AZ NMLS Test Questions and Answers Already Passed

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AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: ✔✔brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial... instutions every... ✔✔5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ ✔✔Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financial industry to serve ✔✔5 years of experience within 15 years prior to appointment Responsibilities of the superintendent are to ____ and ____ ✔✔Protect the public and avoid conflict of interest The superintendent must publish a ______________ ✔✔Consumer information brochure The maximum interest rate in Arizona is _______. ✔✔10% if not stated in writing The superintendent shall examine ______ every _____. ✔✔Each bank, credit union, and other associations once every 2 years All assets, fees, fines and assessments received by the department are deposited into the _________ ✔✔State General Fund The application fee for a Loan Originator is ____ and the renewal fee is _____ ✔✔$150 application fee $350 renewal fee The AZ license transfer fee is ____, which is determined by _____. ✔✔$50; determined by the superintendent A Loan Originator is ____________________. ✔✔A natural person who for compensation or gain or in the expectation of compensation or gain does any of the following: -Takes a residential loan application -Offers to negotiate terms of a loan -Offers to negotiate modifications with lenders or noteholders Continuing Education Unit ✔✔A 50 minute period of time in a continuing education course Immediate Family Member ✔✔A spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, or stepsibling whether related by adoption or blood Loan processors or underwriters perform________ ✔✔Clerical or supportive duties Definition of Clerical or Support Duties ✔✔Duties subsequent to the receipt of a residential mortgage loan application: -The receipt, collection, distribution and analysis of information -Communication with a consumer to obtain any information necessary Registered Loan Originator ✔✔A loan originator who is registered with and maintains a unique identifier through NMLS An employee is one of the following: -A depository institute -A subsidiary that is owned and controlled by a depository institution and is regulated by a federal banking agent -An institution regulated by the farm credit administration Affidavit of Affixture ✔✔A person who owns a mobile home that is permanently affixed to real property may file for an affidavit of affixture with the county recorder Mortgage Broker ✔✔A person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. Mortgage Banker ✔✔A person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a "mortgage banking loan" or a mortgage loan Mortgage Banking Loan ✔✔A loan which is funded exclusively from the mortgage banker's own resources Mortgage Banking Loan Closing ✔✔The [Show More]

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