Which of the following statements is true about the SAFE Act?

The statement regarding the SAFE Act's requirement for states to establish minimum net worth or surety bond requirements is true because the SAFE Act was designed to create a more uniform and responsible framework for mortgage licensing. Part of this initiative includes allowing states the authority to set minimum standards for net worth or surety bonds that mortgage loan originators must meet. This provision helps ensure that those operating in the mortgage business have a level of financial backing, which can provide some form of consumer protection and foster trust in the loan origination process.

The other options reflect misconceptions about the details of the SAFE Act. For instance, while NMLS facilitates a streamlined licensing process, it does not override individual state requirements but rather complements them. Similarly, the provision regarding licensure for convicted felons is more nuanced; under certain circumstances, individuals may be barred from obtaining a license based on their criminal history, and the timeframe is subject to state-specific laws, not strictly five years. Lastly, attorneys are not completely exempt from the SAFE Act; they may have certain exemptions based on the nature of their practice, but they are still subject to its requirements in many scenarios involving mortgage origination.