Finance
Under the Oregon mortgage licensing laws, a mortgage loan originator (MLO) must complete how many hours of pre-license education before obtaining a license?
A10 hours
B20 hours
C40 hours
DThe SAFE Act requires a minimum of 20 hours of NMLS-approved education✓ Correct
Explanation
The SAFE Act requires mortgage loan originators to complete a minimum of 20 hours of NMLS-approved pre-license education, including 3 hours of federal law, 3 hours of ethics, and 2 hours of non-traditional mortgage products. Oregon may impose additional requirements.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
State-Specific Concepts
Pre-License Education
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