'1.) Points and Fee's Trigger ( excluding Mortgage Insurance)- if the total points and fee's , not including bonafide 3rd party fees ( i.e. appraisal, credit, inspections)are 5% on loans of $20k or more and 8% or $1,000, whichever is less on loans under $20k. Charging too much in points and fees 2.) APR Trigger - if your APR is 6.5% over the APOR ''average prime offer rate'' for comparable 1st mortgages and 8.5% over APOR on 2nds or 1st liens under $50k**too high of rate 3.) Prepayment Penalty of longer than 3 years or more than 2% of the loan amount'

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%).