Which of the following can be used to satisfy the SAFE Act surety bond requirement?
Correct Answer
C) A surety bond issued by an approved surety company
The SAFE Act specifically requires a surety bond issued by a surety company authorized to do business in the state. Other forms of financial instruments do not satisfy this requirement.
Why This Is the Correct Answer
The SAFE Act specifically requires a surety bond issued by a surety company authorized to do business in the state. Other forms of financial instruments do not satisfy this requirement.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
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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?
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An MLO candidate takes a 25-hour course that includes 4 hours of federal law, 4 hours of ethics, and 3 hours of nontraditional mortgage products. How many additional hours of education does the candidate need to meet the minimum requirements?
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A loan originator discovers that an appraiser used an incorrect square footage measurement that significantly understated the property size. The most appropriate action is to: