1.
Secure and Fair Enforcement for Mortgage Licensing Act of 2008 is a law requiring MLOs to be licensed or registered through NMLS.
2.
Nationwide Multistate Licensing System used to track and manage MLO licenses. Created by CSBS and AARMR.
3.
Dodd-Frank Act of 2010 Law created to protect consumers and prevent risky mortgage lending.
4.
Consumer Financial Protection Bureau - Agency created by Dodd-Frank to enforce consumer financial laws.
5.
Ability to Repay Rule requiring lenders to verify a borrower can afford the loan.
6.
QM - A safer loan type that meets ATR standards and has fewer risky features.
7.
Housing and Economic Recovery Act of 2008 - Law passed to stabilize the housing market due to the 2008 housing crisis.
8.
Federal Housing Finance Agency created by HERA to regulate Fannie Mae and Freddie Mac.
9.
Fannie Mae and Freddie Mac are Government Sponsored Enterprises
10.
Conference of State Bank Supervisors represents state banking regulators across the U.S.
11.
American Association of Residential Mortgage Regulators represents state mortgage regulators across the U.S.
