Exam (elaborations) NMLS MLO Exam Questions with Latest Update Exam (elaborations) NMLS Laws and Regulations Exam Questions with Verified Answers Exam (elaborations) NMLS KEY WORDS SAFE EXAM QUESTIONS WITH COMPLETE SOLUTIONS Exam (elaborations) NMLS final exam questions with Correct answers ...
[Show more]
Real Estate Settlement Procedures Act (RESPA) is implemented as: - Answer-A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - Answer-A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - Answer-A. Kickbac...
Preview 4 out of 80 pages
Add to cartReal Estate Settlement Procedures Act (RESPA) is implemented as: - Answer-A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - Answer-A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - Answer-A. Kickbac...
An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - Answer-d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 3...
Preview 4 out of 33 pages
Add to cartAn application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - Answer-d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 3...
What law deals with credit, APR & Advertising of consumer loans? - Answer-TILA Which regulation prohibits kickbacks? - Answer-RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA-Homeowners Protection Act Which Regulation prohibits fee splitti...
Preview 3 out of 18 pages
Add to cartWhat law deals with credit, APR & Advertising of consumer loans? - Answer-TILA Which regulation prohibits kickbacks? - Answer-RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA-Homeowners Protection Act Which Regulation prohibits fee splitti...
RESPA disclosures? due dates? - Answer-3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At ...
Preview 3 out of 28 pages
Add to cartRESPA disclosures? due dates? - Answer-3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At ...
Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - Answer-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - A...
Preview 3 out of 29 pages
Add to cartWhich federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - Answer-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - A...
What does TILA stand for? - Answer-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - Answer-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - Answer- LTV stands for - Answer-Loan to Value Define PMI and state wha...
Preview 2 out of 15 pages
Add to cartWhat does TILA stand for? - Answer-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - Answer-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - Answer- LTV stands for - Answer-Loan to Value Define PMI and state wha...
ECOA - Reg B - Answer-Equal Credit Opportunity Act HMDA - Reg C - Answer-Home Mortgage Disclosure Act RESPA - Reg X - Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Answer-Truth In Lending Act HPA - Answer-Home-owner Protection Act PMI is required when - Answer-Borrower p...
Preview 3 out of 30 pages
Add to cartECOA - Reg B - Answer-Equal Credit Opportunity Act HMDA - Reg C - Answer-Home Mortgage Disclosure Act RESPA - Reg X - Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Answer-Truth In Lending Act HPA - Answer-Home-owner Protection Act PMI is required when - Answer-Borrower p...
If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - Answer-C. 3 months An established business relationship with a company also will be create...
Preview 3 out of 28 pages
Add to cartIf a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - Answer-C. 3 months An established business relationship with a company also will be create...
Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act ...
Preview 3 out of 21 pages
Add to cartEnhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act ...
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 ...
Preview 3 out of 18 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 ...
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Answer-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - Answer-cost of fund index 3) Subordinate fina...
Preview 2 out of 5 pages
Add to cart1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Answer-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - Answer-cost of fund index 3) Subordinate fina...
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause at closing...
Preview 3 out of 20 pages
Add to cartwhich federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause at closing...
"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C - ...
Preview 3 out of 28 pages
Add to cart"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C - ...
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 __________________________. - Answer-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - An...
Preview 3 out of 29 pages
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 __________________________. - Answer-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - An...
What are the penalties for violation of RESPA/Section 8 - Answer-Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties include fines of up to 10,000 and up to one year in prison Disclosures due within three business days of loan application - Answer-Loan...
Preview 2 out of 11 pages
Add to cartWhat are the penalties for violation of RESPA/Section 8 - Answer-Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties include fines of up to 10,000 and up to one year in prison Disclosures due within three business days of loan application - Answer-Loan...
Annual Percentage Rate (APR) - Answer-Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Answer-Process whereby a seller delive...
Preview 2 out of 10 pages
Add to cartAnnual Percentage Rate (APR) - Answer-Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Answer-Process whereby a seller delive...
Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - Answer-FCRA Which agency manages the National Do Not Call Registry? - Answer-Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residen...
Preview 2 out of 14 pages
Add to cartWhich law regulates the activities of consumer reporting agencies and users of consumer credit reports? - Answer-FCRA Which agency manages the National Do Not Call Registry? - Answer-Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residen...
Fraud for money Laundering - Answer--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 - Answer-An unfavorable credit decis...
Preview 2 out of 12 pages
Add to cartFraud for money Laundering - Answer--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 - Answer-An unfavorable credit decis...
1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - Answer-B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) ...
Preview 2 out of 10 pages
Add to cart1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - Answer-B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) ...
Yes as long as the title company is legitimate and the arrangement is disclosed - Answer-A mortgage broker also owns a title conpany is this arrangement allowed by respa TILA - Answer-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about...
Preview 2 out of 8 pages
Add to cartYes as long as the title company is legitimate and the arrangement is disclosed - Answer-A mortgage broker also owns a title conpany is this arrangement allowed by respa TILA - Answer-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about...
standard index - Answer-Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of Par Rate - Answer-when the borrower neither pays discount points nor receives a premium for the rate received from t...
Preview 2 out of 7 pages
Add to cartstandard index - Answer-Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of Par Rate - Answer-when the borrower neither pays discount points nor receives a premium for the rate received from t...
3 - Answer-Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement - Answer-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X - Answer-RESPA is also known as Regulation ___ 1. Loan Terms 2. P...
Preview 4 out of 129 pages
Add to cart3 - Answer-Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement - Answer-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X - Answer-RESPA is also known as Regulation ___ 1. Loan Terms 2. P...
In the absence of caps, adjustments on an ARM loan would be determined solely by: The index The margin The fully-indexed rate The lifetime rate - Answer-the fully-indexed rate A consumer signs a closed-end lending agreement on Wednesday. What is the latest that he/she may wait to exercise the...
Preview 2 out of 8 pages
Add to cartIn the absence of caps, adjustments on an ARM loan would be determined solely by: The index The margin The fully-indexed rate The lifetime rate - Answer-the fully-indexed rate A consumer signs a closed-end lending agreement on Wednesday. What is the latest that he/she may wait to exercise the...
What is Freddie Mac's automated underwriting system called? - Answer-Loan Product Advisor Which of the following contains only items which should be used in calculating a borrower's debt-to-income ratio? - Answer-car payment boat payment child support obligations Under the S.A.F.E. Act, a...
Preview 2 out of 7 pages
Add to cartWhat is Freddie Mac's automated underwriting system called? - Answer-Loan Product Advisor Which of the following contains only items which should be used in calculating a borrower's debt-to-income ratio? - Answer-car payment boat payment child support obligations Under the S.A.F.E. Act, a...
TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? - Answer-two (2) A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? - Answer-$16,000 The appraiser determines ...
Preview 1 out of 3 pages
Add to cartTILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? - Answer-two (2) A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? - Answer-$16,000 The appraiser determines ...
RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something...
Preview 2 out of 14 pages
Add to cartRESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something...
The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Answer-D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has fail...
Preview 3 out of 19 pages
Add to cartThe preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Answer-D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has fail...
Which of the following is NOT true about an Affiliated Business Arrangement Disclosure Statement? - Answer-The disclosure may be provided instead of the list of third-party service providers from which the borrower can shop for services Which of the following would most likely not be considered a...
Preview 3 out of 22 pages
Add to cartWhich of the following is NOT true about an Affiliated Business Arrangement Disclosure Statement? - Answer-The disclosure may be provided instead of the list of third-party service providers from which the borrower can shop for services Which of the following would most likely not be considered a...
Acceleration Clause - Answer-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) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appr...
Preview 4 out of 31 pages
Add to cartAcceleration Clause - Answer-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) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appr...
Real Estate Settlement Procedures Act (RESPA) - Answer-This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value - Answer-__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allo...
Preview 2 out of 7 pages
Add to cartReal Estate Settlement Procedures Act (RESPA) - Answer-This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value - Answer-__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allo...
The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. - Answer- According the Mortgage Disclosure Im...
Preview 2 out of 5 pages
Add to cartThe Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. - Answer- According the Mortgage Disclosure Im...
Under TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: a. The index used to determine rate adjustments b. Statement that the interest rate will be offered for the duration of the loan c. Possibility of changes in the payment amount over time d.Fr...
Preview 3 out of 28 pages
Add to cartUnder TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: a. The index used to determine rate adjustments b. Statement that the interest rate will be offered for the duration of the loan c. Possibility of changes in the payment amount over time d.Fr...
Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Cre...
Preview 4 out of 31 pages
Add to cartWho is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Cre...
5/1 Adjustable Rate Mortgage - Answer-A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where "5" is the number of years your initial interest rate will stay fixed. The "1" represents how often your interest rate will adjust after the initial five-year period ends. The most c...
Preview 2 out of 13 pages
Add to cart5/1 Adjustable Rate Mortgage - Answer-A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where "5" is the number of years your initial interest rate will stay fixed. The "1" represents how often your interest rate will adjust after the initial five-year period ends. The most c...
CFPB - Answer-Consumer Financial Protection Bureau What does the CFPB do? - Answer-Regulates RESPA, TILA, ECOA, and HMDA FTC - Answer-Federal Trade Commission What does the FTC do? - Answer-Monitors Red Flag Rules RESPA - Answer-Real Estate Settlement Procedures Act What does RESPA do...
Preview 4 out of 36 pages
Add to cartCFPB - Answer-Consumer Financial Protection Bureau What does the CFPB do? - Answer-Regulates RESPA, TILA, ECOA, and HMDA FTC - Answer-Federal Trade Commission What does the FTC do? - Answer-Monitors Red Flag Rules RESPA - Answer-Real Estate Settlement Procedures Act What does RESPA do...
What must a borrower do to avoid having late payments reported to a credit bureau? - Answer-Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Answer-3 times the fee What should not be over-weighted in an analysis of borr...
Preview 2 out of 15 pages
Add to cartWhat must a borrower do to avoid having late payments reported to a credit bureau? - Answer-Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Answer-3 times the fee What should not be over-weighted in an analysis of borr...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
No, you only buy these notes for $45.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now