SAFE Act - Reg H - Title V of HERA

Question 1

What does SAFEA stand for?

Answer 1

Safe and Fair Enforcement Act (Safe Act)

Question 2

What Regulation is the SAFE Act?

Answer 2

Regulation H

Question 3

What is Regulation H?

Answer 3

Title V of HERA

Question 4

What does HERA stand for?

Answer 4

Housing Economic Recovery Act

Question 5

What does CSBS stand for?

Answer 5

Conference of State Bank Supervisors

Question 6

What does AARMR stand for?

Answer 6

American Association of Residential Mortgage Regulations

Question 7

What does NMLSR stand for?

Answer 7

Nationwide Mortgage Licensing System and Registry

Question 8

CSBS + AARMR = _______

Answer 8

NMLSR

Question 9

______ + AARMR = NMLSR

Answer 9

CSBS

Question 10

CSBS + _______ = NMLSR

Answer 10

AARMR

Question 11

For the SAFE Act, when does education expire each year?

Answer 11

December 31st

Question 12

An MLO cannot have ANY felonies in the past __ year.

Answer 12

7

Question 13

Can an MLO ever have and financial felonies?

Answer 13

NO! Never.

Question 14

indict =

Answer 14

charge = suspended license

Question 15

convict =

Answer 15

“nolo contendere” (no contest) = revoked license

Question 16

How frequently is the Mortgage Call Report filed?

Answer 16

quarterly

Question 17

Where is the Mortgage Call Report filed?

Answer 17

RMLA and FC

Question 18

What does RMLA stand for?

Answer 18

Residential Mortgage Loan Activity

Question 19

What is Residential Mortgage Loan Activity

Answer 19

This component collects application, closed loan, individual MLO, line of credit, servicing, and repurchase info by state

Question 20

What does FC stand for?

Answer 20

Financial Condition

Question 21

What is Financial Condition

Answer 21

This component collects financial info at the company level. It does NOT have to be completed by the state.

Question 22

When does an MLO need a license?

Answer 22

If they:

• discus rates/terms/programs
• publicly represent as an MLO
• operate as an MLO with habitualness or repetition

Question 23

When does an MLO not need a license?

Answer 23

If they:

• registered MLO with FDIC insured depository
• non-profit or gov agency
• home you own or you live in
• parent for child or immediate family
• 4 or fewer per year
• attorney during course of legal practice

Question 24

According to the SAFE Act, what does the Successive Year Rule say?

Answer 24

the same courses cannot be taken in back to back years

Question 25

If an MLO is an independent contractor (work for themselves), what may they do?

Answer 25

Only processing

Question 26

To use MLO license, an MLO must be employed by a ________.

Answer 26

Creditor

Question 27

Education Requirements:

- Federal Law / Prelicensing hours?

Answer 27

3

Question 28

Education Requirements:

- Ethics / Prelicensing hours?

Answer 28

3

Question 29

Education Requirements:

- Non-Traditional Loans / Prelicensing hours?

Answer 29

2

Question 30

Education Requirements:

- Elective / Prelicensing hours?

Answer 30

12

Question 31

Education Requirements:

- Total / Prelicensing hours?

Answer 31

20

Question 32

Education Requirements:

- Federal Law / Continuing Ed hours?

Answer 32

3

Question 33

Education Requirements:

- Ethics / Continuing Ed hours?

Answer 33

2

Question 34

Education Requirements:

- Non-Traditional Loans / Continuing Ed hours?

Answer 34

2

Question 35

Education Requirements:

- Elective / Continuing Ed hours?

Answer 35

1

Question 36

Education Requirements:

- Total / Continuing Ed hours?

Answer 36

8