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B2B: LO Compensation & SAFE Act

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Quiz for B2B: Loan Officer Compensation and the SAFE Act

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B2B: LO Compensation & SAFE Act
B2B: Loan Officer Compensation and the SAFE Act

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Question 1 of 10

1. Question
1. Trust or false: Underwriters are defined as Mortgage Loan Originators for NMLS registration purposes
A. True
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B. False
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Question 2 of 10

2. Question
1. True or false: Someone who wants to sell their car to their best friend and offers to make their friend a loan as part of the sale would trigger the requirement to register with the NMLS registry
A. True
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B. False
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Question 3 of 10

3. Question
1. Which of the follow activities fall into the scope of offering or negotiating the terms of a loan?
A. Agreeing with a loan applicant to lock them in at a lower rate on their home loan
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B. Giving a customer information about loan rates from a rates sheet that is posted on the bank’s website
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C. Explaining to a customer what the term “debt-to-income” means
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D. None of the above
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Question 4 of 10

4. Question
1. What type(s) of loans do the compensation rules in Regulation Z cover?
A. Any consumer or commercial loan secured by a dwelling
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B. Consumer loans including home loans, vehicle loans, and credit cards
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C. Closed-end consumer loans secured by a dwelling
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D. Consumer home loans, including TRID loans and HELOCs
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Question 5 of 10

5. Question
1. Which of the following is covered under Regulation Z’s compensation rules?
A. The credit report fee that a consumer pays to the bank
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B. The commission a loan originator receives after closing a TRID loan
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C. Fees the bank collects from the consumer to pay for closing services performed by a title company
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D. All of the above
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Question 6 of 10

6. Question
1. True or false: A bank is permitted to pay a bonus to a loan originator as recognition for bringing in the highest number of new customers to the bank that year
A. True
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B. False
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Question 7 of 10

7. Question
1. What is the de minimis exemption for the number of residential mortgage transactions a lender can originate in a 12-month period without being required to register with the NMLS registry?
A. One
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B. Five
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C. Fifteen
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D. Unlimited, if the lender has worked at the bank for ten or more years
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Question 8 of 10

8. Question
1. If a creditor offers many different loan products, how many loan options should a loan originator present to a consumer who inquires about a certain type of transaction?
A. Just one
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B. Two is best
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C. At least three
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D. At least four
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Question 9 of 10

9. Question
1. When does the renewal period take place for MLOs registered with the NMLS registry?
A. A rolling deadline based on the date the MLO started working at the bank
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B. January 1 through March 31
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C. July 15 through September 15
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D. November 1 through December 31
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Question 10 of 10

10. Question
1. If an MLO gets married and changes their name, what steps do they need to take under the SAFE Act?
A. Ask the IT department to change their work email address
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B. Inform the bank’s HR department for W-2 purposes
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C. Update their name at the NMLS registry within 30 days
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D. Record their name change at the county courthouse
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