SAFE Mortgage Loan Originator Practice Exam with Complete Solutions

SAFE Mortgage Loan Originator Practice Exam with Complete Solutions Dodd-Frank Wall Street Reform/Consumer Financial Protection Act of 2010. Promote the financial stability of the US by improving accountability and transparency in the financial system. (Created Consumer Financial Protection Act and Mortgage Reform an Anti-Predatory Lending). Consumer Financial Protection Bureau (CFPB) Protect consumer, specifically from the fine print in the disclosures. Explains the risk involved by using these services. Qualified Mortgage (QM) Home loan that meets certain standards set forth by the Federal Government. (No toxic loan features). Federal Reserve Loan Originator Compensation. Compensation based on loan amount or a flat fee, nothing else. Real Estate Settlement Procedures Act (RESPA) Regulation X, Help consumers to be better shoppers, and also eliminate kickbacks and referral fees. Mortgage Servicing Disclosure Statement Provides Information to the borrower regarding whether the lender intents to service the loan. RESPA (section 8) Eliminates kickbacks, fee-splitting