Missouri Mortgage Loan Originator

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

• AMissouri Real Estate Commission
• BMissouri Division of Finance
• CMissouri Department of Insurance
• DMissouri Secretary of State

How many hours of NMLS-approved pre-license education are required for a Missouri MLO license?

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

What type of foreclosure does Missouri primarily use?

• AJudicial foreclosure
• BNon-judicial foreclosure using deed of trust with power of sale
• CBoth equally
• DStrict foreclosure

Does Missouri provide a statutory right of redemption after a foreclosure sale?

• AYes, 6 months
• BYes, 12 months
• CYes, 90 days
• DNo, Missouri does not provide a post-sale statutory right of redemption

What notice must be provided before a non-judicial foreclosure sale in Missouri?

• ANo notice required
• BAt least 20 days' notice published in a newspaper and posted at the courthouse
• C15 days' written notice only
• D90 days' notice

What is the continuing education requirement for Missouri MLO license renewal?

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

What is the role of the trustee in a Missouri deed of trust?

• AThe trustee is the borrower
• BThe trustee is a neutral third party who holds the power of sale and can conduct the fore…
• CThe trustee is the lender
• DThe trustee is a government official

What authority does the Missouri Division of Finance have over MLOs?

• AOnly issues warnings
• BCan suspend or revoke licenses, impose fines, conduct examinations, and issue cease and d…
• COnly refers to AG
• DNo enforcement authority

What background check is required for Missouri MLO applicants?

• AOnly credit check
• BFingerprinting, FBI criminal background check, and credit report through NMLS
• COnly state check
• DNot required

Can a lender pursue a deficiency judgment after a non-judicial foreclosure in Missouri?

• ANo, prohibited
• BYes, lenders can pursue deficiency judgments after a deed of trust foreclosure sale in Mi…
• COnly commercial
• DOnly with consent

What is the Missouri Residential Mortgage Loan Broker License Act?

• AA federal regulation
• BThe primary Missouri statute governing the licensing of mortgage brokers and related mort…
• COnly applies to banks
• DWas repealed

What usury law provisions affect Missouri mortgages?

• ACap at 6%
• BCap at 10%
• CFederal preemption removes state cap for first-lien residential mortgages
• DNo usury laws

What trust account requirements apply to Missouri mortgage licensees?

• ANot required
• BMust maintain trust accounts in FDIC-insured institutions, separate from operating funds
• CCan combine with operating funds
• DOnly banks need them

What disclosures are required for Missouri mortgage borrowers?

• ANo state-specific disclosures
• BFederal TRID disclosures plus Missouri-specific disclosures about deed of trust provision…
• COnly verbal
• DOnly HUD-1

Missouri's fair lending laws prohibit discrimination based on which classes?

• AOnly federal classes
• BRace, color, religion, national origin, sex, ancestry, disability, and familial status un…
• COnly race
• DOnly income

What restrictions does Missouri place on prepayment penalties?

• AAlways allowed
• BMissouri law generally allows prepayment penalties but they must be disclosed and may be…
• CAll prohibited
• DCapped at 10%

What happens if a Missouri MLO fails to renew by December 31?

• AAutomatic extension
• BLicense expires; must cease origination
• CTemporary permit
• DGrace until March

What surety bond requirements exist for Missouri mortgage companies?

• ANo bond
• BMust maintain a surety bond as determined by the Division of Finance
• CFlat $10,000
• DOnly out-of-state