FINANCE MISC (FINANCEMISC)
Irvine Valley College
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Summary 20 Hour SAFE: Applying Mortgage Knowledge to Exam Preparation/ NMLS SAFE Exam.
- Other • 14 pages • 2023
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- $8.49
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20 Hour SAFE: Applying Mortgage Knowledge to Exam Preparation/ NMLS SAFE Exam. The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $5,000 and up to one year in prison b. Fines of up to $10,000 and up to one year in prison c. Fines of up to $10,000 and up to three years in prison d. Fines of up to $20,000 and up to one year in prison An annual escrow analysis is used to do which of the following? a. Report underwriting errors b. Prevent escrow overages c. Ensure t...
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NMLS TEST QUESTIONS
- Exam (elaborations) • 23 pages • 2022
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Term: 
Whish type of loan processing woul 
include only an appraisal and a crdit 
score? 
Definition: 
No documentation 
Term: 
APR consists of 
Definition: 
the closign costs financed into the 
balance of the loan in an interest rate 
form 
Term: 
The HUD-1A settlement statement is 
designed for use when? 
Definition: 
no seller is involved in the transaction 
Term: 
A loan calls for payments if 2000 a 
month for the first 60 months and then 
go up to 2300 a month for the 
remainder of the 30 y...
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NMLS Practice Questions A+GRADED EXPLAINED
- Exam (elaborations) • 23 pages • 2022
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Term: 
What is redlining? 
Definition: 
Refusing to lend to a specific 
neighborhood 
Term: 
Borrower has a right to recieve 
apprasial within how many days? 
Definition: 
30 
Term: 
A GFE contains? 
Definition: 
estimated closing costs
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NMLS TEST QUESTIONS Latest 2022 complete questions & answers
- Exam (elaborations) • 9 pages • 2022
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- $7.99
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Quiz Questions 
Module 1 
1. 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? 
a. Within 30 days 
i. Page 250 under “Disclosure Terms” 
2. The penalties for paying or accepting an illegal referral fee are: 
a. Fines of up to $10,000 and up to one year in prison 
i. As previously mentioned, RESPA and Regulation X are intended to keep 
consumers informed of settlement costs and to preve...
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NMLS TEST QUESTIONS.
- Exam (elaborations) • 9 pages • 2022
-
- $8.49
- + learn more
Quiz Questions 
Module 1 
1. 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? 
a. Within 30 days 
i. Page 250 under “Disclosure Terms” 
2. The penalties for paying or accepting an illegal referral fee are: 
a. Fines of up to $10,000 and up to one year in prison 
i. As previously mentioned, RESPA and Regulation X are intended to keep 
consumers informed of settlement costs and to preve...
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