Safe mlo - Study guides, Class notes & Summaries

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? correct answers Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? correct answers Answer: b) The SAFE Act prohibits an individual from obtaining a mortga...

SAFE MLO EXAM Questions with100- Verified Answers a Complete Solutions A+ GRADE LATEST

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ️️Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ️️Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan originat...

AARMR stands for Answer American Association of Residential Mortgage Regulations AML Answer Anti-Money Laundering Blockbusting Answer 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 Answer covenants, conditions, and restrictions CFPB Answer The Consumer Financial Protective Bureau - an independen...

MLO SAFE NMLS Safe Test Practice Questions | 100% Correct Answers | Verified | Latest 2024 Version

SAFE MLO National Exam Study Guide with Complete Solutions 2023.

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS AND ANSWERS SOLVED AND VERIFIED 100%

MLO SAFE Test 2024 (Michigan) with Complete Solutions Dodd-Frank - Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - Changed oversight & capitalization of financial institutions, added licensing an education standards, and limited riskier products in the marketplace - Established the CFPB - Defined and specifically outlawed UDAAPs CFPB - Consumer Financial Protection Bureau - The Bureau - Oversees and enforces Dodd-Frank specifically to protect consumers fr...

ECOA is Regulation ______ - ANSWER-Regulation B TILA is administered by ______ - ANSWER-CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - ANSWER-5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - ANSWER-7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - ANSWER-FRB Loan amount, gender, race, & age; which is not required on HMDA? - ANSWER-Age HMDA does not - ANSWER-Set lending...