UST question with complete solution 2023 graded A+

UST question with complete solution 2023 graded A+SAFE Act- the secure and fair enforcement for mortgage licensing Act - correct answer Designed to enhance consumer protection and reduce fraud by establishing minimum standards for licensing and registration of MLOs Conference of State Bank Supervisors (CSBS) - correct answer National organization founded to further advance the ideas and professionalism for state banking departments; acts as single voice to congress for state banks and serves as a connection between state and federal regulators The American Association of Residential Mortgage Regulators (AARMR) - correct answer Established to promote the exchange of information and knowledge between the states regarding residential mortgage lending, servicing, and brokering NMLS&R - correct answer A database established to 1. increase uniformity for state licensing, 2. enhance consumer protection, 3. reduce regulatory burden, 4. reduce fraud Consumer Financial Protection Bureau (CFPB) - correct answer Created to simplify and centralize oversight authority of consumer protections and has the following powers: 1. Examine licensee's records and date 2. Through their scope as federal authority, can penalize licencees as they see fit 3. Can establish, , create, and maintain a new mortgage licensing system if the NMLS does not meet the need 4. Can supply info to the NMLS about potential licensees Regulation G - correct answer Federally regulated entities only required to be registered (National banks, federally insured credit unions, savings associations, member banks of the federal reserve system, farm credit system lending institutions Regulation H - correct answer Non-federally regulated entities that engage in mortgage-related activity and required to be registered AND licensed (non-depository lending institutions and mortgage brokers)