MLO EXAM questions with correct answers

Massachusetts' predatory lending law Answer Predatory Home Loan Practices Act the S.A.F.E. Act Answer Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Massachusetts General Laws (MGL c. 255F) Answer The state's licensing law for the regulation of mortgage loan originators is Chapter 255F of the Massachusetts General Laws The primary goal of the S.A.F.E. Act Answer to ensure that individual mortgage loan originators in every state meet minimum educational, financial, and ethical standards prior to obtaining a license. State regulators Answer such as the Massachusetts Division of Banks, are still responsible for making licensing decisions after reviewing the information that license applicants submit to them through the NMLS. The Massachusetts Division of Banks Answer is the chartering authority and primary regulator for financial services professionals in the Commonwealth. The Division incorporates several subdivisions, including a Policy Group and the following five sections: Answer Non-Depository Institution Supervision Depository Institution Supervision Legal Affairs and Bank Structure Enforcement and Investigation