SAFE Act/ Uniform State Test(UST) Exam Questions And Answers (Verified And Updated)

SAFE Act/ Uniform State Test(UST) Exam Questions And Answers (Verified And Updated) SAFE Act purpose is - answerto create uniform regulation of mortgage loan originators in every state Secure and Fair Enforcement for Mortgage Licensing Act of 2008 SAFE Act - answerRegulation H for state licensed Regulation G for Federal Depository Institutions Before the crash of 2007, there was very little regulation of... - answerLoan Originators HERA was created... - answerThe Housing and Economic Recovery Act was created to regulate those who originate loans The SAFE act was created under... - answerHERA and is Title V of the act The two organizations that came together to create the minimum licensing statues - answerThe CFBS (Conference of State Bank Supervisors) and the AARMR (American Association of Residential Mortgage Regulators) These standards are known as... - answerMSL (minimum state legislation) NMLS is - answerNationwide Multistate Licensing System and Registry is the data base of all registered mortgage loan originators A State Licensed Loan Originator is - answerlicensed by the state and maintains a unique identifier through NMLS an independent contractor must also be licensed cant engage in LO activities as a processor or underwriter unless licensed If left unmaintained, the license will become invalid in 5 years Registered Loan Originator is... - answeran employee of a depository institution registered with the NMLS and maintains a unique identifier a depository institution is federally regulated