SAFE
The total number of hours required in federal law for both PE and CE
The loan terms/costs disclosures required for most closed-ended loans secured by real estate or a co-op
What are the Loan Estimate and the Closing Disclosure?
Homes that meet local building codes but are constructed in sections in a factory
What is modular?
Internal call lists must be scrubbed against the National Do-Not-Call List this often
What is every 31 days?
CFPB stands for
What is the Consumer Financial Protection Bureau?
NMLS&R stands for
What is Nationwide Mortgage Licensing System and Registry?
The disclosure required by the TRID Rule when recommending a vendor to assist with a needed service
What is the Settlement Service Providers List?
Homeowners have to pay this if leasehold
What is ground rent?
The main law the USA Patriot Act and the Anti-Money Laundering Rule falls under
What is the Bank Secrecy Act?
FTC stands for
Federal Trade Commission
One of these 3 are required if an MLO has to pay fines, penalties, or restitution
What are surety bond, meet net worth requirement, or contribute to a state recovery fund?
The RESPA booklet required for federally related mortgage loans for property acquisition
What is Your Home Loan Toolkit (or the Special Information Booklet)?
A borrower can permanently buy down the note rate with this
What are discount points?
Creditors must have a written Identity Theft Prevention Program to identify, detect, respond, and update these under the FACT Act
What are red flags?
HUD stands for
The Department of Housing and Urban Development
Mortgage Call Reports must be submitted to the NMLS at this frequency
What is quarterly?
The disclosure that must be given at consummation to all borrowers and owners if refinancing a principal dwelling
What is Notice of Right to Cancel/Rescind?
The term used for subordinate seller financing
What is seller carryback?
The Financial Services Modernization Act of 1999 is also known as this
What is the Gramm-Leach-Bliley Act?
The CFPB was created by this Act
What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?
An MLO has this when transitioning from working for a depository institution to a mortgage banker or broker
What is Temporary Authority to Originate?
The disclosure requiring a primary and secondary form of identification for the borrower(s)
What is the USA Patriot Act Disclosure?
An example of a finance charge that is not prepaid
What is interest?
The full name of the E-SIGN Act (the C is silent)
What is the Electronic Signatures in Global and National Commerce Act?
The CFPB has authority over depository institutions if the bank has more than this amount in assets
What is $10 billion?