Maryland Mortgage Loan Originator

What is the primary regulatory agency overseeing mortgage loan originators in Maryland?

• AMaryland Department of Labor
• BMaryland Commissioner of Financial Regulation
• CMaryland Real Estate Commission
• DMaryland Department of Housing and Community Development

How many hours of NMLS-approved pre-license education are required to become a licensed MLO in Maryland?

• A16 hours
• B20 hours
• C24 hours
• D30 hours

What is the minimum surety bond amount required for a mortgage lender license in Maryland?

• A$25,000
• B$50,000
• C$100,000
• D$150,000

Which type of foreclosure does Maryland primarily use?

• AJudicial foreclosure only
• BNon-judicial foreclosure only
• CBoth judicial and non-judicial foreclosure
• DStrict foreclosure

Under Maryland law, what is the required notice period a lender must provide before initiating a foreclosure action?

• A15 days
• B30 days
• C45 days
• D90 days

What is Maryland's continuing education requirement for MLO license renewal?

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

Under the Maryland Mortgage Lender Law, which of the following is considered a prohibited practice?

• ACharging a loan origination fee
• BRequiring a credit report from the borrower
• CSteering a borrower to a loan with less favorable terms when they qualify for better terms
• DRequiring an appraisal of the property

What is the maximum interest rate allowed on conventional mortgage loans in Maryland under the state's usury law?

• A6%
• B8%
• C24%
• DThere is no state usury cap for first-lien mortgages due to federal preemption

In Maryland, what is the borrower's right of redemption period after a foreclosure sale?

• ANo right of redemption after the sale
• B30 days
• C6 months
• DUntil the court ratifies the sale

Which of the following disclosures is Maryland-specifically required to be provided to mortgage borrowers?

• ATILA disclosure only
• BA Maryland Financing Agreement disclosure
• CA Good Faith Estimate only
• DNo state-specific disclosures are required

What authority does the Maryland Commissioner of Financial Regulation have regarding MLO license enforcement?

• ACan only issue warnings
• BCan suspend or revoke licenses, impose fines, and issue cease and desist orders
• CCan only revoke licenses through court order
• DHas no enforcement authority over individual MLOs

Under Maryland law, how are escrow accounts for mortgage loans regulated?

• AEscrow accounts are not permitted in Maryland
• BLenders may charge escrow fees but have no limits on the cushion amount
• CLenders may require escrow accounts and must comply with RESPA limits on cushion amounts
• DBorrowers may never be required to escrow taxes and insurance

What is a key requirement of the Maryland Protection of Homeowners in Foreclosure Act?

• ALenders must provide a 10-day notice before foreclosure
• BForeclosure consultants must register with the state and comply with fee restrictions
• CAll foreclosures must be non-judicial
• DBorrowers cannot request mediation

Can a lender pursue a deficiency judgment after a foreclosure sale in Maryland?

• ANo, Maryland prohibits all deficiency judgments
• BYes, but only within 3 years after the sale and with court approval
• CYes, the lender may pursue a deficiency judgment after the court ratifies the sale
• DOnly if the property is commercial

What is the purpose of Maryland's mortgage fraud statute?

• ATo regulate interest rates on mortgage loans
• BTo establish licensing fees for MLOs
• CTo criminalize fraudulent activities in mortgage lending transactions
• DTo set minimum down payment requirements

Under Maryland law, what are the trust account requirements for mortgage licensees?

• ATrust accounts are not required
• BLicensees must maintain trust accounts in FDIC-insured Maryland financial institutions fo…
• CTrust accounts can be maintained in any state
• DOnly the borrower can open a trust account

What background check requirements must MLO applicants meet in Maryland?

• AOnly a credit check is required
• BFingerprinting, FBI criminal background check, and credit report through NMLS
• COnly a state-level criminal background check
• DNo background check is required if the applicant has 5 years of experience

Maryland's fair lending laws prohibit discrimination based on which of the following?

• AOnly race and color
• BOnly factors listed in the federal Fair Housing Act
• CRace, color, religion, sex, national origin, marital status, familial status, disability,…
• DOnly income level and credit score