Ohio Mortgage Loan Originator

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

• AOhio Department of Commerce
• BOhio Division of Financial Institutions
• COhio Department of Insurance
• DOhio Real Estate Commission

How many hours of NMLS-approved pre-license education must an Ohio MLO candidate complete?

• A12 hours
• B16 hours
• C20 hours
• D24 hours

Ohio is classified as what type of foreclosure state?

• ANon-judicial foreclosure only
• BBoth judicial and non-judicial foreclosure
• CJudicial foreclosure only
• DPower of sale foreclosure

What is the minimum surety bond amount required for an Ohio mortgage loan originator?

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

Under Ohio law, what must a mortgage lender disclose to a borrower before closing?

• AOnly the interest rate
• BThe annual percentage rate and all loan terms
• COnly the monthly payment amount
• DOnly the closing costs

What continuing education requirement must Ohio MLOs meet annually?

• A4 hours including 1 hour of ethics
• B8 hours including 2 hours of ethics
• C8 hours including 1 hour of ethics
• D12 hours including 3 hours of ethics

Which of the following actions by an Ohio MLO would constitute predatory lending?

• AOffering a fixed-rate mortgage at market rates
• BCharging fees that are customary for the area
• CRepeatedly refinancing a loan without tangible benefit to the borrower
• DProviding required disclosures within the legal timeframe

What is the purpose of the Ohio Residential Mortgage Lending Act (RMLA)?

• ATo regulate commercial real estate lending only
• BTo establish licensing requirements and consumer protections for residential mortgage len…
• CTo set property tax rates for residential properties
• DTo regulate real estate agent commissions

An Ohio borrower discovers an error in their loan disclosure documents 2 days after closing. What right do they have?

• ANo right to rescind since the loan is closed
• BRight to rescind within 3 business days of closing for certain transactions
• CRight to rescind within 30 days only
• DRight to rescind within 1 year regardless

What background check requirement must Ohio MLO applicants complete?

• AOnly a state criminal background check
• BFBI criminal background check through fingerprinting
• COnly a credit check
• DNo background check is required

Under Ohio's judicial foreclosure process, what is the typical timeline from filing to sale?

• A30-60 days
• B60-90 days
• C6-12 months
• D3-5 years

Ohio's usury laws place what type of restriction on mortgage lending?

• ANo interest rate restrictions exist
• BA maximum interest rate cap of 8% on all mortgages
• CRate restrictions that vary by loan type and are subject to federal preemption
• DA flat 5% maximum interest rate on all loans

What enforcement action can the Ohio Division of Financial Institutions take against a non-compliant MLO?

• AOnly issue a verbal warning
• BRevoke, suspend, or deny a license and impose fines
• COnly require additional education
• DRefer the matter to federal authorities with no state action

An Ohio MLO receives a borrower's earnest money deposit. Where must these funds be held?

• AIn the MLO's personal bank account
• BIn a state-approved trust or escrow account
• CIn a general business operating account
• DThe MLO may hold the funds in any account

What is Ohio's redemption period after a judicial foreclosure sale?

• ANo redemption period exists
• BThe borrower has a confirmation period before the sale is finalized
• C60 days after the sale
• D1 year after the sale