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These slides are used during Jillayne Schlicke's Exam Prep course for mortgage loan originators who are studying to pass the 25 question Stand-Alone Uniform State Test. These are to be used along with your in-class course packet.
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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
p
+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