Agencies and Licensing

SAFE

100

SAFE Act

Secure and Fair Enforcement Act

200

What is a UDAAP?

An unfair, deceptive or abusive act or practice

300

what are the different names that the state authority can be referred to as

Superintendent

Department

Commissioner

Directory

Authority

Secretary

Bureau

The state

400

What’s the purpose of the Secure and Fair Enforcement for Mortgage Licensing Act

To improve consumer protection in the mortgage industry

500

State standards and the SAFE ACT 

List the different things that are agreed upon under the state model

Requirement for licensing / registration of MLOS

Application issuance of licenses/ registries

Education Req

Testing Req

Licensing Renewal

Enforcement, Authority, Violations and Penalties

Surety Bond State fund and Networth Requirements

Enforcement, authority, violations, and penalties

investigation and examination requirements

prohibited acts and practices

Mortgage call reports

Use of NMLS

Req unique identifiers on all ads

maximum penalty of 31,928

NMLS

100

NMLS

Nationwide Multistate Licensing System and Registry

200

Why was the NMLS Created?

• Increase consumer protection

• 
  Streamline the licensing process  

300

What is the difference between Regulation G and Regulation H under the SAFE Act?

Regulation G–

Regulation G of the SAFE Act applies to any federally regulated depository institution that operates in the mortgage industry. 

Regulation H–

Regulation H of the SAFE Act applies to:

• Non-federally regulated entities that provide mortgage-related services. To be clear, non-federally regulated doesn’t mean these entities are exempt from following federal laws, rather there are just certain laws that banks must follow that non-banks do not.  
• MLOs working at a non-depository institution
• Independent contractors working as loan processors or underwriters 

400

Main Purpose of the cfpb

To protect consumers from deceptive and unethical financial practices

500

Who does not need a license?

MLOs working for depository institutions

UDAAPS and Regulations

100

CFPB

Consumer Financial Protection Bureau 

200

Is the state model a law?

No just a template of standards for how to regulate mortgage industry

300

Which MLO does not need a license?

MLOs working for depository institutions

 

400

You convince your client that an ARM is their best option even though they don’t feel comfortable changing their rate and payment.

UDAAPs

500

Which of the following portions of the SAFE Act applies to non-federally regulated entities that engage in mortgage-related activity?

Regulation H

Register

100

Form to register for Companies

Mu1

200

Who must the MLO submit their Mortgage Call Reports to

NMLS

300

how many hours needed for Pre licensing Education?

20 hours 

3 Federal LAw and regulations

3 hours Ethics

2 Hours Non traditional Mortgage lending standards

12 hours undefined

400

Steps to Register 

Pass background check

submit fingerprints

submit 10 year work history

submit mu form

pay fee

500

What information is available through the NMLS Consumer Access site for both individual MLOs and MLO companies

NMLS ID

State licenses/registrations

Licensing

100

Form to register for individuals

Mu4

200

Is a real estate broker and MLO?

No

300

How many hours needed for Continuing Education

8 hours 

3 hours federal law and regulations

2 hours Ethics

2 hours Non traditional Mortgage lending standards

1 hour Undefined

400

An MLO who works for a non-depository institution in Maine and writes loans in Maine must be

• 
  

• Registered with the NMLS

  Correctly checked

• 
  

  Licensed in Maine

500

 can publish findings in the NMLS

The State Authority 

CFPB