Oklahoma Mortgage Loan Originator

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

• AOklahoma Real Estate Commission
• BOklahoma Department of Consumer Credit
• COklahoma Banking Department
• DOklahoma Insurance Department

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

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

Oklahoma permits what types of foreclosure?

• AJudicial foreclosure only
• BNon-judicial foreclosure only
• CBoth judicial and non-judicial foreclosure
• DNeither judicial nor non-judicial foreclosure

What is the minimum surety bond requirement for an Oklahoma mortgage loan originator?

• A$10,000
• B$25,000
• C$50,000
• D$75,000

Under Oklahoma law, what is the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act?

• AA federal regulation only
• BOklahoma's implementation of the SAFE Act establishing MLO licensing requirements
• CA property tax law
• DAn insurance regulation

What continuing education is required annually for Oklahoma MLOs?

• A4 hours total
• B8 hours including 2 hours of ethics
• C12 hours total
• D16 hours including 4 hours of ethics

In Oklahoma's non-judicial foreclosure process, what document allows the power of sale?

• AA mortgage deed
• BA deed of trust with a power of sale clause
• CA quitclaim deed
• DA warranty deed

What background check requirement applies to Oklahoma MLO applicants?

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

Under Oklahoma law, what is the borrower's redemption period after a judicial foreclosure sale?

• ANo redemption period
• B6 months after the sale if the property was abandoned
• CThe borrower has no redemption rights in Oklahoma
• D2 years after the sale

What enforcement actions can the Oklahoma Department of Consumer Credit take against a non-compliant MLO?

• AOnly issue warnings
• BRevoke, suspend, or deny licenses and impose fines
• COnly require additional education
• DRefer the case to the federal government with no state action

Oklahoma's usury laws set interest rate limitations based on what criteria?

• AA flat rate for all loans
• BVariable limits depending on loan type and federal preemption
• CNo interest rate limits exist in Oklahoma
• DLimits only apply to consumer auto loans

What disclosure requirements does Oklahoma impose on mortgage lenders?

• ANo state-specific disclosure requirements exist
• BLenders must comply with both federal TRID disclosure rules and Oklahoma-specific consume…
• COnly verbal disclosures are required
• DDisclosures are only required for government-backed loans

What is the notice requirement before a non-judicial foreclosure in Oklahoma?

• ANo notice is required
• BThe borrower must receive written notice of default and the right to cure before the sale
• COnly publication in a newspaper is needed
• DA 7-day verbal warning is sufficient

What is the role of a trustee in Oklahoma's non-judicial foreclosure process?

• AThe trustee represents the borrower
• BThe trustee is an independent third party who conducts the sale on behalf of the lender
• CThe trustee sets the interest rate on the loan
• DThe trustee approves the original mortgage application

Under Oklahoma law, what constitutes predatory lending?

• AOffering loans at market rates
• BMaking loans without regard to the borrower's ability to repay
• CRequiring a down payment
• DConducting proper income verification

How often must Oklahoma MLOs renew their license?

• AEvery 6 months
• BAnnually by December 31
• CEvery 2 years
• DEvery 5 years

What trust account requirements does Oklahoma impose on mortgage companies?

• ANo trust accounts are required
• BSeparate trust accounts for borrower funds with proper recordkeeping
• CAny business account can hold borrower funds
• DTrust accounts are only needed for commercial loans

What fair lending protections exist under Oklahoma law?

• AOklahoma has no fair lending laws
• BOklahoma prohibits discrimination in lending based on protected classes including race, c…
• CFair lending only applies to government loans
• DOnly federal fair lending laws apply in Oklahoma