Exam (elaborations)
NMLS QUESTIONS LATEST WITH DETAILED VERIFIED CORRECT ANSWERS
NMLS QUESTIONS LATEST WITH DETAILED VERIFIED CORRECT ANSWERS
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NMLS QUESTIONS LATEST WITH DETAILEDVERIFIED CORRECT ANSWERS
Consummation occurs when:
Consumer becomes contractually obligated to the creditor
An objective of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is to
Eliminate unfair practices relating to compensation paid to mortgage loan originators.
Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry.
Max Mortgage can call Ike
Indefinitely
TILA
Which law requires lenders to disclose consumer credit costs related to adjustable rate
mortgages?
Dodd-Frank Act
Which act transferred responsibility for rulemaking and enforcement of identity theft red flag
rules to the SEC and CFTC for the entities they regulate?
On the Loan Estimate, charges for loan origination services are
summarized.
Truth in Lending Act (TILA)
Loan Originator Compensation Requirements is a set of amendments to which federal Act?
note rate.
The interest rate stated on the financing instrument is the
One of the purposes of the Qualified Mortgage (QM) definition is to
, prohibit or limit certain high-risk mortgage products and features.
FHA and VA
Which two types of loan programs are considered traditional government agency-backed
products?
Subprime loans are
loans with a generally higher interest rate than conventional loans.
The Federal Housing Administration (FHA)
insures mortgage lenders against default.
Funds for FHA loans are provided by
qualified lending institutions.
mortgage banker
Which type of entity originates mortgages using a line of credit, WITHOUT any depositors'
funds, and services the loans until a pool of loans can be sold?
Red Flag Rules
Walter has been assigned the task of developing an identity theft prevention program for the
owner of a new mortgage brokerage company. Compliance with which of the following requires
the development and implementation of an identity theft program?
A Home Ownership and Equity Protection Act (HOEPA) loan is triggered when the total points
and fees paid by the consumer exceed the larger of $______, for 2014, or 8% of the loan
amount. (These figures are adjusted annually).
$1000
The Real Estate Settlement Procedures Act of 1974 includes all of the following provisions
EXCEPT
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