Stand Alone Uniform State Test for Mortgage Loan Originators EXAM PREP

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Stand-Alone Uniform State TestExam Prep

CE Forward, Inc. DBANat’l Assoc of Mortgage FiduciariesJillayne Schlicke

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CE Forward, DBA NAMFNMLS Approved Course ProviderC-1400068

Instructor:Jillayne Schlicke

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Payment

$59

Cash only at the door

Please complete the sign-in sheet.

If you still need to pay I will come around and collect payment later. For now, just complete the sign in sheet.

If you paid online I have already noted this.

If you still need to pay…

+Welcome!

Cell phones and laptops off while class is in session.

I-pads okay

Breaks

Bathrooms

Coffee

Side conversations

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Agenda

IntroductionsBoundariesObjectiveStand-Alone USTSAFE ActQuizState Auth to LicenseQuizDefinitionsQuiz Prohibited ConductQuizFinal Practice QuizClose

We will cover this in mostly a linear way but we may decide to jump around.

+Objectives

Learn about the National Uniform State Test

Prepare to pass the stand-alone UST

+Boundaries

UST

Policy

Time Law

Politics

+Section 1Uniform State Test Uniform State Test Background

Adoption Table

+Section 1 UST

NOTE: Passing the new Uniform State Test (UST) will allow loan originators to apply to originate in those states that honor the UST.

States may have additional pre-licensing requirements that LOs must complete such as additional required pre-licensing education on their state laws and rules.

+UST

25 Questions, all are scored

45 minutes (appointment time is 75 minutes)

$33

http://www.dfi.wa.gov/CS%20Orders/C-09-495-11-CO01.pdf

+Section 1 UST Test Content Outline DFI

Authority Responsibilities

State Law, Definitions

SAFE Act

State Model Law Compliance

Prohibited Practices Required Conduct Advertising

+SAFE Act Quiz

+Education

3 hours fed law

3 hours ethics Fraud, consumer

protection, fair housing

2 hours non-traditional lending

12 hours

3 hours fed law

2 hours ethics

2 hours non-trad

1 hour undefined

Pre-Licensing: 20 Continuing Ed: 8

+Unearned fee…

A fee for which no work has been performed Junk fee e.g., charging a processing fee when we do

not employ a processor.

Padding fees e.g., fee is $100. We charge customer $150

and keep the extra $50 for ourselves

Kickbacks a violation of Section 8/RESPA

+ TILA/RESPA Definition of “an Application”Financial Data

Borrower’s NameSocIncomeEstimated valueLoan Amount…..Prop address (will have this if refi, might not have this right away if borrower is still house-shopping.)……Any other info deemed necessary by the LO

15

Real Estate Settlement and Procedures Act http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

+Example Question:

Q: If a state decides not to implement loan originator licensing, what federal regulator would oversee loan originator licensing?

+Example Question:

Q: If a state decides not to implement loan originator licensing, what federal regulator would oversee loan originator licensing?

a. HUD

b. The SAFE Act

c. The Director of the Bureau of Consumer Financial Protection

d. The FTC

+Section 3 Definitions

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+Section 4 Licensing Law

p

+Section 5Compliance

Prohibited Practices

Disclosure Requirements

Advertising

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THANK YOU!!Jillayne Schlicke206-931-2241Jillayne@gmail.comceforward.commortgagefiduciaries.com