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Bundle for NMLS tests compilation | everything you need| verified

Bundle for NMLS tests compilation | everything you need| verified

11 items

COC Exam Study Guide | Questions with 100% Correct Answers | verified

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APC - AMBULATORY PAYMENT CLASSIFICATION CDM - CHARGE DESCRIPTION MASTER CMS - CENTERS FOR MEDICARE AND MEDICAID SERVICES OPPS - OUTPATIENT PROSPECTIVE PAYMENT SYSTEM OCE - OUTPATIENT CODE EDITOR ACS - AMERICAN COLLEGE OF SURGEONS ASC - AMBULATORY SURGICAL CENTER CAH - CRITICAL ACCESS HOSPITAL...

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NMLS study guide (mortgage loan origination activities) | Questions with 100% Correct Answers | verified

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mortgage loan origination - the process of making/originating the loan with the customer the process has to include financing, if there is no financing it is not a mortgage loan origination role of the loan originator - individual who for compensation or gain: take a residential mortgage loan app...

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NMLS MLO Exam | Questions with 100% Correct Answers | verified

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What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times the fee What should not be over-weighted in an analysis of borrower repayment c...

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NMLS - RESPA | Questions with 100% Correct Answers | verified

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Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by what agency: - Consumer Financial Protection Bureau Real Estate Settlement Procedures Act (RESPA) insures that consumers throughout the nation are provided with more helpful information about what: - The cost of th...

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NMLS Practice Test | Questions with 100% Correct Answers | verified

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1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - •90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - cost of fund index 3) Subordinate financing relates to •...

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NMLS Exam | Questions with 100% Correct Answers | verified

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Housing & Economic Recovery Act 2008 - Title V - Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - Secure and Fair Enforcement NMLS - Nationwide Mortgage Licensing System & Registry MLO - Mortgage Loan Originator S.A.F.E. Mortgage Licensing Act of 2008 - Enhance consumer protection, reduce ...

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NML | Questions with 100% Correct Answers | verified

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Qualified mortgages do not include risky features. What are they? - Permanent There are four categories of Qualified Mortgages. The following is not included. - No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees charged. The DTI limit for a gene...

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MLO SAFE NMLS safe test practice questions | Questions with 100% Correct Answers | verified

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Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Feder...

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NMLS EXAM | Questions with 100% Correct Answers | verified

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Fraud for money Laundering - -Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - An unfavorable credit decision rendered ag...

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NMLS Practice Test Hard Question | Questions with 100% Correct Answers | verified

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A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against fo...

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NMLS | Questions with 100% Correct Answers | verified

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Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independan...

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