100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
NMLS Exam Questions And Correct Answers 100% Verified. $11.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. NMLS
  4.  
  5. NMLS

Exam (elaborations)

NMLS Exam Questions And Correct Answers 100% Verified.
 0 purchase

NMLS Exam Questions And Correct Answers 100% Verified. An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors - AnswerB. Prevent escrow overages The dis...

[Show more]

Preview 3 out of 18  pages

Document information

  • January 21, 2025
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nmls exam questions and correct answers 100 verif

Written for

All documents for this subject (1502)

Seller

avatar-seller
TheStar

Reviews received

Content preview

©THESTAR 2024/2025 ALL RIGHTS RESERVED.



NMLS Exam Questions And Correct
Answers 100% Verified.


An annual escrow analysis is used to do which of the following?


A. Ensure the loan is properly amortized
B. Prevent escrow overages
C. Reduce burden on the servicer

D. Report underwriting errors - Answer✔B. Prevent escrow overages
The disclosure requirements of RESPA would apply to which of the following loans?


A. A loan to purchase 75 acres of land
B. A farm loan
C. A loan to purchase a property that includes a gas station and convenience store

D. A loan to purchase a duplex and rehabilitate it into a single family dwelling - Answer✔D. A
loan to purchase a duplex and rehabilitate it into a single family dwelling
According to fair lending laws, which of the following may loan applicants be asked to disclose
for HMDA data collection purposes?


A. If they plan to have more than one child
B. If they will stop working once they have children
C. Their religion

D. Their race - Answer✔D. Their race
A customer with an excellent credit score submits a loan application. When does ECOA require
that the applicant be advised of the status of the application?




1|Page

, ©THESTAR 2024/2025 ALL RIGHTS RESERVED.

A. Within 30 days
B. Within 90 days
C. Within three days

D. Within one week - Answer✔A. Within 30 days
The amount of the down payment, the amount of the finance charge, or the number of
payments needed are all examples of _______________ under TILA.


A. Components of the finance charge
B. Trigger terms
C. Prohibited disclosures

D. Components of the APR - Answer✔B. Trigger terms
Which of the following is not included in calculating the APR?


A. Discount points
B. Underwriting fees
C. PMI

D. Escrow fees - Answer✔D. Escrow fees
A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal
residence. His rescission period is over at midnight on Friday. According to the provisions
specified under federal law, what is the first possible day the loan could fund?


A. Monday, the following week
B. Friday
C. Saturday

D. Tuesday - Answer✔C. Saturday
The mandatory waiting period between issuance of disclosures and consummation may be
waived:
A. Using a pre-printed form from the lender
B. If the loan is a qualified mortgage
C. If the consumer requests a waiver due to a bona fide financial emergency

2|Page

, ©THESTAR 2024/2025 ALL RIGHTS RESERVED.

D. If the loan originator waives it for the consumer - Answer✔C. If the consumer requests a
waiver due to a bona fide financial emergency
If a creditor denies an application for a first lien mortgage, a copy of the appraisal:
A. Must be provided within 30 days of the decision to deny
B. Is not required to be provided to the consumer
C. Is not required to be provided unless requested in writing

D. Must be included with the notice of adverse action - Answer✔A. Must be provided within 30
days of the decision to deny
HOEPA would not apply to:
A. A bridge loan to finance construction
B. A purchase money mortgage loan
C. An adjustable-rate mortgage loan

D. A closed-end home equity loan - Answer✔A. A bridge loan to finance construction
HOEPA was enacted as a part of:
A. ECOA
B. HMDA
C. TILA

D. RESPA - Answer✔C. TILA
Closed-end loans with rates that exceed the average prime offer rate, but are not high enough
to trigger protections under HOEPA, are known as:
A. Subprime mortgage loans
B. Reverse mortgages
C. Higher-priced mortgage loans

D. Qualified high-cost mortgages - Answer✔C. Higher-priced mortgage loans
This Rule applies to commercial communications used to market mortgage loan products and
services to consumers.
A. MAP Rule
B. RESPA Rule
C. Truth in Advertising Rule


3|Page

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 TheStar. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

71851 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

MH701 Final Review exam(206 exam questions and answers)

Exam (elaborations) ·

(0)

2023 ATI COMPREHENSIVE PN 2 EXAM 2 WEEK 7 STUDY GUIDE

Summary ·

(1)

Samenvatting Procesmanagement (bedrijfskunde 1ste jaar)

Exam (elaborations) ·

(0)

DaVita PCT Test Questions and Answers Top Graded 2024

Summary ·

(0)

EL DEPARTAMENTO DE OPERACIONES EN COMERCIO ELECTRÓNICO

Exam (elaborations) ·

(0)

chem 209 quiz 3 Questions and Answers(A+ Solution guide)

Exam (elaborations) ·

(0)

CRIMINAL INVESTIGATION FINAL EXAM SOLVED 2023-2024 #19

Essay ·

(0)

Analyse facilitaire organisatie - Deel 4 advies ABN AMRO
$11.49
  • (0)
Add to cart
Added