Under the S.A.F.E. Act, a loan originator:
A. Is an individual who takes residential mortgage loan applications for compensation
B. Is any individual who takes loan applications secured by real property for
compensati
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Under the S.A.F.E. Act, a loan originator:
A. Is an individual who takes residential mortgage loan applications for compensation
B. Is any individual who takes loan applications secured by real property for
compensation
C. Is any person who takes loan applications secured by real property
D. Can be an individual or a business entity - ✔✔A. Is an individual who takes
residential mortgage loan applications for compensation
The S.A.F.E. Act defines a mortgage loan originator as an individual who takes a
residential mortgage loan application and offers or negotiates the terms of a residential
mortgage loan for compensation or gain.
S.A.F.E. Act requirements apply to loans to purchase:
A. Dwellings as rental properties
B. Apartment buildings
C. Dwellings if secured by mortgages, but not if secured by trust deeds
D. Mobile homes to be used as residences, even if they are not attached to the land -
✔✔D. Mobile homes to be used as residences, even if they are not attached to the land
The S.A.F.E. Act applies to residential mortgage loans. Residential mortgage loans
include those loans secured for the purpose of purchasing a dwelling as defined in the
Truth-in-Lending Act. A dwelling is a residential structure that contains one to four units,
whether or not that structure is attached to real property. The term includes an individual
condominium unit, cooperative unit, mobile home, and trailer, if it is used as a
residence
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