(12) SAFE Act and CSBS/ARRMR Model State Law

12.1- What is SAFE Act and CSBS/ARRMR Model State Law ?

12.2- What are State mortgage regulatory agencies and their regulatory powers?

12.3- What is CFPB? What is CFPB's authority ?

12.4- What are Continuing education requirements ?

12.5- What are CFPB penalty limits ?

12.6- What is CFPB Loan Originator Rule ?

12.7- What is the Authority of state regulator (e.g., audit)? What are its Responsibilities and limitations

12.8- What Documents are required to be filed for public record?

12.9- Explain License Law and Regulation. What are Minimum requirements for state licensing laws

12.10- What Persons are required to be licensed ?

12.11- What Services can be conducted by MLOs and the requirement to be licensed ?

12.12- What Entities are required to use MLOs?

12.13- What acts are Allowable by underwriters ? Clerical/support duties,  Loan processors ?

12.14- What type of Business individuals may/may not conduct without being licensed as an MLO ? General business, Non-profit institutions, Business purpose loans (e.g., commercial, non-owner)?

12.15- What are Pre-licensing education requirements?  Background checks o pther Requirements to becoming an MLO, Managing felony charges,  Waiting period for test retakes,  Sponsorship requirement,

12.16- Explain an “MLO's” requirement to be licensed with a state, Grounds for State denying a license, Reasons for denying an applicant , License maintenance, Continuing education requirements, Renewal period, License renewal lengths and minimum standards,  Continuing education courses approvals, Withholding a record

12.17- Explain Requirements to re-take exam if individual has been absent from industry, Requirement to maintain an active license,  Required continuing education hours completed to renew a license

12.18- What are NMLS requirements? Change of employment and updating NMLS, Required submissions that applicants must make to the NMLS,  Required disclosures to NMLS, Requirement to publicly display an NMLS identifier,  Requirement to include the NMLS identifier in certain situations

12.19- What are Licensed non-depository employees’- vs registered depository employees’ in NMLS? Explain requirement for Compliance, Authority to examine licensee’s books and records, Prohibited conduct and practices

12.20- What are Prohibited acts ? Explain Requirement to obtain a unique identifier

12.21- How are Investigations by state agencies conducted? What is the Required conduct?

12.22- What Individual is responsible for providing documents during a complaint investigation?

12.23- What is the Required information to be maintained in a loan file? 

12.24- What are Assumable mortgage loan products?

12.25- What are Penalties assessed for failure to conduct certain duties ?

12.26- What are Permissible acts? What is the Timeline for submitting books and records to a state regulator?

12.27- Explain General scenarios regarding mortgage loan origination, Required information on loan documents,  Record retention requirements,  Advertising, and Requirement to include NMLS unique ID in advertisements


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