Sarah recently graduated from Syracuse University with an English degree. She is

Question

Sarah recently graduated from Syracuse University with an English degree. She is looking to begin her new career but isn’t sure where to start. In the midst of her job hunting, she comes across a job posting for a mortgage loan originator position at Totally Awesome Mortgage Loans. The office is near her home, and the posting promises stable hours and good pay. Sarah decides to drop off her resume the next morning. When she arrives at the office, Sarah is greeted by Mike, the branch manager of the Syracuse office location. She inquires about the job posting, mentioning her recent graduation and willingness to learn the trade. Mike says that federal law requires mortgage loan originators to have a degree in a financial services-related field but that he may be able to let it slide if Sarah can satisfy the other criteria. “That would be great,” Sarah replies. “Just let me know what I need to do.” Mike goes on to explain that all mortgage loan originators must be licensed and that the licensing process is pretty simple. “First, you will need to visit the NMLS website and obtain a unique identifier. Then you will file an application form and pay the necessary fees. You will also need to complete eight hours of prelicensing education, pass a licensing ex-am with a 70% or higher, and submit fingerprints for a background check,” Mike says. “How’s your credit?” Sarah has to stop and think. She always pays her bills on time, but she doesn’t know her actual score. “My credit is perfect,” she tells Mike. “Good. Then you won’t have to authorize a credit report,” Mike responds. “Let me tell you about your responsibilities as a mortgage loan originator.” He says her primary responsibility will be to make mortgage loans, including by advancing funds. He says she will also perform clerical or support duties, such as collecting and analyzing information from a borrower necessary for the processing or underwriting of a loan. “Wow. Sounds like a lot. But I am definitely interested. When can I start?” Sarah asks. “What are you doing for the rest of the day? We are pretty swamped and could use your help taking some loan applications as soon as possible,” Mike replies. Sarah does not have any other plans for the day. “Great!” she says. “I’m ready to start now.”

1. List three things that Mike stated incorrectly about the requirements to obtain a mortgage loan originator license, and correct his mistakes.

2. List two things that are typically the responsibility of a mortgage loan originator.

3. Explain the circumstances that would allow Sarah to begin work at Totally Awesome Mortgage Loans on the same day that she stops in to talk with Mike.

4. What prelicensing education requirements must Sarah complete? Was Mike's description of them correct?

Explanation / Answer

Answer 1:-

Three things Mike stated incorrectly about requirements to obtain a mortgage loan originator license and correctio thereof:-

Answer 2:Two things that are typically the responsibility of a mortgage loan originator:-

Answer3 :Under following circumstances Sarah can be allowed to begin work at Totally Awesome Mortgage Loans on the same day that she stops in to talk with Mike:-

All above need to have been complied with .

Answer 4:  The following prelicensing education requirements must Sarah complete:-

This needs to be followed by a prelicensing examination with miniumum 75% marks.

No Mike's description of them was not correct. He had cited eight hours of prelicensing education instead of twenty hours and pass score as 70% or more instead of minimum 75%.

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