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UST Quizlet SAFE Exam Correct 100%
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CSBS and AARMR - ANSWERwho established the NMLS & got together to write the SAFE act before sending it to HUD. they got together and wrote HERA which then led too creation of SAFE act Aunt - ANSWERall of the following are considered immediate family members and there fore an MLO may ne gotiat...

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  • November 8, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ust quizlet safe exam correct 100
  • ust quizlet safe stuvia 2024
  • csbs and aarmr answerwho established the nmls

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UST Quizlet SAFE Exam Correct 100%
CSBS and AARMR - ANSWERwho established the NMLS & got together to write the SAFE act before
sending it to HUD. they got together and wrote HERA which then led too creation of SAFE act



Aunt - ANSWERall of the following are considered immediate family members and there fore an MLO
may ne



gotiate mortgage terms on their behalf except: stepparent, aunt, adopted siblings, grandparent



SAFE Act - ANSWERpurpose to increase uniformity, reduce regulatory burden, enhance consumer
protection and reduce fraud



HERA - ANSWERcreated to address the subprime mortgage crisis and out of this came the SAFE Act



SAFE act - ANSWERTitle V of HERA



3 years - ANSWERlicensing requirements: no foreclosures or serious delinquencies in the past



felony in the past 7 years - ANSWERwhen can you be rejected from licensing



may not get license ever - ANSWERif you have a felony that is related to fraud, breech of trust you




HUD - ANSWERWho wrote and implemented Regulation G which sets licensing standards for MLOs
but passed control over the CFPB in 2011



state regulator or state regulator authority - ANSWERwho is responsible for determining whether to
issue a license approval or not



At anytime - ANSWERWhen can you be investigated by the CFPB or state regulatory authority

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