+

Stand-Alone Uniform State Test
Exam Prep
CE Forward, Inc. DBA
Nat’l Assoc of Mortgage Fiduciaries
Jillayne Schlicke
+

CE Forward, DBA NAMF
NMLS Approved Course Provider
C-1400068

Instructor:
Jillayne Schlicke
+

If you still need to pay…



Cash only at the door
Please complete the sign-in sheet.



If you paid online I have al...
+

Welcome!

 Cell

phones and laptops off while class is in
session.

 I-pads

okay

 Breaks
 Bathrooms
 Coffee
 Si...
+

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

Introductions
Boundaries
Objective
...
+

Objectives
Learn

about the
National Uniform State
Test

Prepare

to pass the
stand-alone UST
+

Boundaries

Politics

Policy

UST
Time

Law
+

Section 1
Uniform 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
th...
+

UST
 25

Questions, all are scored

 45

minutes (appointment time is 75 minutes)

 $33

http://www.dfi.wa.gov/CS%20...
+

Section 1 UST Test Content Outline
 DFI

Authority
 Responsibilities


 State

Law, Definitions

 SAFE Act
 State...
+

SAFE Act Quiz
+

Education
Continuing Ed: 8

Pre-Licensing: 20


3 hours fed law



3 hours fed law



3 hours ethics
 Fraud, consum...
+

Unearned fee…
 A fee

for which no work has been performed
 Junk fee
 e.g., charging a processing fee when we do not...
+

TILA/RESPA Definition of
“an Application”
Financial Data
Borrower’s Name
Soc
Income
Estimated value
Loan Amount
…..
Pro...
+

Example Question:
Q: If a state decides not to implement loan originator
licensing, what federal regulator would overse...
+

Example Question:
Q: If a state decides not to implement loan originator
licensing, what federal regulator would overse...
+

Section 3 Definitions


p
+

Section 4
Licensing Law
p
+

Section 5
Compliance
 Prohibited

Practices

 Disclosure

Requirements

 Advertising
+

THANK YOU!!
Jillayne Schlicke
206-931-2241
Jillayne@gmail.com
ceforward.com
mortgagefiduciaries.com
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Stand Alone Uniform State Test for Mortgage Loan Originators EXAM PREP

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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 Test for Mortgage Loan Originators EXAM PREP

  1. 1. + Stand-Alone Uniform State Test Exam Prep CE Forward, Inc. DBA Nat’l Assoc of Mortgage Fiduciaries Jillayne Schlicke
  2. 2. + CE Forward, DBA NAMF NMLS Approved Course Provider C-1400068 Instructor: Jillayne Schlicke
  3. 3. + If you still need to pay…  Cash only at the door Please complete the sign-in sheet.  If you paid online I have already noted this. $59  Payment  If you still need to pay I will come around and collect payment later. For now, just complete the sign in sheet.
  4. 4. + Welcome!  Cell phones and laptops off while class is in session.  I-pads okay  Breaks  Bathrooms  Coffee  Side conversations
  5. 5. + Agenda We will cover this in mostly a linear way but we may decide to jump around. Introductions Boundaries Objective Stand-Alone UST SAFE Act Quiz State Auth to License Quiz Definitions Quiz Prohibited Conduct Quiz Final Practice Quiz Close
  6. 6. + Objectives Learn about the National Uniform State Test Prepare to pass the stand-alone UST
  7. 7. + Boundaries Politics Policy UST Time Law
  8. 8. + Section 1 Uniform State Test  Uniform State Test Background  Adoption Table
  9. 9. + 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.
  10. 10. + UST  25 Questions, all are scored  45 minutes (appointment time is 75 minutes)  $33 http://www.dfi.wa.gov/CS%20Orders/C-09495-11-CO01.pdf
  11. 11. + Section 1 UST Test Content Outline  DFI Authority  Responsibilities   State Law, Definitions  SAFE Act  State  Model Law Compliance  Prohibited Practices  Required Conduct  Advertising
  12. 12. + SAFE Act Quiz
  13. 13. + Education Continuing Ed: 8 Pre-Licensing: 20  3 hours fed law  3 hours fed law  3 hours ethics  Fraud, consumer protection, fair housing  2 hours ethics  2 hours non-trad  1 hour undefined  2 hours non-traditional lending  12 hours
  14. 14. + 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
  15. 15. + TILA/RESPA Definition of “an Application” Financial Data Borrower’s Name Soc Income Estimated value Loan 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 Real Estate Settlement and Procedures Act 15 http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
  16. 16. + Example Question: Q: If a state decides not to implement loan originator licensing, what federal regulator would oversee loan originator licensing?
  17. 17. + 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
  18. 18. + Section 3 Definitions  p
  19. 19. + Section 4 Licensing Law p
  20. 20. + Section 5 Compliance  Prohibited Practices  Disclosure Requirements  Advertising
  21. 21. + THANK YOU!! Jillayne Schlicke 206-931-2241 Jillayne@gmail.com ceforward.com mortgagefiduciaries.com

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