Which federal agency does NOT supervise federally registered mortgage loan originators?
Correct Answer
C) Consumer Financial Protection Bureau (CFPB)
The CFPB does not supervise federally registered MLOs at depository institutions. Federal banking agencies (OCC, FDIC, Federal Reserve, NCUA) supervise MLOs at their respective institutions. The CFPB supervises non-depository mortgage companies and their state-licensed MLOs.
Why This Is the Correct Answer
The CFPB does not supervise federally registered MLOs at depository institutions. Federal banking agencies (OCC, FDIC, Federal Reserve, NCUA) supervise MLOs at their respective institutions. The CFPB supervises non-depository mortgage companies and their state-licensed MLOs.
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If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
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A fingerprint-based background check reveals that an MLO applicant was arrested 3 years ago for identity theft but charges were later dropped due to mistaken identity. The applicant failed to disclose this on their MU4. What is the consequence?
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An MLO tells a borrower that their home's value has "increased significantly" since they purchased it two years ago, without having any factual basis for this statement. This constitutes: