This document summarizes an instructor-led training on preparing for the stand-alone Uniform State Test (UST) required for loan originator licensing. It outlines the agenda which includes introductions, boundaries, objectives, an overview of the UST and SAFE Act, quizzes on relevant sections, definitions, prohibited conduct, and a final practice quiz. Key points covered are that passing the UST allows originators to apply for licensing in participating states, the test contains 25 multiple-choice questions to be completed in 45 minutes, and state requirements may include additional education.
3. +
If you still need to pay…
Cash only at the door
Please complete the sign-in sheet.
If you paid online I have already noted
this.
$59
Payment
If you still need to pay I will come
around and collect payment later. For
now, just complete the sign in sheet.
4. +
Welcome!
Cell
phones and laptops off while class is in
session.
I-pads
okay
Breaks
Bathrooms
Coffee
Side
conversations
5. +
Agenda
We will cover this in mostly a linear
way but we may decide to jump
around.
Introductions
Boundaries
Objective
Stand-Alone UST
SAFE Act
Quiz
State Auth to License
Quiz
Definitions
Quiz
Prohibited Conduct
Quiz
Final Practice Quiz
Close
9. +
Section 1 UST
NOTE:
Passing the new Uniform State Test (UST)
will allow loan originators to apply to originate in
those states that honor the UST.
States
may have additional pre-licensing
requirements that LOs must complete such as
additional required pre-licensing education on
their state laws and rules.
10. +
UST
25
Questions, all are scored
45
minutes (appointment time is 75 minutes)
$33
http://www.dfi.wa.gov/CS%20Orders/C-09495-11-CO01.pdf
11. +
Section 1 UST Test Content Outline
DFI
Authority
Responsibilities
State
Law, Definitions
SAFE Act
State
Model Law
Compliance
Prohibited Practices
Required Conduct
Advertising
14. +
Unearned fee…
A fee
for which no work has been performed
Junk fee
e.g., charging a processing fee when we do not
employ a processor.
Padding
fees
e.g., fee is $100. We charge customer $150 and
keep the extra $50 for ourselves
Kickbacks
a
violation of Section 8/RESPA
15. +
TILA/RESPA Definition of
“an Application”
Financial Data
Borrower’s Name
Soc
Income
Estimated value
Loan Amount
…..
Prop address (will have this if refi, might
not have this right away if borrower is still
house-shopping.)
……
Any other info deemed necessary by the LO
Real Estate Settlement and Procedures Act
15
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
16. +
Example Question:
Q: If a state decides not to implement loan originator
licensing, what federal regulator would oversee loan
originator licensing?
17. +
Example Question:
Q: If a state decides not to implement loan originator
licensing, what federal regulator would oversee loan
originator licensing?
a.
HUD
b.
The SAFE Act
c.
The Director of the Bureau of Consumer Financial
Protection
d.
The FTC