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Mortgage Trainers of North America :: Books :: National SAFE Act Test Study Guide

National SAFE Act Test Study Guide

Our study guide covers the information needed to understand the key points of the laws, regulations, and guidelines governing our mortgage industry.

Focus your efforts and time with this 50 page comprehensive NMLS study guide.

If you'd like more information, purchase one of our many inexpensive online courses to fill in any gaps you may have in your knowledge base. This book is FREE with the purchase of our 20 hour SAFE Act course!

TABLE OF CONTENTS
WHEN SHOULD I PANIC? 4
NMLS LICENSING CONVERSION 4
GENDERAL TEST REQUIREMENTS 4
Test Failure Requirements 5
The Testing Process 5
Test Enrollment 5
Schedule an Appointment 5
TEST CENTERS 6
DAY OF THE TEST 6
What to Bring 6
Test Procedures 6
Exit Survey 7
Score Reporting 7
POSTING OFFICIAL TEST RESULTS TO NMLS COMPOSITE VIEW 7
TEST CONTENTS OUTLINE 7
Federal mortgage-related laws (35% of the test grade) 7
Real Estate Settlement Procedures Act 8
Equal Credit Opportunity Act (Regulation B) 12
Truth-in-Lending Act (Regulation Z and HOEPA) 12
Truth in Lending Act 12
Rescission 15
Exemptions from rescission 15
Section 32 High Cost Loans 15
Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act 18
Who Will Require Licensing 19
OTHER FEDERAL PROTECTION LAWS 20
Home Mortgage Disclosure Act (HMDA) 20
Fair Credit Reporting Act 21
FACT ACT 21
The Telephone Consumer Protection Act (TCPA) 21
Privacy Act 21
Fair Housing Act 23
II. General mortgage knowledge (25% of the test grade) 23
SECONDARY MARKET 23
MORTGAGE PROGRAMS 24
Fannie Mae and Freddie Mac Conforming Lending 24
Government Lending (FHA, VA, USDA) 24
Federal Housing Administration (FHA) 24
Total Scorecard Automated Underwriting System 26
VA (Veteran Affairs) 26
Rural Development Guaranteed Rural Housing – Section 502 28
Nonconforming (Jumbo, Alt-A, etc.) 28
Mortgage loan products 29
Terms used in the operation of the mortgage market 31
III. Mortgage loan origination activities (25% of the test grade) 33
APPLICATION INFORMATION AND REQUIREMENTS 33
Application accuracy (truthfulness) and required information (e.g., 1003) 33
Suitability of products and programs 34
Disclosures 34
QUALIFICATION: PROCESSING AND UNDERWRITING 35
Borrower analysis 35
Qualifying ratios (e.g. housing, debt-to-income, loan-to-value) 35
Appraisals 36
Title report 36
Insurance 36
Subordinations 37
CLOSING 37
Title and title insurance 37
Abstract of Title 37
Attorney’s Opinion 38
Endorsements 38
Insurer 38
Closing agent 38
Explanation of Fees 39
Holding title 39
FINANCIAL CALCULATIONS USED IN MORTGAGE LENDING 41
Interest per diem 41
Payments 41
Down payment 42
Loan-to-value 42
Debt-to-income Ratios 42
Temporary and Fixed interest rate buy-down (discount points) 42
Closing costs and prepaid items 42
IV. Ethics (15% of the test grade) 43
ETHICS 43
FIDUCIARY 43
LAWS THAT GOVERN UNFAIR LENDING PRACTICES AND PREDATORY LENDING 43
Mortgage Fraud Prevention 47
Fraudulent Activities 47
Usury 48
Predatory lending 48
Additional Resources to Study for the National Test 48
Sample test questions from NMLS website 49
Answers to Sample Questions 51
Glossary of URLs 51

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