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Housing & Economic Recovery Act 2008 - Title V - Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - Secure and Fair Enforcement NMLS - Nationwide Mortgage Licensing System & Registry MLO - Mortgage Loan Originator S.A.F.E. Mortgage Licensing Act of 2008 - Enhance consumer protection, reduce...

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  • June 12, 2023
  • 8
  • 2022/2023
  • Exam (elaborations)
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NMLS Exam Housing & Economic Recovery Act 2008 - Title V - ✔✔Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - ✔✔Secure and Fair Enforcement NMLS - ✔✔Nationwide Mortgage Licensing System & Registry MLO - ✔✔Mortgage Loan Originator S.A.F.E. Mortgage Licensing Act of 2008 - ✔✔Enhance consumer protection, reduce fraud by requiring ALL MLOs to be either state -licensed or federally registered. ALL states must must implement a MLO licensing process that meets certain standards through the NMLS What is pass score for NMLS -developed S.A.F.E. MLO Originator test? - ✔✔75% or better UST - ✔✔Uniform State Test ~ launched 4/1/2013 ~ 1st major change to S AFE MLO Test requirements since tests were launched in July 2009 CSBS/AARMR Model State Law (MSL) - ✔✔Conference of State Bank Supervisors/American Association of Residential Mortgage Regulators States which have NOT adopted UST - ✔✔West Virginia & Minne sota States which WILL adopt UST on 9/16/2017 - ✔✔South Carolina My NMLS Name & ID Number - ✔✔Allison Kaye Rosenzweig (1636636) My NMLS Registered Email Address - ✔✔ SAFE MLO Test "Effective Date" for National w/ Uniform Sta te Content - ✔✔November 1, 2014 SRR - ✔✔State Regulatory Registry, LLC ~ associated with SAFE MLO Test ~ Binding contract between you & SRR Who owns and operates NMLS? - ✔✔SRR (State Regulatory Registry, LLC) LOFT - ✔✔Linear on the Fly Testing ~ Enacted 2/16/2015 for National Test with Uniform State Test ~ Statistical Equating Standard Form ~ place all test takers on equal ground HUD - ✔✔US Department of Housing & Urban Development Waiting Period ~ Initial Te st Attempt FAIL - ✔✔30 Days Waiting Period ~ 2nd Test Attempt FAIL - ✔✔30 Days Waiting Period ~ 3rd Test Attempt - ✔✔180 Days RESPA (Regulation X) - ✔✔Real Estate Settlement Procedures Act GFE - ✔✔Good Faith Estimate LE - ✔✔Loan Estimate ECOA (Regula tion B) - ✔✔Equal Credit Opportunity Act TILA (Regulation Z) - ✔✔Truth in Lending Act

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