Registration of Mortgage Loan Originators SAFE Act Flashcards
Which of the following persons would be a Mortgage Loan Originator under teh terms of SAFE Act?
A. A real estate agent who assists clients in completing loan applications before turning them over to a lender
B. An administrative assistant to the loan officer who sends information requests to loan applicants to facilitate the loan process
C. A broker who takes applications and assists the applicant in choosing a mortgage product before sending it to the lender for underwriting
D. A customer service representative in a bank who refers applications to the mortgage department
C. A broker who takes applications and assists the applicant in choosing a mortgage product before sending it to the lender for underwriting
Which of the following is NOT a responsibility of a regulated financial institution under the SAFE Act?
A. Hire mortgage loan originators as employees
B. Ensure that mortgage loan originators that are employees register with the Registry
C. Adopt policies and procedures for compliance with the SAFE Act
D. Submit required information on the bank to the Registry
A. Hire mortgage loan originators as employees
