1
SAFE MLO Exam Prep Questions with Answers (100%
Correct Answers)
ECOA is Regulation ______— Answer: Regulation B
TILA is administered by ______— Answer: CFPB
HOEPA considers a loan to be high cost if total charges to borrower
exceeds ______ % of loan amount?— Answer: 5%
For reverse mortgage, TILA disclosure must be delivered how many
days prior to closing?— Answer: 7 days
Home Mortgage Disclosure Act (HMDA) implemented by _____—
Answer: FRB
Loan amount, gender, race, & age; which is not required on HMDA?—
Answer: Age
HMDA does not— Answer: Set lending quotas for protected classes
Bankruptcies are kept on record for how long?— Answer: 10 years
Tax liens are kept on record for how long?— Answer: 7 years
© 2025 All rights reserved
,2
Borrowers entitled to a free credit report if lender takes adverse action
and they ask for the report within how many days of receiving notice
of the action?— Answer: 60 days
Company with established relationship can call someone _____ after
last purchase— Answer: 18 months
If consumer inquiry or submits an application, can call for how
long?— Answer: 3 months
Lender has how long to refund excessive variance?— Answer: 60 days
How many days before loan consummation is a borrower entitled to
see a revised CD that did not trigger an additional 3-day waiting
period?— Answer: 1 business day
How may days before loan consummation is a seller entitled to see the
CD?— Answer: 0 (day of closing)
Without defaut or termination due to refinance, repayment or
rescission, lender has how long to deliver "Escrow Closing Notice"
when canceling an escrow account— Answer: 3 business days
Lender has to retain CD and LE for how long?— Answer: 5 years
© 2025 All rights reserved
, 3
Lender has to retain Partial Payment Policy for how long?— Answer:
5 years
Lender has to retain Escrow Cancellation Notice for how long?—
Answer: 5 years
TILA Disclosure, Loan Estimate, Good Faith Estimate, HUD-1; which
is NOT delivered to a reverse mortgage applicant?— Answer: Loan
Estimate
How many hours of CE required?— Answer: 8 hours
Maximum # of consecutive times SAFE can be taken?— Answer: 3
times
Wait how many days between first 2 exams?— Answer: 15 days
After failing _____ times, you have to wait how long to retake?—
Answer: 3 times, 6 months
adopted brother, aunt grandfather, stepmother; which is NOT an
immediate family member?— Answer: Aunt is not immediate family
member
© 2025 All rights reserved
SAFE MLO Exam Prep Questions with Answers (100%
Correct Answers)
ECOA is Regulation ______— Answer: Regulation B
TILA is administered by ______— Answer: CFPB
HOEPA considers a loan to be high cost if total charges to borrower
exceeds ______ % of loan amount?— Answer: 5%
For reverse mortgage, TILA disclosure must be delivered how many
days prior to closing?— Answer: 7 days
Home Mortgage Disclosure Act (HMDA) implemented by _____—
Answer: FRB
Loan amount, gender, race, & age; which is not required on HMDA?—
Answer: Age
HMDA does not— Answer: Set lending quotas for protected classes
Bankruptcies are kept on record for how long?— Answer: 10 years
Tax liens are kept on record for how long?— Answer: 7 years
© 2025 All rights reserved
,2
Borrowers entitled to a free credit report if lender takes adverse action
and they ask for the report within how many days of receiving notice
of the action?— Answer: 60 days
Company with established relationship can call someone _____ after
last purchase— Answer: 18 months
If consumer inquiry or submits an application, can call for how
long?— Answer: 3 months
Lender has how long to refund excessive variance?— Answer: 60 days
How many days before loan consummation is a borrower entitled to
see a revised CD that did not trigger an additional 3-day waiting
period?— Answer: 1 business day
How may days before loan consummation is a seller entitled to see the
CD?— Answer: 0 (day of closing)
Without defaut or termination due to refinance, repayment or
rescission, lender has how long to deliver "Escrow Closing Notice"
when canceling an escrow account— Answer: 3 business days
Lender has to retain CD and LE for how long?— Answer: 5 years
© 2025 All rights reserved
, 3
Lender has to retain Partial Payment Policy for how long?— Answer:
5 years
Lender has to retain Escrow Cancellation Notice for how long?—
Answer: 5 years
TILA Disclosure, Loan Estimate, Good Faith Estimate, HUD-1; which
is NOT delivered to a reverse mortgage applicant?— Answer: Loan
Estimate
How many hours of CE required?— Answer: 8 hours
Maximum # of consecutive times SAFE can be taken?— Answer: 3
times
Wait how many days between first 2 exams?— Answer: 15 days
After failing _____ times, you have to wait how long to retake?—
Answer: 3 times, 6 months
adopted brother, aunt grandfather, stepmother; which is NOT an
immediate family member?— Answer: Aunt is not immediate family
member
© 2025 All rights reserved
