SAFE MLO Exam questions with correct answers

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 independent federal agency that holds primary responsibility for regulating consumer protection. (Created via Dodd-Frank (2010) and began operating in 2011) CFR Answer Code of Federal Regulations, Divided into 50 Titles CHARM Answer Consumer Handbook on Adjustable Rate Mortgages - Required to be given for all ARMs within 3 days of application, per TILA COFI Answer (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.