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NMLS Safe Exam With Complete Updated Questions And Answers 2024 $14.49   Add to cart

Exam (elaborations)

NMLS Safe Exam With Complete Updated Questions And Answers 2024

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NMLS Safe Exam With Complete Updated Questions And Answers 2024

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  • August 4, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS Safe Exam With Complete Updated
Questions And Answers 2024



What hdoes hTILA hstand hfor? h- hcorrect hanswer.Truth-In-Lending hAct, hRegulation hZ

What his ha hHELOC hloan? h- hcorrect hanswer.a hsecured hloan hin hthat hyou hare hborrowing
hagainst hthe hequity hthat hhas hbeen hbuilt hin hyour hhouse




What his ha hREFI hloan? h- hcorrect hanswer.

LTV hstands hfor h- hcorrect hanswer.Loan hto hValue

Define hPMI hand hstate hwhat hthe hacronym hstands hfor. h- hcorrect hanswer.Private hmortgage
hinsurance- hon hconventional hloans




Define hone htime hvariable hfunding hfee hand hpeople hin hwhat hsituations his hit hwaived hfor? h-
hcorrect hanswer.Disabled hveterans hand hsurviving hspouses.




USDA hloans hare halso hcalled hwhat? h- hcorrect hanswer.502 hloans

Define hMIP h- hcorrect hanswer.Can hbe hpaid hup hfront hor hin hinstallments. hMortgage
hinsurance hpremium hused hby hFHA hto hprotect hthemselves hagainst hhigher-risk hborrowers

hwho hare hmore hlikely hto hdefault hon hloans




Define hAPR h- hcorrect hanswer.annual hpercentage hrate

Define hAPOR h- hcorrect hanswer.average hprime hoffer hrate

Define hHPML h- hcorrect hanswer.High hprice hmortgage hloans hor hSection h35 hloans. hA
hmortgage hwith han hannual hpercentage hrate h(APR) hthat's hhigher hthan hthe haverage hprime

hoffer hrate h(APOR)




When his ha hloan hconsidered hto hbe ha hsection h35 hloan? h(High hprice hmortgage hloan) h-
hcorrect hanswer.- hWhen hthe hAPR hexceeds hAPOR hby h1.5% hon ha hfirst hlien, h2.5% hon

hJumbo hfirst hlien hor h3.5% hon hsubordinate hlien




What hrequirements hare hplaced hon hsection h35 hloans? h(High hprice hmortgage hloans) h-
hcorrect hanswer.APE

A- hATR h/ hability hto hrepay

,P- hno hPREPAYMENT hpenalty hunless hin hthe hfirst h2 hyears
E- hrequires hESCROW hof hthe htaxes hand hhazard hinsurance hfor hthe hfirst h5 hyears

Define hATR h- hcorrect hanswer.Ability hto hrepay

8 hFactors hof hATR h- hcorrect hanswer.MICE hDOES
M- hMonthly hmortgage
I- hIncome h+ hassets
C- hCredit hhistory
E- hEmployment
D- hDebt hto hIncome hRatio
O- hOther hdebts
E- hExpenses
S- hSimultaneous hmortgage

What hare hsection h32 hloans? h- hcorrect hanswer.High hcost hmortgage hloans. hConsidered hto
hbe hHCML hwhen hAPR hexceeds hAPOR hby h6.5% hon hfirst hlien hon hloan h$50,000 hor hhigher,

hor h8.5% hon hfirst hlien hon ha hloan hthat's hless hthan h$50,000 hor h8.5% hon hsubordinate hlien.




What hrequirements hare hplaced hon hSection h32 hloans h/ hHCML h/ hHigh hcost hmortgage
hloans? h- hcorrect hanswer.BAPS

B- hno hBALLOON hpayment
A- hmust hhave hATR
P- hno hPREPAYMENT hPENALTY
S- hmust hSPEAK hto ha hHUD hcounselor

What hmakes ha hcomplete happlication? h- hcorrect hanswer.ALIENS
A- hAddress
L- hLoan hamount
I- hIncome
E- hEstimated hvalue
N- hName
S- hSocial hsecurity hnumber

What his ha h1003 hand ha h1004 hform? h- hcorrect hanswer.URLA h- hUniform hResidential hLoan
hApplication h

and
URAR h- hUniform hResidential hAppraisal hReport

What his ha h1005 hand h1006 hform? h- hcorrect hanswer.VOE h- hVerification hof hemployment
and
VOD h- hVerification hof hdeposits h(bank hbalance)

What his ha h1008 hform? h- hcorrect hanswer.Transmittal hsummary. hTop hsheet! hSUMMARY

, What hare hthe hprotected hclasses hunder hECOA hAND hFair hHousing hAct? h- hcorrect
hanswer.- hSex

- hColor
- hNational horigin
- hRace
hReligion




What hare hthe hprotected hclasses hthat hare hunder hECOA hbut hNOT hFair hHousing hAct? h-
hcorrect hanswer.- hMaritial hstatus

- hAge
- hPublic hassistance

What hare hthe hprotected hclasses hthat hare hunder hFair hHousing hAct hbut hNOT hECOA? h-
hcorrect hanswer.- hFamilial hstatus

- hDisability

What hthings hare hNOT hincluded hin hthe hAPR? h- hcorrect hanswer.- hTitle hinsurance
- hEscrow
- hNotary hfee
- hAppraisal
- hCredit hreport hfee
- hTermite hinspection hfee
- hSeller hcredits

What hmakes ha hmortgage ha hqualified hmortgage? h(Rules hof h3s) h- hcorrect hanswer.- hThe
hpoint hand hfees hof hthe hmortgage hcannot hexceed h3%

- hThe hback hend hratio hcannot hexceed h43%
- hThe hprepayment hpenalty his hlimited hto hthe hfirst h3 hyear
- hNo hterms hover h30 hyears hallowed
- hNo htoxic hfeatures: hno hballoon hpayments, hno hinterest honly hterms, hno hnegative
hamortization

- hQualified hmortgages hhas hATR

What hdocuments hmust hyou hkeep hfor h5 hyears? h- hcorrect hanswer.Suspicious hActivity
hReport h(SAR) hand hClosing hdisclosure h(CD)




What hdocuments hmust hyou hkeep hfor h3 hyears? h- hcorrect hanswer.- hLoan hApplication
hRegister h(LAR)

- hLoan hEstimate h(LE)
- hLine hof hCredit h(LOC)

What hdocuments hmust hyou hkeep hfor h2 hyears? h- hcorrect hanswer.everything hthats hnot h5
hor h3




What hdocuments hmust hyou hkeep hfor h25 hmonths? h- hcorrect hanswer.ECOA

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