Loan Officer Exam Loan Officer State Licensing and SAFE Act

Question 1

What does the acronym SAFE Act stand for?

Accepted Answer

Secure and Fair Enforcement for Mortgage Licensing Act

Answer

Standard Authorization for Federal Enforcement Act

Answer

State Agency for Financial Enforcement Act

Answer

Secure Approval for Federal Exemptions Act

Question 2

Under the SAFE Act, what is the minimum number of hours of pre-licensing education required for a mortgage loan originator?

Accepted Answer

20 hours

Answer

16 hours

Answer

24 hours

Answer

30 hours

Question 3

Which database system is used to track and register mortgage loan originators nationwide?

Accepted Answer

NMLS

Answer

FCRA Registry

Answer

HUD Connect

Answer

CFPB Portal

Question 4

Under the SAFE Act, which of the following employees of a federally chartered bank must register with the NMLS?

Accepted Answer

Loan officers who take mortgage applications

Answer

Only bank executives

Answer

All customer service representatives

Answer

Only underwriters

Question 5

How many hours of continuing education must a licensed MLO complete annually under the SAFE Act?

Accepted Answer

8 hours

Answer

4 hours

Answer

10 hours

Answer

12 hours

Question 6

Which federal agency oversees the NMLS for non-depository institutions?

Accepted Answer

Conference of State Bank Supervisors (CSBS)

Answer

OCC

Answer

FDIC

Answer

CFPB