Exam (elaborations)
NMLS Exam With Correct Questions And Answers 2024
NMLS Exam With Correct Questions And Answers 2024
[Show more]
Content preview
NMLS Exam With Correct Questions AndAnswers 2024
Acceleration ddClause d- dcorrect danswer.Allows dlenders dto ddemand dpayment din dfull dif dthe
dborrower ddefaults don dthe dloan d(can dbe dconstrued das dpredatory dlending)
Alienation dClause d(Due don dSale dClause) d- dcorrect danswer.Says dyou dmust drepay dyour
dmortgage dif dyou dsell dyour dhome dto da dnew downer d(loan dis dnot dassumable)
Appraiser dIndependance dRequirements dreplaced dHVCC d- dcorrect danswer.home
dvaluation dcode dof dconduct
Due don dDemand dClause d- dcorrect danswer.(Considered da dpredatory dpractice) dThe
dlender dcan ddemand drepayment dof dthe dloan din dfull dat danytime dfor dany dreason
HOEPA d- dcorrect danswer.Home dOwnership dand dEquity dProtection dAct d(Reg dZ dSec d32)
dAmends dTILA
Nonrecourse dAgreement d- dcorrect danswer.Loan dagreement dunder dwhich dthe dcollateral
dsecuring da dloan dis dthe dunltimate dsource dof drepayment, dand dthe dlender dcannot dhold dthe
dborrower dpersonably dliable din dthe devent dof ddefault. dLender dcan dseize d(and dsell) dthe
dcollateral dbut dcannot dseize dnon-pledged dasset dor dproperty.
ReConveyance d- dcorrect danswer.Method din dwhich da dlein dis dremoved dfrom da dproperty
dwhen dpayment dis dmade din dfull.
Dodd-Frank dWall dStreet dReform dand dConsumer dProtection dAct dof d2010 d- dcorrect
danswer.Purpose dis dto dpromote dthe dfinancial dstability dof dUS dby dimproving daccountability
dand dtransparency din dthe dfinancial dsystem. dCreated dthe dConsumer dFinancial dProtection
dBureau. dChanged dMLO dcompensation drules
Housing dand dEconomic dRecovery dAct d(HERA) dof d2008 d- dcorrect danswer.Signed dby dGW
dBush. dEst. dnational dminimum dstandards dfor dmortgage dtraining, dincluding dprelicensing
dand dannual dcontinuing deducation. dAlso, dunder dthe dSAFE dAct, dall dMLO's dmust dbeither
dstate-licensed dor dfederally dregistered.
,SAFE dAct d- dSecure dand dFair dEnforcement dfor dMortgage dLicensing dAct: dpart dof dHERA dof
d2008 d- dcorrect danswer.Requires dall dstates dto dimplement da dMLO dlicensing dprocess dthat
dmeets dstandards dthrough dthe dNationwide dMortgage dLending dSystem d& dRegistry
d(NMLS) dIn dCA dthat dcompliance dact dis dcalled dSB d- d36.
SAFE dAct dObjectives d- dcorrect danswer.*Provide duniform dlicense dapplications dand
dreporting drequirements
*Provide dlicensing ddatabase
*Improve dflow dof dinfo dto dand dbetween dregulators
*Provide dincreased daccountability dand dtracking dof dMLO's
*Streamline dthe dlicensing dprocess
*Enhance dconsumer dprotection dand dsupport danti-fraud dmeasures
*Provide dconsumers dinfo dabout dMLO's
*Require dMLO's dto dact din d"the dbest dinterest dof dthe dclient"
*Facilitate dresponsible dbehavior din dthe dsubprime dmkt
*Facilitate dthe dcollection dand ddisbursement dof dconsumer dcomplaints
NMLS d- dcorrect danswer.Started din d2004 dby dthe dConference dof dState dBank dSupervisors
d(CSBS) dand dthe dAmerican dAssoc. dof dResidential dMortgage dRegulators d(AARMR) dThey
dwrote dmodel dlegislation dreviewed dby dHUD dfor dstates dto dfollow
Mortgage dLoan dOriginator dDefinition d- dcorrect danswer.Someone dwho dfor dcompensation
dor dgain dor dexpectation dthereof: dtakes da dresidential dmortgage dloan dapplication dor doffers
dor dnegotiates dterms dof da dresidential dmortgage dloan
Independent dContractor d- dcorrect danswer.May dnot dengage din dresidential dmortgage dloan
dactivities das da dloan dprocessor dor dunderwriter dunless dstate dlicensed
Unique dIdentifier d- dcorrect danswer.*Required dby dthe dSAFE dAct dfor dall dstate dlicensed
dMLO's dor dfederally dregistered dMLO's demployed dby da ddepository dinstitution dregulated dby
da dfederal dbanking dagency dor dregulated dby dthe dFarm dCredit dAdmin. d
*Required don dall dmktg dmaterials, dapplications, drequired ddisclosures d& dbusiness dcards
FINRA dFinancial dIndustry dRegulatory dAuthority d- dcorrect danswer.Built dand dmaintains dthe
donline dNMLS dsystem
RESPA d(X) dReal dEstate dSettlement dProcedures dAct d0f d1974 d- dcorrect
danswer.*Enforced dby dHUD
*Intended dto dhelp dconsumers dbecome dbetter dshoppers dfor dsettlement dservices dand
deliminate dunnecessary dincreases din dthe dcosts dof dcertain dsettlement dservices
MLO dLicense dNot dRequired d- dcorrect danswer.*Purely dadministrative dor dclerical dtasks dfor
da dlicensee
*Only dperforming dreal destate dbrokerage dwork
*Time dshare dcredit dwork
,*Loan dprocessor dor dunderwriter dwho ddoes dnot drepresent dto dthe dpublic dthat dthey dperform
dMLO dwork
Federal dBanking dAgencies d- dcorrect danswer.The dBoard dof dGov.'s dof dthe dFed. dReserve
dSystem, dComptroller dof dthe dCurrency, dDir. dof dthe dOffice dof dThrift dSupervision, dNational
dCredit dUnion dAdministration dand dthe dFDIC.
Depository dInstitution d- dcorrect danswer.Any dbank dor dsavings dassoc. dincluding dcredit
dunion
Non-Traditional dMortgage dProduct d- dcorrect danswer.Any dmortgage dproduct dother dthan da
d30 dyr dfixed drate
Residential dMortgage dLoan d- dcorrect danswer.Any dloan dprimarily dfor dpersonal, dfamily dor
dhousehold duse dthat dis dsecured dby da dmortgage, ddeed dof dtrust dor dother dequivalent
dconsensual dsecurity dinterest don da ddwelling dor dresidential dreal destate dupon dwhich da
ddwelling dis dconstructed dor dis dintended dto dbe dconstructed da ddwelling
MLO dLicensing dRequirements d- dcorrect danswer.* dSubmit dto da dbackground dcheck
*Provide dpersonal dhistory
*Provide dauthorization dfor da dcredit dreport
*Never dhad dMLO dlicense drevoked
*No dconviction dor dpled dnolo dcontendere dfor da dfelony dduring dpast d7 dyrs dpreceeding ddate
dof dapplication d
*No dfraud, dbreach dof dtrust, dor dmoney dlaundering dever
*A dpardon dis dnot da dconviction
MLO dpersonal dfinancial dresponsibility d- dcorrect danswer.No:
*Current doutstanding djudgments
*Current doutstanding dtax dliens
*Foreclosures din dthe dpast d3 dyears
*Pattern dof dseriously ddelinquent daccounts din dpast d3 dyrs
MLO dpre-licensing deducation d- dcorrect danswer.Federal dLaw d& dregulation d(3 dhours)
Ethics d(3 dhours)
Nontraditional dmortgage dproducts d(2 dhours)
Electives d(12 dhours)
MLO dExam d- dcorrect danswer.Federal dMortgage drelated dlaws d35%
General dMortgage dknowledge d25%
MLO dactivities d25%
Ethics d15%
Fail d3 dtimes dthen dmust dwait d6 dmonths
MLO dLicense drenewal drequirements d- dcorrect danswer.Federal dLaw d& dregulation d(3
dhours)
, Ethics d(2 dhours)
Nontraditional dmortgage dproducts d(2 dhours)
Electives d(1 dhours)
MLO dCompensation dRules d- dcorrect danswer.Dodd-Frank dCompensation dChanges:
*Compensation dcan't dbe dbased ddifferent dcause dit dis da ddifferent dkind dof dloan
*Comp. dcan't dbe dbased don dloan dterms dsuch das dinterest drate, dapr dor dLTV
*Can't dget dcomp. ddirectly dfrom dconsumer dand danother dsource don dthe dsame dloan
*no dpricing dconcessions
*no d"point dbanks"
*MLO dcan't dbe dpenalized dfor dGFE dviolations
*Can't dbase dcomp don dterms dof dprevious dtransaction
Safe dHarbor dLoan d- dcorrect danswer.If dthe dconsumer dis dpresented dwith dloan doptions dfor
deach dtype dloan, dincluding:
*Lowest dinterest drate
*Lowest dtotal dfor dorigination
*Lowest dinterest drate dwithout dcertain drisky dfeatures
The dMLO:
*Obtains doptions dfrom dcreditors dregularly dworked dwith
*Believes din dgood dfaith dthe dconsumer dqualifies
MLO dCompensation dDefined d- dcorrect danswer.*Salary, dcommission, dbonuses, dawards
dor dprizes
*Payments dfrom dloan dproceeds dare dconsidered dpayments ddirectly dfrom dconsumer.
*Yield dspread dpremium d(YSP) daccording dto dRESPA dis dnot dconsidered dpayment dfrom
dthe dborrower
*Transactions dare ddescribed das dall dclosed-end dconsumer dloans dsecured dby d1 dto d4 dunit
dresidential ddwelling, dclosed dend dmortgages dor dreverse dmortgages.
MLO dCompensation dnot dallowed d- dcorrect danswer.*Any dcomp. dthat dis dbased don dloan
dterms dor dconditions dsuch das dinterest drate, dAPR, dloan-to-value dLTV
*Comp. dreceived ddirectly dfrom dthe dconsumer dand dany dother dsource dfor dthe dsame dloan
MLO dComp dcan dbe dbased don dthese dtriggers d- dcorrect danswer.*Overall dloan dvolume
*Long-term dloan dperformance
*Hourly dbasis
*Existing/new dcustomer
*Flat dfee
*Pull-through drate die. dquality dof dloan dfiles
*Legitimate dbusiness dexpenses
*Long-term dloan dperformance
*Different darrangement dfor deach dMLO
RESPA d- dTransactions dCovered d- dcorrect danswer.*Loans dsecured dwith da dmortgage
dplaced don d1 dto d4 dfamily dresidential dproperty
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
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!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
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.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RANKGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now