NH MLO flashcards
NH MLO · Build recall with a focused review session.
31 cards. Read the term and the definition here. The deck at the top of this page is optional.
- RSA 397-A
- New Hampshire statute governing the licensing and regulation of mortgage bankers, mortgage brokers, and mortgage loan originators, administered by the Banking Department.
- RSA 397-B
- New Hampshire statute regulating mortgage loan servicers, requiring licensing, recordkeeping, and consumer notice obligations for companies that collect mortgage payments.
- RSA 399-B
- New Hampshire law capping interest and fees on first-charge mortgage loans and requiring disclosure of the effective annual rate to the borrower.
- RSA 358-K
- New Hampshire regulated small loans statute that sets maximum rates and fees for second mortgages and other consumer credit extensions.
- Bank Commissioner
- The chief regulator of the New Hampshire Banking Department, with authority to license, examine, suspend, and revoke mortgage licensees under RSA 397-A.
- Surety bond requirement
- RSA 397-A:14-b requires mortgage licensees to post a surety bond or acceptable collateral in an amount set by the Commissioner based on loan volume.
- License sponsorship
- A New Hampshire MLO license is valid only while the originator is sponsored by a licensed mortgage banker or broker; the license lapses when sponsorship ends.
- NMLS Form MU4
- The uniform individual application used by mortgage loan originators to apply for and renew licenses through the Nationwide Multistate Licensing System.
- 20-hour pre-licensing
- SAFE Act minimum education for new MLOs: 3 hours federal law, 3 hours ethics, 2 hours nontraditional products, and 12 hours general mortgage knowledge.
- National test score 75
- The minimum passing score on the NMLS national mortgage loan originator test, required before a New Hampshire MLO license can be issued.
- 8-hour annual CE
- Continuing education required each year for New Hampshire MLOs: 3 hours federal law, 2 ethics, 2 nontraditional products, and 1 New Hampshire law.
- Renewal window
- New Hampshire MLO licenses renew annually through NMLS between November 1 and December 31; late renewal may require a new application and fee.
- 30-day change reporting
- MLOs must update NMLS within 30 days for name changes, address changes, and any administrative or disciplinary actions taken against them.
- Felony conviction bar
- The Commissioner may deny a New Hampshire MLO license for a felony conviction involving fraud, dishonesty, or breach of trust within the prior seven years.
- RSA 358-A
- New Hampshire Consumer Protection Act prohibiting unfair or deceptive acts or practices in trade or commerce, enforceable against mortgage licensees by the Banking Department.
- Fraud and misrepresentation
- RSA 397-A:16 makes it a violation for a licensee to engage in fraud, deceit, or misrepresentation in mortgage lending or in filings with the Department.
- Prepayment penalty ban
- New Hampshire prohibits prepayment penalties on residential first mortgages, so borrowers may pay off the loan early without an extra charge.
- Loan flipping
- Repeated refinancing of a borrower's loan that produces no net tangible benefit and generates fees for the originator is a prohibited practice.
- Equity stripping
- A prohibited practice in which a lender structures a loan to strip the borrower's home equity, often through high fees or unsuitable terms.
- Fair lending duty
- New Hampshire and federal law prohibit discrimination in mortgage lending based on race, color, religion, sex, national origin, familial status, disability, age, or marital status.
- Broker compensation disclosure
- Mortgage brokers must disclose any compensation received from lenders in addition to borrower-paid fees and must act in good faith with borrowers.
- Civil penalty $10,000
- Under RSA 358-A, a court may impose civil penalties up to $10,000 per violation of the Consumer Protection Act, plus attorney's fees.
- Written broker agreement
- RSA 397-A:14 requires a signed written agreement before services begin, disclosing broker fees and whether the broker represents borrower or lender.
- Loan Estimate timing
- The federal Loan Estimate must be delivered within three business days after the lender receives a complete mortgage application from the borrower.
- Closing Disclosure timing
- The Closing Disclosure must be provided to the borrower at least three business days before consummation of the mortgage loan.
- HOEPA high-cost loan
- A mortgage meeting fee or rate thresholds under 12 CFR 1026.32 that triggers extra disclosures and restrictions on terms and practices.
- RESPA escrow statement
- When an escrow account is used, the servicer must provide an initial escrow statement and annual statements showing deposits, payments, and balances.
- Servicing transfer notice
- RESPA requires servicers to notify borrowers of a transfer of servicing at least 15 days before the effective date of the transfer.
- Qualified written request
- A borrower's written dispute or information request that triggers servicer obligations: acknowledge within 5 days and respond within 30 business days.
- Advertising license number
- New Hampshire licensees must include their license number in mortgage advertising and may not use misleading claims such as unsubstantiated 'lowest rates'.
- Total fee disclosure
- New Hampshire requires disclosure of the total dollar amount of all fees and charges on a first mortgage, including points and third-party costs.