CR29 S.A.F.E Act - Mortgage Licensing

C 1EA60E586C1440D3BD42213F846AF660 Not answered. The correct answer is c. A is incorrect because blood type and mother's maiden name are not required to register on the NMLSR. B is incorrect because sexual preference is not required to register on the NMLSR. D is incorrect because blood type and siblings' names are not required to register on the NMLSR.

1. Marco is a mortgage loan originator (MLO) for Harper Bank. His HR director has instructed him that he needs to be registered on the Nationwide Mortgage Licensing System and Registry (NMLSR). Which pieces of information will Marco be required to submit in order to register? A. Name, address, blood type, mother's maiden name B. Home address, contact information, sexual preference C. Name, home and business addresses, date and place of birth D. Social security number, gender, blood type, siblings' names

B 265161ADE28847FBA863A54C2914C0F5 Not answered. The correct answer is b. A, C, and D are incorrect because these functions are examples of activities that she can do without being a registered MLO under the S.A.F.E. Act.

10. Makeda is performing several functions in her job as loan assistant. Which job function would require Makeda to be registered as a mortgage loan originator (MLO)? A. Contacting a customer to verify information in a loan application by obtaining documentation such as a payroll receipt B. Taking residential mortgage loan applications from customers and offering or negotiating terms C. Receiving a loan application through the mail and forwarding it without review D. Answering general questions about mortgage loan programs offered by the bank

D 3B25C0DBED0540B0BF089EEC90CA23CC Not answered. The correct answer is d. A, B and C are incorrect because Deb will need to update her registration information within 30 days of the time she leaves her current bank.

4. Deb is a mortgage loan originator (MLO) who has just accepted a job as an MLO with another bank. Once she leaves her current job, how long does Deb have to update her registration? A. One week B. By the end of the calendar year C. An update is not required unless her personal information has changed D. 30 days

A EE3BB3143A0B400383A1112E84195BF9 Not answered. The correct answer is a. B, C, and D are incorrect because renewals are required annually.

6. Phyllis was hired by the bank in January and completed her registration process for the NMLSR so she can work as a mortgage loan originator (MLO). According to federal regulations, when must she renew her registration? A. Annually B. Weekly C. Monthly D. Every 6 months

A 31F43E3A20A84E969EE537C6E916C0C2 Not answered. The correct answer is a. B is incorrect because MLOs who work for banks do not need to pass a test. C is incorrect because state-licensed MLOs do not work for banks. D is incorrect because MLOs do not need to be able to sell loans to Fannie and Freddie to be required to be registered and obtain a unique identifier.

1. Sophia has worked as a bank teller and a mortgage broker but has always wanted to be a mortgage loan originator. Which item shows the actions that Sophia must take before she can work as a mortgage loan originator (MLO) for a bank or as an independent MLO? A. Register with the NMLSR and obtain a unique identifier B. Obtain a unique identifier and pass a test C. Register with the NMLSR and work for a bank D. Obtain a unique identifier and sell loans to Fannie and Freddie

A 86A0513D6E6A4176877A60B550BD4BCC Not answered. The correct answer is a. B is incorrect because the S.A.F.E. Act enhances consumer protections and reduces fraud. C is incorrect because bank regulators expect mortgage loan officers to be trained in all laws and regulations applicable to consumer mortgage loans. D is incorrect because the S.A.F.E. Act provides consumers with information regarding the employment history of mortgage loan originators.

1. Which item is a function of the S.A.F.E. Act? A. Provides increased accountability and tracking of mortgage loan originators B. Enhances lender protections against fraudulent loan origination C. Promotes optional training for bank mortgage loan originators D. Provides consumers with information regarding the educational background of mortgage loan originators

A 8D2666246375412490F665BB64A25FD4 Not answered. The correct answer is a. B is incorrect because blood type and mother's maiden name are not required to register on the NMLSR. C is incorrect because sexual preference is not required to register on the NMLSR. D is incorrect because blood type and siblings' names are not required to register on the NMLSR.

10. Don and Sue run a mortgage brokerage firm in their hometown of Ontario, California. Sue registered as a state-licensed mortgage loan originator (MLO) but Don received a letter from the Nationwide Mortgage Licensing System and Registry (NMLSR) stating that several important pieces of information were missing from his application. Which pieces of information might Don still need to submit? A. Name, home and business addresses, date and place of birth B. Name, address, blood type, mother's maiden name C. Home address, contact information, sexual preference D. Social security number, gender, blood type, siblings' names

D 11C1012EA89D46DAA1FBA2E20D073882 Not answered. The correct answer is d. A and B are incorrect because, although the unique identifier may be provided verbally and on the bank's website, it must always be provided with any initial written communication. C is incorrect because it may be provided with each communication, but the law only requires that it be provided with an initial communication.

10. Marci is manning the call center and helping a new customer with a mortgage loan application. How is Marci required to provide her unique identifier? A. On the loan closing documents B. By directing the customer to the bank's human resource department C. On each written communication throughout the loan process D. Through any initial written communication

D CD093097795A40399D39DC62EA3F3FE8 Not answered. The correct answer is d. A is incorrect because MLOs working for regulated financial institutions do not need to be state licensed. B is incorrect because the S.A.F.E. does not eliminate any mortgage products. C is incorrect because the primary purpose of the S.A.F.E. Act is not to provide personal information about MLOs.

10. Sam is an experienced mortgage loan originator (MLO) at Denali Community Bank. He is explaining the purpose of the S.A.F.E. Act to Billy, who has just been hired as a new MLO at Denali. Although Sam is good at his job, he is confused about the primary purposes of the S.A.F.E. Act. Sam offered Billy several conflicting statements. Which statement is correct? A. The S.A.F.E. Act ensures that all mortgage loan originators are state-licensed and registered B. The S.A.F.E. Act eliminates un-S.A.F.E. mortgage products and protects consumers C. The S.A.F.E. Act provides publically available personal information about any person acting as an MLO D. The S.A.F.E. Act provides a means by which MLOs are required to act in the best interests of the consumer, which in turn, facilitates responsible behavior

A 7834D67A738C40A99F32C892DAF892CB Not answered. The correct answer is a. B, C, and D are incorrect because MLOs working for these companies must be state licensed and registered.

10. Under what situation must a mortgage loan originator (MLO) be federally-registered? A. The MLO is a mortgage loan originator employed by a Suffolk County Bank B. The MLO is a mortgage loan originator employed by Home Soon Mortgage Brokers, a Texas company C. The MLO is a mortgage loan originator employed by Quicken Loans D. The MLO is a mortgage loan originator who is self-employed in Indianapolis, Indiana

A 6D4742BDB9A54ED29163ADE4F3079469 Not answered. The correct answer is a. B, C, and D are incorrect because MLOs working for these companies must be state licensed and registered.

2. Craig is a new mortgage loan originator (MLO). He was told that he must register as an MLO. Craig can determine if he must be federally-registered based on whether he is working as an MLO for which employer? A. Suffolk County Bank B. Home Soon Mortgage Brokers, a Texas company C. Quicken Loans D. He is self-employed

B A994A7197F3142C78B28270567562ECA Not answered. The correct answer is b. A, C, and D are incorrect because MLOs working for these companies must be state licensed and registered.

2. Saundra is a mortgage loan originator (MLO). Under what situation must she be federally-registered? A. She is a mortgage loan originator employed by Home Soon Mortgage Brokers, a Texas company B. She is a mortgage loan originator employed by a Suffolk County Bank C. She is a mortgage loan originator employed by Quicken Loans D. She is a mortgage loan originator who is self-employed in Indianapolis, Indiana

B DFD2F9E468CC479B81E48226CBE72CF5 Not answered. The correct answer is b. A and C are incorrect because, although the unique identifier may be provided verbally and on the bank's website, it must always be provided with any initial written communication. D is incorrect because it may be provided with each communication, but the law only requires that it be provided with an initial communication.

3. A mortgage loan originator's (MLO's) unique identifier can be provided many ways, but which way is required? A. Orally B. Through any initial written communication C. On the bank's website D. On each written communication throughout the loan process

A C9B54DB56E484BA58BD18AC400A4D766 Not answered. The correct answer is a. B, C, and D are incorrect because these functions are examples of activities that she can do without being a registered MLO under the S.A.F.E. Act.

3. Holly is a new employee of Stardust Bank. Based on her job description, Holly is a mortgage loan originator (MLO). Which job function would have led to that determination? A. Taking residential mortgage loan applications from customers and offering or negotiating terms B. Contacting a customer to verify information in a loan application by obtaining documentation such as a payroll receipt C. Receiving a loan application through the mail and forwarding it without review D. Answering general questions about mortgage loan programs offered by the bank

B 0A99439374684A29ABDB94FE69943A2F Not answered. The correct answer is b. A and C are incorrect because, although the unique identifier may be provided verbally and on the bank's website, it must always be provided with any initial written communication. D is incorrect because it may be provided with each communication but the law only requires that it be provided with an initial communication.

3. Joe's bank does not require its mortgage loan originators (MLOs) to provide their unique identifiers to consumers unless the customer requests it. Joe has just taken a course on the S.A.F.E. Act and explains to his supervisor that the law requires MLOs' unique identifiers to be provided. This may occur in any number of ways, but which method is required? A. Orally B. Through any initial written communication C. On the bank's website D. On each written communication throughout the loan process

C F6423BB9F372442F874A11B52B8D68C5 Not answered. The correct answer is c. A is incorrect because MLOs working for regulated financial institutions do not need to be state licensed. B is incorrect because the S.A.F.E. does not eliminate any mortgage products. D is incorrect because the primary purpose of the S.A.F.E. Act is not to provide personal information about MLOs.

3. Josie has just been hired by Last National Bank to be a mortgage loan originator (MLO). She has received training about the S.A.F.E. Act. What has Josie learned about one of the primary purposes of the S.A.F.E. Act? A. The S.A.F.E. Act ensures that all mortgage loan originators are state-licensed and registered B. The S.A.F.E. Act eliminates un-S.A.F.E. mortgage products and protects consumers C. The S.A.F.E. Act provides a means by which MLOs are required to act in the best interests of the consumer, which in turn, facilitates responsible behavior D. The S.A.F.E. Act provides publically available personal information about any person acting as an MLO

A 58B1AD13B8C34D7B96F7A4504222CECF Not answered. The correct answer is a. B, C and D are incorrect because, although a bank policy may require that a unique identifier be required on advertisements for business cards, the S.A.F.E. Act only requires bank MLOs to provide the unique identifier to customers prior to acting as mortgage loan originators, or upon request of the consumer.

4. Indira began working as a mortgage loan originator (MLO) and has her first customer sitting at her desk. When does the S.A.F.E. Act state that Indira must provide her unique identifier to this consumer? A. Prior to acting as a mortgage loan originator or upon request of the consumer B. When advertising loans in local newspapers or in brochures placed in a branch C. On applications for portfolio loans D. On business cards and letterhead stationary

B 32D5059635942A0B9BD5E026A5501F7 Not answered. The correct answer is b. A is incorrect because blood type and mother's maiden name are not required to register on the NMLSR. C is incorrect because sexual preference is not required to register on the NMLSR. D is incorrect because blood type and siblings' names are not required to register on the NMLSR.

5. A bank employee who must be registered will be asked to supply which identifying information to the Nationwide Mortgage Licensing System and Registry (NMLSR)? A. Name, address, blood type, mother's maiden name B. Name, home and business addresses, date and place of birth C. Home address, contact information, sexual preference D. Social security number, gender, blood type, siblings' names

D F9C2F389323A4A2F8EA8208F0D7095E4 Not answered. The correct answer is d. A is incorrect because bank regulators expect mortgage loan officers to be trained in all laws and regulations applicable to consumer mortgage loans. B is incorrect because the S.A.F.E. Act enhances consumer protections and reduces fraud. C is incorrect because the S.A.F.E. Act provides consumers with information regarding the employment history of MLOs.

5. Dakotah is a mortgage loan originator (MLO) who must comply with the requirements of the S.A.F.E Act. Which item is a result of compliance with that Act? A. Optional training for MLOs B. Lender protections and reduced fraud C. Consumer access to information regarding the education history of MLOs D. Increased accountability and tracking of MLOs

D 1A12AC5F2292495189A68742F422DB32 Not answered. The correct answer is d. A, B, and C are incorrect because renewals are required annually.

6. The NMLSR Annual Renewal Period begins November 1 and ends December 31 each year. According to federal regulations, when must mortgage loan originator registrants renew their registrations? A. Weekly B. Monthly C. Every 6 months D. Annually

B 4599A7631F2A45139A8FE1D8DB108E84 Not answered. The correct answer is b. A, C, and D are incorrect. Although a bank policy may require that a unique identifier be required on advertisements for business cards, the S.A.F.E. Act only requires bank MLOs to provide the unique identifier to customers prior to acting as a mortgage loan originator, or upon request of the consumer.

6. The S.A.F.E. Act requires a bank mortgage loan originator (MLO) to make the unique identifier available to consumers in a manner and method practicable to the institution (such as a website or other publicly accessible place or medium). When does the S.A.F.E. Act require that a bank MLO provide his or her unique identifier? A. When advertising loans in local newspapers or in brochures placed in a branch B. Prior to acting as a mortgage loan originator, or upon request of the consumer C. On applications for portfolio loans D. On business cards and letterhead stationary

A AC87B8F9BA354FFD84222FD852AD11A8 Not answered. The correct answer is a. B, C, and D are incorrect because, although a bank policy may require that a unique identifier be required on advertisements for business cards, the S.A.F.E. Act only requires bank MLOs to provide the unique identifier to customers prior to acting as mortgage loan originators, or upon request of the consumer.

6. When does the S.A.F.E. Act state that a bank mortgage loan originator (MLO) must provide his or her unique identifier? A. To customers prior to acting as a mortgage loan originator, or upon request of the consumer B. When advertising loans in local newspapers or in brochures placed in a branch C. On applications for portfolio loans D. On business cards and letterhead stationary

B 7BB0A8ECACCF4A61BA30D3ADEE7E2743 Not answered. The correct answer is b. A, C, and D are incorrect because these requirements apply only to state-licensed MLOs.

7. Fernando is employed by the mortgage affiliate of Eastern National Bank. Before he can work as a mortgage loan originator (MLO) and begin making loans, what must Fernando do? A. Be licensed by the Board of Mortgage Loan Originators B. Register with the Nationwide Mortgage Licensing System and Registry (NMLSR) C. Undergo at least 20 hours of education and pass an examination D. Obtain a surety bond

A 1AF95853DC26413B933F470B891BA476 Not answered. The correct answer is a. B is incorrect because MLOs who work for banks do not need to pass a test. C is incorrect because state-licensed MLOs do not work for banks. D is incorrect because MLOs do not need to be able to sell loans to Fannie and Freddie to be required to be registered and obtain a unique identifier.

7. Which item demonstrates the actions that both state and federal mortgage loan originators (MLOs) must take before acting as MLOs? A. Register with the NMLSR and obtain a unique identifier B. Obtain a unique identifier and pass a test C. Register with the NMLSR and work for a bank D. Obtain a unique identifier and sell loans to Fannie and Freddie

B 137DEBE41D9044B0A57191732E9ADCD1 Not answered. The correct answer is b. A is incorrect because bank regulators expect mortgage loan officers to be trained in all laws and regulations applicable to consumer mortgage loans. C is incorrect because the S.A.F.E. Act enhances consumer protections and reduces fraud. D is incorrect because the S.A.F.E. Act provides consumers with information regarding the employment history of MLOs.

8. Braden is a seasoned bank mortgage loan originator (MLO) who does not want to be bothered with the S.A.F.E. Act compliance and thinks it is a waste of his time. His bank's compliance officer, Shannon, is trying to help him understand why compliance with this Act is important by explaining its objectives. Which item is an objective of the S.A.F.E. Act? A. Optional training for MLOs B. Increased accountability and tracking of MLOs C. Lender protections and reduced fraud D. Consumer access to information regarding the education history of MLOs

A 4085BF4BA5DB472BBF9103AE2AE8B4FE Not answered. The correct answer is a. B is incorrect because MLOs who work for banks do not need opt pass a test. C is incorrect because MLOs who work for banks do not have specified training requirements. D is incorrect because MLOs do not need to be able to sell loans to Fannie and Freddie to be required to be registered and obtain a unique identifier.

8. Robert loves helping to get families into new homes, but he has not decided whether he wants to work for a mortgage broker or if he would rather work for a bank. Either way, which item indicates the actions Robert must take before he can work as a mortgage loan originator (MLO)? A. Register with the NMLSR and obtain a unique identifier B. Obtain a unique identifier and pass a test C. Register with the NMLSR and complete 20 hours of training D. Obtain a unique identifier and sell loans to Fannie and Freddie

C 6EDB2BBF54744D6AB8FBFB6C357AF60B Not answered. The correct answer is c. A, B, and D are incorrect because these functions are examples of activities that he can do without being a registered MLO under the S.A.F.E. Act.

8. Seth has been trained as an assistant loan processor for Northern Community Bank. Which function must Seth avoid if he does not want to be considered to be a mortgage loan originator (MLO)? A. Contacting a customer to verify information in a loan application by obtaining documentation such as a payroll receipt B. Receiving a loan application through the mail and forwarding it without review C. Taking residential mortgage loan applications from customers and offering or negotiating terms D. Answering general questions about mortgage loan programs offered by the bank

B 6E59AF1D0D3B488CA29A331F4DB37CF2 Not answered. The correct answer is b. A, C, and D are incorrect because these are requirements for state-licensed MLOs, but not for MLOs working for financial institutions.

8. Sun Lee and James Smith are both mortgage loan originators. Sun works for a bank and James works for a mortgage company. There is one requirement that both have in common before they can begin acting as mortgage loan originators (MLOs). Which requirement is common to both Sun and James? A. Be licensed by the Board of Mortgage Loan Originators B. Register with the Nationwide Mortgage Licensing System and Registry (NMLSR) C. Undergo at least 20 hours of education and pass an examination D. Obtain a surety bond

B EC614BF94A2B4EA7AAFB1374281CAC8A Not answered. The correct answer is b. A is incorrect because mortgage loan originators working for regulated financial institutions do not need to be state licensed. C is incorrect because the S.A.F.E. does not eliminate any mortgage products. D is incorrect because the purpose of the S.A.F.E. Act is not to provide personal information about mortgage loan originators.

9. What is one of the primary purposes of the S.A.F.E. Act? A. Ensure that all mortgage loan originators are state-licensed and registered B. Ensure that all individuals acting as mortgage loan originators are properly registered under the S.A.F.E. Act C. Eliminate un-S.A.F.E. mortgage products and protect consumers D. Provide publically available personal information about any person acting as an MLO

B AF926243046F4465AAA5BEC51EC73B1F Not answered. The correct answer is b. A, C, and D are incorrect because these requirements apply only to state-licensed MLOs.

9. What is one requirement for mortgage loan originators (MLOs) who are employed by financial institutions? A. Be licensed by the Board of Mortgage Loan Originators B. Register with the Nationwide Mortgage Licensing System and Registry (NMLSR) C. Undergo at least 20 hours of education and pass an examination D. Obtain a surety bond