5 Questions
What is the maximum penalty the State Regulatory Authority may impose for each violation?
$25,000
Which of the following is not a goal of the SAFE Act?
Reduce fraud by creating an enforcement agency that prosecutes unethical activity
What is the minimum capital requirement per licensed location for a Mortgage Lender?
An amount determined by the State Regulatory Authority that reflects the dollar amount of loans originated.
What is the minimum passing score of the National Test with UST?
73%
How long must an applicant wait to receive a new license if they have previously had their license revoked?
7 years
Test your knowledge on mortgage regulatory authority with this quiz. See if you can identify the penalties for violations and the objectives of the SAFE Act.
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