Your License

Question 1

SAFE Act of 2008

Answer 1

The Secure and Fair Enforcement Act

This was created to improve consumer treatment by the mortgage industry through the minimum qualification of its mortgage loan originators. This improvement was achieved through licensing and registration requirements for originators. The safe act may also be referred to as Title V of the housing and economic recovery act (HERA).

Question 2

NMLS

Answer 2

The Nationwide Multistate Licensing System and Registry

The NMLS was created by the conference of state bank supervisors, CSBS and the American Association of residential mortgage regulators AARMR. The NMLS is operated by the state regulatory registry SRR, which works on behalf of the CSBS and AAARMR to manage the NMLS oversee education and testing content as well as operate the system as a database of information about mortgage loan originators. Basically, the safe act was created in 2008 to enhance consumer protection through establishing a minimum qualifications standards for MLOs.

Question 3

MU1

Answer 3

Institution Form

Question 4

MU2

Answer 4

Responsible Party Form

Question 5

MU3

Answer 5

Branch Form

Question 6

MU4

Answer 6

Individual Form

Question 7

MLO

Answer 7

Mortgage Loan Origination

27%

Question 8

Federal Law

Answer 8

24%

Question 9

GMK

Answer 9

General Mortgage Knowledge

20%

Question 10

Ethics

Answer 10

18%

Question 11

USC

Answer 11

Uniform State Content

11%

Question 12

Federal Law 20 Hour

Answer 12

3 Hours

Question 13

Ethics 20 Hour

Answer 13

3 hours

Question 14

Non-Traditional Mortgage 20 Hour

Answer 14

2 Hours

Question 15

Undefined Education 20 Hour

Answer 15

12 Hours