Safe MLO

AARMR stands for Correct Answer: American Association of Residential Mortgage Regulations AML Correct Answer: Anti-Money Laundering Blockbusting Correct Answer: Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R Correct Answer: covenants, conditions, and restrictions CFPB Correct Answer: The Co...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? Correct Answer: Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? Correct Answer: Answer: b) The SAFE Act prohibits an individual from obtaining a mort...