An audit analyst handling a Pennsylvania branch onboarding review needs the compliant answer for continuing education and renewal. What should the reviewer choose?
Correct Answer
B) Pennsylvania mortgage originator fees are $200 initial and $100 renewal, with enhanced fees of $225 initial and $125 renewal if the statutory 20 percent branch-license reduction condition applies.
Pennsylvania mortgage originator fees are $200 initial and $100 renewal, with enhanced fees of $225 initial and $125 renewal if the statutory 20 percent branch-license reduction condition applies.
Why This Is the Correct Answer
Pennsylvania mortgage originator fees are $200 initial and $100 renewal, with enhanced fees of $225 initial and $125 renewal if the statutory 20 percent branch-license reduction condition applies.
Why the Other Options Are Wrong
Option A: Skip the Pennsylvania requirement because the company already follows general SAFE Act procedures.
Skip the Pennsylvania requirement because the company already follows general SAFE Act procedures. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Treat continuing education and renewal as optional because the company has a general Pennsylvania compliance policy.
Treat continuing education and renewal as optional because the company has a general Pennsylvania compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Postpone the Pennsylvania continuing education and renewal issue until the next annual review.
Postpone the Pennsylvania continuing education and renewal issue until the next annual review. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
PA -> pa-dobs-nmls-licensing-education-testing-renewal
Exam Tip
Pennsylvania licensing questions test NMLS application routing, 20-hour PE with 3 Pennsylvania-law hours, 75 percent passing score, retest waits, 8-hour CE with 1 Pennsylvania-law hour, annual renewal, and MLO fees.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Pennsylvania MLA, Pennsylvania Code, DoBS, or NMLS state-specific rules are being tested
- -Confusing Pennsylvania individual MLO licensing or sponsorship with mortgage broker, lender, servicer, branch, or qualifying-individual requirements
- -Treating Pennsylvania bond, record, advertising, disclosure, ability-to-repay, servicing, loss mitigation, or enforcement requirements as optional
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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