SAFE Act - Reg H - Title V of HERA Flashcards
What does SAFEA stand for?
Safe and Fair Enforcement Act (Safe Act)
What Regulation is the SAFE Act?
Regulation H
What is Regulation H?
Title V of HERA
What does HERA stand for?
Housing Economic Recovery Act
What does CSBS stand for?
Conference of State Bank Supervisors
What does AARMR stand for?
American Association of Residential Mortgage Regulations
What does NMLSR stand for?
Nationwide Mortgage Licensing System and Registry
CSBS + AARMR = _______
NMLSR
______ + AARMR = NMLSR
CSBS
CSBS + _______ = NMLSR
AARMR
For the SAFE Act, when does education expire each year?
December 31st
An MLO cannot have ANY felonies in the past __ year.
7
Can an MLO ever have and financial felonies?
NO! Never.
indict =
charge = suspended license
convict =
“nolo contendere” (no contest) = revoked license
How frequently is the Mortgage Call Report filed?
quarterly
Where is the Mortgage Call Report filed?
RMLA and FC
What does RMLA stand for?
Residential Mortgage Loan Activity
What is Residential Mortgage Loan Activity
This component collects application, closed loan, individual MLO, line of credit, servicing, and repurchase info by state
What does FC stand for?
Financial Condition
What is Financial Condition
This component collects financial info at the company level. It does NOT have to be completed by the state.
When does an MLO need a license?
If they:
- discus rates/terms/programs
- publicly represent as an MLO
- operate as an MLO with habitualness or repetition
When does an MLO not need a license?
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
According to the SAFE Act, what does the Successive Year Rule say?
the same courses cannot be taken in back to back years
If an MLO is an independent contractor (work for themselves), what may they do?
Only processing
To use MLO license, an MLO must be employed by a ________.
Creditor
Education Requirements:
- Federal Law / Prelicensing hours?
3
Education Requirements:
- Ethics / Prelicensing hours?
3
Education Requirements:
- Non-Traditional Loans / Prelicensing hours?
2
Education Requirements:
- Elective / Prelicensing hours?
12
Education Requirements:
- Total / Prelicensing hours?
20
Education Requirements:
- Federal Law / Continuing Ed hours?
3
Education Requirements:
- Ethics / Continuing Ed hours?
2
Education Requirements:
- Non-Traditional Loans / Continuing Ed hours?
2
Education Requirements:
- Elective / Continuing Ed hours?
1
Education Requirements:
- Total / Continuing Ed hours?
8
