32-9-110. Examination requirements. (1) Except as provided in 32-9-111, all individuals seeking a mortgage broker's license and individuals seeking a loan originator's license shall submit to an examination provided for by the department. The department may use a third party to perform examination and grading services.
     (2) The examination must be designed to demonstrate that the applicant possesses competency to originate loans. The test may cover subject matter areas including but not limited to:
     (a) knowledge of this part;
     (b) knowledge of disclosures and protections that borrowers are entitled to by state and federal law;
     (c) the ability to read, understand, and explain appraisal basics, credit reports, and title commitments; and
     (d) the ability to evaluate credit, calculate a basic debt-to-income ratio, calculate loan-to-value ratios, and complete a basic loan application.

     History: En. Sec. 7, Ch. 516, L. 2003.