11/08/2021

Colorado Mortgage

 










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

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

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