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Financing

Financing Practice Question

Under the Secure and Fair Enforcement (SAFE) Act, mortgage loan originators must:
A
Be real estate agents
B
Be registered with the Nationwide Multistate Licensing System (NMLS)
C
Hold a college degree
D
Own real property
Explanation

The SAFE Act of 2008 requires mortgage loan originators to be registered with the Nationwide Multistate Licensing System (NMLS), pass a background check, complete pre-licensing education, and pass a national test. This applies to both bank and non-bank originators.

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