Connecticut Mortgage Loan Originator

Which agency is the primary regulator of mortgage loan originators in Connecticut?

• AConnecticut Real Estate Commission
• BConnecticut Department of Banking
• CConnecticut Attorney General's Office
• DConnecticut Department of Consumer Protection

How many hours of pre-license education does Connecticut require for MLO candidates?

• A10 hours
• B15 hours
• C20 hours
• D30 hours

What type of foreclosure does Connecticut primarily use?

• ANon-judicial foreclosure through power of sale
• BStrict judicial foreclosure
• CDeed in lieu only
• DAdministrative foreclosure through a state agency

What is the surety bond requirement for a mortgage loan originator in Connecticut?

• A$10,000
• B$25,000
• C$40,000
• D$100,000

What is the Connecticut Unfair Trade Practices Act (CUTPA) and how does it apply to mortgage lending?

• ACUTPA only applies to retail stores
• BCUTPA prohibits unfair or deceptive acts in trade or commerce, including mortgage lending…
• CCUTPA sets interest rates for all Connecticut loans
• DCUTPA only applies to commercial lending

How many hours of continuing education must Connecticut MLOs complete annually?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

In Connecticut's judicial foreclosure process, what must the lender do first to initiate foreclosure?

• ASend a text message to the borrower
• BFile a foreclosure complaint (lis pendens) with the Superior Court in the judicial distri…
• CNotify the public trustee
• DRecord a notice of default with the town clerk

What types of foreclosure methods are available in Connecticut?

• AOnly strict foreclosure
• BStrict foreclosure (title vests directly in lender) and foreclosure by sale (property sol…
• COnly non-judicial power of sale
• DOnly deed in lieu of foreclosure

What is a 'law day' in the context of Connecticut strict foreclosure?

• AThe day the mortgage application is filed
• BThe court-ordered deadline by which the borrower must pay the full debt owed or lose all…
• CThe day the real estate agent lists the property
• DThe annual day that mortgage laws are reviewed

Under Connecticut law, what is the interest rate cap on residential first mortgages?

• A6% per annum
• B12% per annum, except for certain exempt transactions
• CConnecticut has no usury cap for first mortgage loans on residential property
• D25% per annum

What enforcement actions can the Connecticut Department of Banking take against a licensed MLO?

• AOnly issue verbal warnings
• BImpose fines, suspend or revoke licenses, issue cease and desist orders, and refer cases…
• COnly recommend actions to the federal government
• DTransfer the license to another state

What is Connecticut's mediation program for foreclosures?

• AConnecticut has no foreclosure mediation program
• BConnecticut offers a court-supervised foreclosure mediation program where eligible homeow…
• CMediation is mandatory for all loan types in Connecticut
• DOnly commercial property owners can access mediation

Under Connecticut law, what disclosures must an MLO provide to borrowers regarding loan terms?

• ANo disclosures are required in Connecticut
• BMLOs must provide TRID-compliant Loan Estimates and Closing Disclosures plus any addition…
• COnly verbal disclosures are needed
• DDisclosures are only required for commercial loans

What is the Connecticut redemption period in a strict foreclosure?

• AThere is no redemption after the law day passes
• BThe borrower has until the law day to redeem the property by paying the full amount due;…
• C30 days after the sale
• DOne year after the court judgment

What background check is required for Connecticut MLO license applicants?

• AOnly a state records check
• BFBI fingerprint-based criminal background check and credit report review through NMLS
• CNo background check is needed
• DOnly a credit check

Under Connecticut law, can a lender obtain a deficiency judgment after a strict foreclosure?

• ANo, deficiency judgments are always prohibited after strict foreclosure in Connecticut
• BYes, but only within the strict foreclosure proceeding itself; the court may include a de…
• CYes, in a completely separate lawsuit with no restrictions
• DOnly if the borrower agrees

What is the Connecticut requirement for MLOs regarding NMLS unique identifiers?

• ANMLS identifiers are optional in Connecticut
• BMLOs must display their NMLS unique identifier on all loan documents, business cards, web…
• COnly the company NMLS number is required
• DNMLS identifiers are only needed on closing documents

What role does the Connecticut Banking Commissioner play in MLO regulation?

• ANo role in MLO regulation
• BThe Banking Commissioner heads the Department of Banking and has authority over MLO licen…
• CThe Commissioner only advises the Governor on banking matters
• DThe Commissioner only handles commercial bank regulation