The SAFE Act - ANSWERSecure and Fair Enforcement for Mortgage Licensing Act of 2008, designed to enhance consumer protection and reduce fraud by establishing minimum standards for the licensing and registration of mortgage loan originators. Established the NMLS.
American Association of Residenti...
SAFE EXAM UST Correct 100%
The SAFE Act - ANSWERSecure and Fair Enforcement for Mortgage Licensing Act of 2008, designed to
enhance consumer protection and reduce fraud by establishing minimum standards for the licensing
and registration of mortgage loan originators. Established the NMLS.
American Association of Residential Mortgage Regulators (AARMR) - ANSWEREstablished to promote
the exchange of information and knowledge between the states regarding residential mortgage
lending, servicing, and brokering.
Conference of State Bank Supervisors (CSBS) - ANSWERNational organization to further advance the
ideas and professionalism for state banking departments; acts as the single voice to Congress for
state banks and serves as a liaison between state and federal regulators.
Nationwide Mortgage Licensing System (NMLS) - ANSWERCreated by the CSBS and the AARMR to:
give uniform license applications and reporting requirements for mortgage loan originators, provide
increased accountability and tracking of mortgage loan originators, streamline the licensing process,
ensure responsible behavior in the subprime mortgage marketplace.
Consumer Financial Protection Bureau (CFPB) - ANSWERResponsible for regulation and enforcement
of numerous laws and rules associated with the mortgage industry, with regard to the SAFE Act.
Pre-Licensing Education Requirement - ANSWERRequired to complete 20 hours of pre-licensing
NMLS-approved education. (FENE)
FENE - ANSWER3 hours of Federal Law and regulations, 3 Hours of Ethics, 2 hours of nontraditional
mortgage lending standards, 12 hours of electives
The State Model - ANSWERTemplate of legislative direction written by CSBS to create SAFE-oriented
legislation at the state level. Sets forth standards for licensing and regulation of mortgage loan
originators in all states.
Regulation G - ANSWERPortion of the SAFE Act that applies to federally regulated entities that
engage in mortgage-related activity. Those governed by G are required to register with the NMLS,
however, they are not required to fulfill education or testing requirements, and thus not required to
obtain a license.
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