Sec2-P12 Quiz

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Question 1 of 9

1. Question
Which entity meets the definition of a depository institution under federal law?
- A) savings bank, commercial bank, savings and loan association or credit union regulated by the FDIC
- B) mortgage brokerage regulated only by a state agency
- C) real estate investment trust
- D) private lending company without federal insurance
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Question 2 of 9

2. Question
Which group is included in the definition of Federal Banking Agencies?
- A) the Consumer Financial Protection Bureau only
- B) state banking commissioners
- C) 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, and the Federal Deposit Insurance Corporation
- D) the Department of Housing and Urban Development
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Question 3 of 9

3. Question
Who is considered an immediate family member under the definitions?
- A) cousins and aunts
- B) business partners
- C) the individual’s spouse, children, siblings, parents or grandparents, including step and adoptive relationships
- D) roommates and domestic partners
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Question 4 of 9

4. Question
Under the definitions section, the term “individual” refers to:
- A) a natural person
- B) a partnership
- C) a trust
- D) a corporation
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Question 5 of 9

5. Question
Which statement correctly describes a loan processor or underwriter under 12 CFR 1008.23?
- A) an individual who independently negotiates loan terms
- B) an individual who performs clerical or supportive duties as an employee and under the direct supervision of a licensed person
- C) a licensed mortgage loan originator
- D) a real estate agent assisting borrowers
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Question 6 of 9

6. Question
Which activity is considered a clerical or support duty?
- A) advising a consumer on loan options
- B) negotiating interest rates
- C) receipt of an application, collection, distribution, analysis, processing, underwriting, and communicating with a consumer with regards to a residential mortgage loan
- D) advertising mortgage loan products
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Question 7 of 9

7. Question
What restriction applies to a loan processor or underwriter regarding representations to the public?
- A) they may advertise mortgage loan products
- B) they may negotiate loan terms
- C) they may perform MLO duties if supervised
- D) a loan processor or underwriter cannot use advertisements and other forms of communication to the public to perform any of the MLO duties
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Question 8 of 9

8. Question
Which activity would classify an individual as a mortgage loan originator?
- A) performing clerical support duties only
- B) ordering credit reports
- C) taking mortgage loan application, negotiating terms, communicating loan options, and other origination processes for compensation
- D) verifying employment information
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Question 9 of 9

9. Question
What is the purpose of the Nationwide Mortgage License and Registry System (NMLSR)?
- A) to approve mortgage loans
- B) to provide unique identifiers to individuals who register in the licensing system
- C) to regulate interest rates
- D) to enforce federal lending laws
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