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Related Flashcards
Cards In This Set
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Individuals who originate a mortgage or act as a mortgage loan originator are required to keep records of the Colorado disclosures for purposes of inspection by the Board or authorized representative of the Board, for a period of how many years?
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FOUR
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Licensees are required to keep records of continuing education completion for a minimum of how many years?
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FOUR
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After written disclosure is provided to the borrower, an MLO enters into a lock-in agreement with the borrower, then no less than how many days thereafter, including Saturdays, must the MLO deliver to the borrower written confirmation of the terms of the lock-in agreement?
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THREE Business days
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Within how many days following receipt of a loan application or any monies from a borrower must a mortgage loan originator provide, to each borrower, full written disclosure containing an itemization and explanation of all fees and costs that the borrower is required to pay in connection with obtaining a residential mortgage loan?
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THREE Business Days
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The Board may revoke a mortgage broker license if the licensee has had a license revoked in any other state within the previous how many years?
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FIVE
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Which of the following individuals is responsible for the overall management of the Department of Regulator Agencies and its divisions?
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Executive Director
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If by January 1st of any year the MLO has not completed the necessary continuing education, what will happen?
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License will expire
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Mortgage Loan Originators are required to maintain contact information with the Division. Any information change MUST be provided to the Board within how many days?
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THIRTY 30
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Which of the following accurate displays the items that, at a minimum, must be contained within the 20-hour pre-licensing course?
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C. 3 hours of federal law, 3 hours of ethics, and 2 hours of non-traditional mortgage products training
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According to Colorado law, when disclosing yield spread premium (YSP) for an unlocked loan, the broker may disclose the YSP in a range not to exceed:
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1% of the loan amount
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The advertisement must contain the following, each of which must be clearly and conspicuously
included in the advertisement:
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At least 1 responsible party. The responsible party must be an individual person or a
mortgage company. The responsible party must include their registration number that
is approved on NMLS;
o The mortgage company name;
o The business phone number of the responsible party; and
o The statement “regulated by the Division of Real Estate.”
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The responsible party must retain copies of all advertisements for a period of
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Four Years
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Colorado requires all active and inactive licensees to successfully complete how many education hours of Colorado update material each calenday year?
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TWO
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Which of the following is not part of an Affiliated Business Arrangement?
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A. May require the use of a particular provider of settlement services as a condition of obtaining services from that licensee (Correct Answer)
B. Shall be signed by all parties to the real estate transaction C. Shall comply with the federal Real Estate Settlement Procedures Act D. Shall include the physical locations of the affiliated businesses |
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What are the renewal rules?
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Online renewal will begin on November 1 and will continue until midnight on December 31. There is no grace period on renewal payments for mortgage loan originators. The reinstatement period for licensees who miss the deadline begins on January 1 and goes through February 28
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