FinancingMEDIUM
Under the SAFE Act, what is the minimum pre-licensing education required for mortgage loan originators?
Correct Answer
B) 20 hours
The SAFE Act requires at least 20 hours of pre-licensing education for mortgage loan originators, including 3 hours on federal law, 3 hours on ethics, 2 hours on non-traditional mortgage products, and specific hours on lending standards.
Answer Options
A
8 hoursB
20 hoursC
40 hoursD
60 hoursVideo Explanation2 min
Audio Lesson2 min
Study Infographics
Why This Is the Correct Answer
Sign up free to unlock full analysis
Was this explanation helpful?
More Financing Questions
West Virginia redemption period is:
Private Mortgage Insurance (PMI) is typically required when:
Points paid at closing are:
Young man purchasing move-in-ready model home in new subdivision. Developer offers to sell model furniture with real estate. Both serve as collateral. This is:
Two buyers cannot afford down payment on 3-unit residence. Government program requires mortgage default insurance, permits 3.5% down payment. They used:
- → Security instrument for real estate loans, legally infrequent in California, with two parties creating encumbrance. What is it called?
- → Alaska foreclosure notice requirements include:
- → The removal of land when a stream suddenly changes its channel is
- → Arizona foreclosure notice of sale must be recorded at least:
- → Arizona uses which security instrument?
- → Which of these activities can the owner of a life estate NOT do?
- → Generally, things or objects of a temporary or easily movable nature are
- → Vermont uses which security instrument?
- → In probate of an estate, which of the follow- ing is the last to receive payment, if any?
- → Sally applied for a real estate loan. The lender can lawfully require her to answer questions in regards to her: