investigation
administer
oaths
The
board or an administrative law judge may administer oaths, take affirmations of
witnesses, and issue subpoenas to compel the attendance of witnesses and the
production of all relevant papers, books, records, documentary evidence, and
materials in any hearing or investigation conducted by the board or an
administrative law judge. The board may request any information relevant to the
investigation, including, but not limited to, independent credit reports
obtained from a consumer reporting agency described in the federal "Fair
Credit Reporting Act", 15 U.S.C. sec. 1681a (p).
Question 4
Who/what
has authority to remove a member from the board and what would be the reason?
DORA
has the authority to remove a member for misconduct, neglect of duty or
incompetence.
The
Board of Realtors has the authority to remove a member for misconduct, neglect
of duty or incompetence.
The
President of the Board has the authority to remove a member for misconduct,
neglect of duty or incompetence.
The
governor has the authority to remove a member for misconduct, neglect of duty
or incompetence. You
correctly checked this.
The
governor shall have the authority to remove any member for misconduct, neglect
of duty, or incompetence.
Question 5
How
many members make up the Board of Mortgage Loan Originators?
10
5 You correctly checked this.
7
8
There
is hereby created in the division a board of mortgage loan originators,
consisting of five members appointed by the governor with the consent of the
senate.
Score: 100%
. Colorado Department of Regulatory Agencies
Home Mortgage Answers
