Rhode Island Mortgage Loan Originator

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

• ARhode Island Real Estate Commission
• BRhode Island Division of Banking
• CRhode Island Department of Insurance
• DRhode Island Consumer Protection Bureau

How many hours of NMLS-approved pre-license education must a Rhode Island MLO candidate complete?

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

Rhode Island is classified as what type of foreclosure state?

• AJudicial foreclosure only
• BBoth judicial and non-judicial
• CNon-judicial foreclosure (power of sale)
• DNeither

What is the minimum surety bond requirement for a Rhode Island mortgage loan originator?

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

What Rhode Island law governs mortgage loan originator licensing?

• AThe Rhode Island Commercial Code
• BThe Rhode Island Loan Broker Act and SAFE Act implementation
• CThe Rhode Island Property Tax Act
• DThe Rhode Island Insurance Code

What continuing education is required annually for Rhode Island MLOs?

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

Under Rhode Island's non-judicial foreclosure process, what is the power of sale?

• AThe borrower's right to sell the property
• BA clause in the mortgage allowing the lender to sell the property without court action up…
• CThe state's right to seize property
• DA court order for sale

What background check is required for Rhode Island MLO applicants?

• AOnly state check
• BFBI criminal background check through fingerprinting
• COnly credit review
• DNo background check

What is the required notice period before a non-judicial foreclosure sale in Rhode Island?

• A10 days
• B20 days
• C30 days
• D60 days

What enforcement actions can the Rhode Island Division of Banking take against a non-compliant MLO?

• AOnly warnings
• BLicense revocation, suspension, denial, and monetary penalties
• COnly additional education
• DFederal referral only

Under Rhode Island law, does the borrower have a right of redemption after a non-judicial foreclosure sale?

• AYes, a 1-year period
• BYes, a 3-year period
• CNo statutory right of redemption after a power of sale foreclosure
• DYes, a 6-month period

What disclosure requirements does Rhode Island impose on mortgage lenders?

• ANo state disclosures
• BFederal TRID compliance plus Rhode Island-specific consumer disclosures
• COnly verbal disclosures
• DOnly for government loans

What fair lending protections exist under Rhode Island law?

• ANo state protections
• BRhode Island prohibits discrimination based on race, color, religion, sex, national origi…
• COnly federal laws apply
• DOnly for government loans

How often must Rhode Island MLOs renew their license?

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

What is the role of the Rhode Island Attorney General in mortgage regulation?

• ANo role
• BEnforces consumer protection laws and investigates mortgage fraud
• CIssues MLO licenses
• DSets interest rates

What trust account requirements does Rhode Island impose on mortgage companies?

• ANo trust accounts
• BSeparate trust accounts for borrower funds with proper recordkeeping
• CAny business account acceptable
• DOnly for commercial loans

What is Rhode Island's approach to predatory lending prevention?

• ANo protections
• BProhibits loan flipping, equity stripping, and lending without ability-to-repay verificat…
• COnly federal protections
• DOnly for small loans

What is the Rhode Island Home Loan Protection Act?

• AA federal program
• BRhode Island's state law providing enhanced protections for high-cost home loans
• CA tax incentive program
• DAn insurance regulation