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Bundle for NMLS tests compilation | everything you need| verified
Bundle for NMLS tests compilation | everything you need| verified
[Show more]Bundle for NMLS tests compilation | everything you need| verified
[Show more]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...
Preview 2 out of 8 pages
Add to cartAPC - 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...
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...
Preview 2 out of 14 pages
Add to cartmortgage 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...
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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Add to cartWhat 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...
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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Add to cartReal 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...
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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Add to cart1) 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 
•...
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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Add to cartHousing & 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 ...
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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Add to cartQualified 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...
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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Add to cartTaking 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...
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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Add to cartFraud 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...
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...
Preview 3 out of 27 pages
Add to cartA 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...
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...
Preview 4 out of 42 pages
Add to cartAcceleration 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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