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SAFE MLO EXAM Questions with100- Verified Answers a Complete Solutions A+ GRADE LATEST
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SAFE MLO EXAM Questions with100- Verified Answers a Complete Solutions A+ GRADE LATEST
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SAFE MLO EXAM Questions with100%Verified Answers a Complete Solutions A+
GRADE LATEST VERSION 2024
AARMR stands for - ✔✔American Association of Residential Mortgage Regulations
AML - ✔✔Anti-Money Laundering
Blockbusting - ✔✔Illegal practice of inducing homeowners to sell their properties cheaply by telling
them that a certain people of a certain race, national origin or religion are moving into the area, and
thus profiting by reselling at a higher price
CC&R - ✔✔covenants, conditions, and restrictions
CFPB - ✔✔The Consumer Financial Protective Bureau - an independent federal agency that holds
primary responsibility for regulating consumer protection. (Created via Dodd-Frank (2010) and began
operating in 2011)
CFR - ✔✔Code of Federal Regulations, Divided into 50 Titles
CHARM - ✔✔Consumer Handbook on Adjustable Rate Mortgages - Required to be given for all ARMs
within 3 days of application, per TILA
COFI - ✔✔(Cost of Funds Index) Cost of Funds Index An index that reflects the cost of borrowing money
as per the 11th District Federal Home Loan Bank. This index is used by Fannie Mae when purchasing
ARM loans.
, CRA (what, when; note: not Credit Reporting Agency) - ✔✔Community Reinvestment Act of 1977;
requires Fed Reserve and other federal banking regulators to encourage financial institutions to help
meet the credit needs of communities they do business in, including low- and moderate-income (LMI)
neighborhoods
CRV - ✔✔Certificate of Reasonable Value (VA).
CSBS - ✔✔Conference of State Bank Supervisors
Disposal Rule - ✔✔Part of FACTA; dictates how to dispose of consumer info (this is why you are required
to shred!)
ECOA (what, year, and Reg letter) - ✔✔Equal Credit Opportunity Act, Regulation B; federal law
prohibiting discrimination in credit/lending based on race, marital status, age, etc,. (Passed in 1974,
expanded in 1976)
EEM - ✔✔Energy Efficient Mortgage (FHA; allows financing cost of improvements like solar)
EGRRCPA - ✔✔Economic Growth, Regulatory Relief, and Consumer Protection Act; amended fraud alert
rules under FCRA; increased fraud alerts from 90 days to 1 year
FACTA (what and year) - ✔✔Fair and Accurate Credit Transaction Act of 2003
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