Final answer:
The SAFE Test covers various topics related to federal and state laws governing mortgage lending, such as the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). A significant portion of the test is dedicated to federal law, as mortgage lending is heavily regulated at the federal level.
Step-by-step explanation:
The % of the SAFE Test that is Federal Law depends on the specific content covered in the test. The SAFE Test, which stands for Secure and Fair Enforcement for Mortgage Licensing Act, is a test that individuals need to pass in order to become licensed mortgage loan originators. The test covers various topics related to federal and state laws governing mortgage lending, such as the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
While it is difficult to provide an exact percentage, it can be said that a significant portion of the SAFE Test is dedicated to federal law. This is because mortgage lending is heavily regulated by federal laws and regulations. For example, the SAFE Act itself is a federal law that sets minimum standards for mortgage loan originators.
In addition to federal law, the SAFE Test may also cover state-specific laws that mortgage loan originators need to be familiar with. These laws vary from state to state and may include regulations on licensing requirements, disclosure requirements, and consumer protection.