SAFE ACT AND UST CONTENT Flashcards
SAFE is an acronym for what?
SAFE is an acronym for Secure and Fair Enforcement. (Regulation H) Can also be called Title 5(V)
What is the purpose of the SAFE Act?
The purpose of the SAFE Act is to promote financial stability through accountability and transparency.
The SAFE Act is part of the ___________________.
Housing and Economic Recovery Act (HERA) of 2008.
The Dodd-Frank Act is charged with overseeing the _________________________________________.
federal financial laws that specifically protect consumers who deposit their money in banks and credit unions, pay for goods and services with credit cards, and rely on loans to pay for services
Consumer Financial Protection Bureau (CFPB) was created by the ____________________.
Dodd-Frank Act and the Consumer Finance Protection Act.
Who oversees compliance with the SAFE Act?
The Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR), and the Consumer Financial Protection Bureau oversee compliance with the SAFE Act.
The NMLS stand for what?
NMLS stands for Nationwide Multistate Licensing System & Registry
Who maintains the registry, approves mortgage schools, and courses, and oversees state compliance?
The Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR)
When does a loan origination license expire? When is the renewal date in most states?
Annually; December 31st
