NMLS S.A.F.E Exam Practice Questions with complete solution 2023

NMLS S.A.F.E Exam Practice Questions with complete solution 2023Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtain information necessary for loan processing b. Collect information required to document a loan application c. Distribute disclosures required in accordance with federal law d. Take a loan application in the absence of a loan originator d. Take a loan application in the absence of a loan originator The term " state licensed mortgage loan originator" applies to an individual that works for: a. Bank or credit union b. Mortgage broker only c. Mortgage broker or lender d. Mortgage lender only c. Mortgage broker or lender Which of the following is not a part of the definition of a loan originator? a. For compensation or gain, takes residential mortgage applications b. For the expectation of compensation or gain, offers or negotiates terms of a residential mortgage loan c. Person or entity that only performs clerical duties in the processing of the documents d. For compensation or gain, negotiates residential mortgage loans c. Person or entity that only performs clerical duties in the processing of the documents Under the S.A.F.E. Act, states and their regulatory agencies have the duty and the authority to enact licensing standards that meet the requirements of the Act, while overall responsibility for interpretation, implementation, and compliance currently lies with: a. The NMLS b. The Federal Reserve c. HUD d. The CFPB d. The CFPB