NMLS SAFE Exam Key Topics: Federal Laws, Disclosures, and Licensing
Study online at https://quizlet.com/_jrz1bb
1. NMLS License Renewal Renewal period: November 1 - December 31 every year.
2. Renewal fee $330
3. License validity without License, test scores, and 20-hour course are all valid for 5 years.
renewal
4. SAFE Exam Questions 125 questions, only 115 are scored.
5. Unscored questions 10 are unscored (experimental) questions.
6. Exam duration 3 hours to complete.
7. Passing score notification Passing score appears immediately after submitting.
8. ECOA (Equal Credit Op- Prevents discrimination in lending.
portunity Act)
9. ECOA Regulation B Applies to credit applications; lenders must treat applicants equally.
10. Appraisal Rule Borrower has 90 days to request appraisal if credit is denied because
of the appraisal.
11. Lender's appraisal re- Lender has 30 days to provide it.
sponse time
12. HMDA (Home Mortgage Helps regulators identify possible discrimination.
Disclosure Act)
13. RESPA (Real Estate Settle- Helps consumers shop for settlement services.
ment Procedures Act)
14. RESPA coverage Covers 1-4 unit residential property and owner-occupied homes.
15. RESPA penalties Violation: $10,000 and up to 1 year in jail.
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Study online at https://quizlet.com/_jrz1bb
1. NMLS License Renewal Renewal period: November 1 - December 31 every year.
2. Renewal fee $330
3. License validity without License, test scores, and 20-hour course are all valid for 5 years.
renewal
4. SAFE Exam Questions 125 questions, only 115 are scored.
5. Unscored questions 10 are unscored (experimental) questions.
6. Exam duration 3 hours to complete.
7. Passing score notification Passing score appears immediately after submitting.
8. ECOA (Equal Credit Op- Prevents discrimination in lending.
portunity Act)
9. ECOA Regulation B Applies to credit applications; lenders must treat applicants equally.
10. Appraisal Rule Borrower has 90 days to request appraisal if credit is denied because
of the appraisal.
11. Lender's appraisal re- Lender has 30 days to provide it.
sponse time
12. HMDA (Home Mortgage Helps regulators identify possible discrimination.
Disclosure Act)
13. RESPA (Real Estate Settle- Helps consumers shop for settlement services.
ment Procedures Act)
14. RESPA coverage Covers 1-4 unit residential property and owner-occupied homes.
15. RESPA penalties Violation: $10,000 and up to 1 year in jail.
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