National S.A.F.E. Act Test Prep - Ultimate Edition:
Get prepared for the National S.A.F.E. Act Test!
The S.A.F.E. Act Federal Test Prep Course and Test Simulator is designed to provide the necessary knowledge to prepare you for the federal portion of the S.A.F.E. Mortgage Licensing Act exam. The Nationwide Mortgage Licensing System ("NMLS") Federal SAFE Act exam covers federal law and regulation, instruction on fraud, ethics, consumer protection, fair lending issues, and the nontraditional marketplace.
By the end of this course, participants will be able to:
- Identify licensing requirements within the SAFE Act
- Review the major Federal Laws and Regulations
- Identify fraud and the different types of fraud
- Understand that ethical decisions with all participants in the mortgage process is the only option
- List consumer protection and fair lending requirements
- Identify traditional and nontraditional mortgage products
- Explain the risks involved with nontraditional mortgage products
The SAFE Act Test Prep Course is a comprehensive course and test simulator designed to provide you with all of the tools you will need to prepare for the test. The course concludes with a simulated Federal exam.
This course is an exam study guide and is not an NMLS for-credit course. We offer this course to help prepare you for your NMLS National exam component and for study purposes only. The NMLS does not approve exam prep study courses.
This Course Includes:
- Hours of Recorded Video Sessions
- Power Point Presentations
- Hundreds of pages of course content
- Online Flash Cards
- Multiple Online Tests
- Spreadsheets
- And More!
We have it all for you! Whether you learn by listening, watching, reading, doing, or a combination, we have put together a valuable SAFE Mortgage Act course to help you feel confident and prepared when you step into the NMLS SAFE Federal exam testing center.
Test Simulator! We've even included a SAFE Mortgage Exam Simulator that is a timed 100 question simulated national exam. The timer starts when you click "Go" and counts down for 2.5 hours and 100 questions, which is the exact requirement of the Federal Test. This will better help you to prepare for the Nationwide Mortgage Licensing System testing environment.
You will be able to view and correct any incorrect answers, as well as go back to study any of the areas that were missed. This will focus your attention on areas you need to study to ensure a passing score.
Specific state law is part of the S.A.F.E. Act assessment. This course will not review content of each state law. While this course is intended to prepare a student for the federal portion of the loan officer assessment as required by the S.A.F.E. Act, the course does not qualify for pre-licensing educational requirements of the same act.
Enrollment in this course is good for 120 days. If you fail the SAFE Act national component exam, your course can be extend free of charge.
Course Agenda
Introduction to the S.A.F.E. Act The session will provide for an overview of the requirements that are in place for the S.A.F.E. Act. Review includes licensing, education, and testing requirements. It also provides an in-depth understanding of the testing requirements and processes including valuable resources to testing sites, NMLS links and more.
Section 1: Federal Law and Regulation
- HERA and the S.A.F.E. Act
- Truth In Lending Act (Regulation Z) - APR/Right of Rescission
- Real Estate Settlement Procedures Act (RESPA) (Regulation X)
- Fair Credit Reporting Act (FCRA)
- Fair and Accurate Credit Transaction Act (FACT ACT)
- Equal Credit Opportunity Act (ECOA) (Regulation B)
- Fair Housing Act
- National Flood Insurance Act (NFIA)
- Federal Emergency Management Agency
- Federal Trade Commission's role regarding federal law compliance
- Homeowners Protection Act of 1998
- Lender/Broker application requirements under the USA Patriot Act
- Home Mortgage Disclosure Act (HMDA)
- ECOA, FCRA, Fair Housing Act
- Gramm-Leach-Bliley Act (Regulation P) - Privacy Issues
- An online practice assessment will be provided following this session
Section 2: General Mortgage Knowledge
- Loan Terms and Underwriting Standards
- Loan Products
- FHA, VA, USDA, 203k Streamline
- Reverse Mortgage
- Statement on Subprime Lending
- An online practice assessment will be provided following this session
Section 3: Mortgage Loan Origination Activities Guidance on Non-Traditional Mortgage Lending
- Loan Terms and Underwriting Standards
- Completeness of the Application
- Qualifying borrowers
- Disclosure requirements
- Liabilities
- Mortgage Insurance
- Title
- Interest Rates
- An online practice assessment will be provided following this session
Section 4: Ethics and Fraud
- Ethical decision making and the law
- Scenario based review of ethical decision making
- Types of fraud committed by borrowers
- Types of fraud committed by mortgage originators
- Discriminatory fraud
- Non-Disclosure fraud
- Best Practice for combating mortgage fraud
- An online practice assessment will be provided following this session