SAFE Act - Reg H - Title V of HERA Flashcards

1
Q

What does SAFEA stand for?

A

Safe and Fair Enforcement Act (Safe Act)

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2
Q

What Regulation is the SAFE Act?

A

Regulation H

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3
Q

What is Regulation H?

A

Title V of HERA

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4
Q

What does HERA stand for?

A

Housing Economic Recovery Act

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5
Q

What does CSBS stand for?

A

Conference of State Bank Supervisors

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6
Q

What does AARMR stand for?

A

American Association of Residential Mortgage Regulations

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7
Q

What does NMLSR stand for?

A

Nationwide Mortgage Licensing System and Registry

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8
Q

CSBS + AARMR = _______

A

NMLSR

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9
Q

______ + AARMR = NMLSR

A

CSBS

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10
Q

CSBS + _______ = NMLSR

A

AARMR

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11
Q

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

A

December 31st

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12
Q

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

A

7

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13
Q

Can an MLO ever have and financial felonies?

A

NO! Never.

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14
Q

indict =

A

charge = suspended license

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15
Q

convict =

A

“nolo contendere” (no contest) = revoked license

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16
Q

How frequently is the Mortgage Call Report filed?

A

quarterly

17
Q

Where is the Mortgage Call Report filed?

A

RMLA and FC

18
Q

What does RMLA stand for?

A

Residential Mortgage Loan Activity

19
Q

What is Residential Mortgage Loan Activity

A

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

20
Q

What does FC stand for?

A

Financial Condition

21
Q

What is Financial Condition

A

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

22
Q

When does an MLO need a license?

A

If they:

  • discus rates/terms/programs
  • publicly represent as an MLO
  • operate as an MLO with habitualness or repetition
23
Q

When does an MLO not need a license?

A

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
24
Q

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

A

the same courses cannot be taken in back to back years

25
Q

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

A

Only processing

26
Q

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

A

Creditor

27
Q

Education Requirements:

- Federal Law / Prelicensing hours?

A

3

28
Q

Education Requirements:

- Ethics / Prelicensing hours?

A

3

29
Q

Education Requirements:

- Non-Traditional Loans / Prelicensing hours?

A

2

30
Q

Education Requirements:

- Elective / Prelicensing hours?

A

12

31
Q

Education Requirements:

- Total / Prelicensing hours?

A

20

32
Q

Education Requirements:

- Federal Law / Continuing Ed hours?

A

3

33
Q

Education Requirements:

- Ethics / Continuing Ed hours?

A

2

34
Q

Education Requirements:

- Non-Traditional Loans / Continuing Ed hours?

A

2

35
Q

Education Requirements:

- Elective / Continuing Ed hours?

A

1

36
Q

Education Requirements:

- Total / Continuing Ed hours?

A

8