District of Columbia Mortgage Loan Originator

Which agency regulates mortgage loan originators in the District of Columbia?

• ADC Real Estate Commission
• BDC Department of Insurance, Securities and Banking (DISB)
• CDC Office of Planning
• DDC Department of Consumer and Regulatory Affairs

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

• A10 hours
• B15 hours
• C20 hours
• D24 hours

What type of foreclosure does the District of Columbia primarily use?

• AStrict judicial foreclosure
• BNon-judicial foreclosure through deeds of trust with power of sale
• CAdministrative foreclosure
• DForeclosure by sheriff's sale only

What is the minimum surety bond requirement for MLOs in the District of Columbia?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

What is the DC Mortgage Lender and Broker Act of 1996?

• AA federal mortgage regulation
• BThe primary District law governing mortgage lending activities, licensing of mortgage pro…
• CA tax regulation for DC homeowners
• DA law that only applies to commercial real estate

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

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

Under DC law, what notice must a lender provide before initiating a non-judicial foreclosure?

• ANo notice is required
• BThe lender must provide written notice of default and intent to foreclose, giving the bor…
• COnly a verbal notice is needed
• DNotice is only required for commercial properties

What enforcement actions can DISB take against a licensed MLO in DC?

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

What is the DC right to cure a mortgage default before foreclosure?

• ADC borrowers have no right to cure
• BBorrowers have the right to cure the default by paying all past-due amounts, fees, and co…
• CBorrowers must pay off the entire loan to cure
• DThe right to cure only applies to government employees

What is the DC requirement regarding recording deeds of trust?

• ADeeds of trust do not need recording in DC
• BDeeds of trust must be recorded with the DC Recorder of Deeds to establish lien priority…
• CRecording is handled by DISB
• DOnly the borrower can record a deed of trust

What background check does DC require for MLO license applicants?

• AOnly a local police check
• BFBI fingerprint-based criminal background check and credit report review through NMLS
• CNo background check is required
• DOnly an employment verification

What is unique about DC's regulatory structure as it relates to mortgage regulation?

• ADC follows the same structure as all states
• BAs a federal district, DC is not a state and its laws are subject to Congressional oversi…
• CDC cannot regulate mortgage lending at all
• DAll DC mortgage regulation is handled by the federal government

Under DC law, what are the requirements for trust accounts held by mortgage companies?

• ATrust accounts are not required
• BMortgage companies must maintain trust accounts for borrower funds, keeping them separate…
• CTrust accounts are only for loans over $1 million
• DOnly banks need trust accounts

What disclosures must a DC MLO provide to borrowers?

• ANo disclosures are required
• BTRID-compliant Loan Estimates, Closing Disclosures, and any DC-specific disclosures regar…
• COnly a verbal summary of loan terms
• DDisclosures are only required for jumbo loans

What is the DC mediation requirement for residential foreclosures?

• ADC has no mediation program
• BDC requires lenders to participate in mediation before completing a residential foreclosu…
• CMediation is only for commercial properties
• DMediation is voluntary for lenders

Under DC law, can a lender pursue a deficiency judgment after a non-judicial foreclosure?

• AYes, without any restrictions
• BDC generally restricts deficiency judgments after non-judicial foreclosure of residential…
• CNo, DC prohibits all deficiency judgments
• DOnly with the borrower's written consent

What is the DC requirement for MLO NMLS unique identifiers?

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

What fair lending protections does DC provide beyond federal requirements?

• ADC has no additional protections
• BDC's Human Rights Act provides additional protected classes including sexual orientation,…
• CDC only follows federal fair lending laws
• DFair lending laws only apply to government employees in DC