Indiana Mortgage Loan Originator

Which state agency is primarily responsible for regulating mortgage loan originators in Indiana?

• AIndiana Real Estate Commission
• BIndiana Department of Financial Institutions
• CIndiana Securities Division
• DIndiana Attorney General's Office

How many hours of pre-license education are required for an MLO license in Indiana, including the NMLS-required component?

• A15 hours total
• B20 hours total
• C23 hours total
• D25 hours total

What is the minimum surety bond amount required for a mortgage loan originator company in Indiana?

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

Under Indiana law, what is the continuing education requirement for licensed mortgage loan originators?

• A6 hours annually
• B8 hours annually
• C10 hours annually
• D12 hours annually

When does an Indiana MLO license expire and require renewal?

• AJune 30 each year
• BSeptember 30 each year
• CDecember 31 each year
• DOn the anniversary of issuance

Which Indiana statute primarily governs first-lien mortgage lending in the state?

• AIndiana Uniform Consumer Credit Code
• BIndiana First Lien Mortgage Lending Act
• CIndiana Mortgage Broker and Loan Originator Act
• DIndiana Home Loan Practices Act

Under Indiana's Home Loan Practices Act, which of the following practices is prohibited for high-cost home loans?

• ACharging a fixed origination fee
• BBalloon payments within the first 7 years
• COffering adjustable-rate mortgages
• DRequiring homeowners insurance

What type of foreclosure does Indiana primarily use?

• ANon-judicial foreclosure
• BStrict foreclosure
• CJudicial foreclosure
• DDeed in lieu is the only option

What is the statutory redemption period after a foreclosure sale in Indiana?

• ANo redemption period
• B30 days
• C90 days
• D12 months

Under Indiana law, how much advance notice must a lender provide before filing a foreclosure action?

• A15 days
• B30 days
• C60 days
• D90 days

What criminal background check requirement applies to Indiana MLO license applicants?

• AState background check only
• BFBI fingerprint background check through NMLS
• CNo background check is required
• DLocal police clearance letter only

Which of the following is a requirement for maintaining trust accounts under Indiana mortgage lending law?

• ATrust funds may be commingled with operating funds
• BTrust accounts must be maintained in an FDIC-insured institution
• CTrust accounts are only required for FHA loans
• DNo record-keeping is required for trust accounts

Under Indiana law, what disclosures must be provided to a borrower before closing a mortgage loan?

• AOnly the interest rate
• BA good faith estimate and all material loan terms
• CNo state-specific disclosures are required
• DOnly the monthly payment amount

What enforcement action can the Indiana DFI take against an MLO who violates state mortgage lending laws?

• AOnly issue a warning letter
• BRevoke or suspend the license and impose civil penalties
• CRefer the matter to federal authorities only
• DNo enforcement authority exists at the state level

Under Indiana's fair lending laws, which practice is prohibited in mortgage origination?

• AOffering different loan products to different borrowers
• BDiscriminating based on a borrower's race, color, religion, or national origin
• CRequiring a credit check before approving a loan
• DCharging different interest rates based on credit scores