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SAFE MLO Exam Prep Questions with Complete Solution
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SAFE MLO Exam Prep Questions with Complete Solution
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SAFE MLO Exam | 87 Questions withComplete Solutions | A+ Grade
FEMA - ✔✔Federal Emergency Management Agency (oversees Flood Program)
FERA (what and year) - ✔✔Fraud Enforcement and Recovery Act of 2009; combat
mortgage fraud by implementing stricter penalties of up to $1,000,000 fine and possible jail
time
FFIEC - ✔✔Federal Financial Institutions Examination Council (sets standards
for examinations)
FHLMC - ✔✔Federal Home Loan Mortgage Corporation (Freddie Mac)
FHA (note: agency, not act) - ✔✔Federal Housing Administration (3.5% DP, lower
credit required)
FHA (note: act, not the agency) - ✔✔Fair Housing Act; added disabled borrowers to
the protected classes
FinCEN - ✔✔Financial Crime Enforcement Network - oversees BSA compliance.
, FNMA - ✔✔Federal National Mortgage Association (Fannie Mae), an agency whose
function is to stabilize the housing market by purchasing mortgages or providing mortgage
money directly.
FTC (what. and year created) - ✔✔Federal Trade Commission (CREATED 1914)
GFE - ✔✔Good Faith Estimate (replaced by Loan Estimate, except on some products
GLBA (what, when, and Reg letter) - ✔✔Gramm-Leach-Bliley Act (aka Financial
Modernization Act) of 1999 - Protects and restricts disclosure of borrower's NPI,
sharing, privacy notices, etc. - Regulation P [remember P for Privacy]
GNMA - ✔✔Government National Mortgage Association (Ginnie Mae);
Guarantees governmental loans
GPM - ✔✔(Graduated Payment Mortgage) Payment structure that allows the borrower to
make smaller payments in the early years of the mortgage, with payments increasing on a
scheduled basis at a predetermined point until they are sufficient to fully amortize the loan
over the remainder of its term.
GSE - ✔✔A government sponsored enterprise such as Fannie Mae or Freddie Mac
HECM - ✔✔Home Equity Conversion Mortgage - a Section 255 FHA loan; aka Reverse
Mortgage
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