Which entity is responsible for implementing and enforcing the SAFE Act?
Correct Answer
B) Consumer Financial Protection Bureau (CFPB)
The Consumer Financial Protection Bureau (CFPB) is responsible for implementing and enforcing the SAFE Act, including maintaining the NMLS registry and establishing minimum standards for MLO licensing.
Why This Is the Correct Answer
The Consumer Financial Protection Bureau (CFPB) is responsible for implementing and enforcing the SAFE Act, including maintaining the NMLS registry and establishing minimum standards for MLO licensing.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Previous Question
A state regulator discovers that an MLO has been conducting business using expired pre-licensing education certificates. The MLO argues they completed the education but the certificates expired due to administrative delays. What examination finding is this?
Next Question
Under the SAFE Act, what is the scope of loans covered by MLO licensing requirements?