Appraisals are required and must be provided to borrowers 3 days prior to close 1. Physical inspection of the interior of the property 2nd appraisal if the new higher priced mortgage is to purchase a home within 180 days of the purchase from a person who paid a lower price and you cannot charge the applicant. 3 days prior to close a copy of both appraisals must be given to the borrower

The SAFE Mortgage Licensing Act of 2008 requires all licensed Mortgage Loan Originators to pass a test developed by NMLS (Nationwide Mortgage Licensing System And Registry). Each Loan Originator must take and pass the SAFE MLO Test in order to satisfy the SAFE test requirements of any single state jurisdiction.

The SAFE MLO national exam is made up of 120 multiple-choice items that cover 5 content areas: federal mortgage related laws (24% of the test), uniform state content (11%), general mortgage knowledge (20%), mortgage loan origination activities (27%) and ethics (18%).