NMLS

NMLS test 100% Correct Solved How long should you keep mortgage loan records under ECOA? - Correct Answer️️ - 25 months How long is the Do Not Call Registry good? - Correct Answer️️ -When the number is disconnected, reassigned, or when the consumer chooses to remove it How many months cushion are allowed under the escrow account rules? - Correct Answer️️ -2 months cushion When are escrow accounts reviewed and what amount of overage could cause a refund to the borrower? - Corr...

NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER The preferred debt-to-income ratio for applicants for VA loans is: - 35% - 43% - 50% - 41% - Correct Answer️️ -41% When would a license be suspended without a hearing? - If a licensee fails to renew - If a licensee fails to request a hearing with the state regulator - If a licensee has failed to complete pre-licensing requirements - If a licensee has already executed a right to a hearing for a previous violation - Correct Answer...

NMLS Test 100% Correct Solved If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Correct Answer️️ -Value What law allows the borrower to challenge the value stated in the appraisal? - Correct Answer️️ -ECOA (Reg B), Equal Credit Opport...

Mortgage NMLS Exam Questions and Answers 100% Pass Annual Percentage Rate (APR) - Correct Answer️️ -Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Correct Answer️️ -Process whereby a seller delivers ownership rights in real property to the buyer. May also describe the completion of the loan process where the bo...

NMLS Test Questions and Answers All C The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...

NMLS Study Questions with All Correct A State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. -In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination Regulatory power - Answer-- Requirement of state licensing and registration. -Investigatory authority. -State regulator gra...

NMLS Study Guide Questions with Correct A The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. Define "mortgage broke...

NMLS Practice Test Hard Questions and A A discount point is BEST described as a charge the borrower pays to: A.)A lender to decrease the interest rate on the mortgage loan B.)A mortgage broker at the time of application to obtain a favorable rate C.)The seller as part of the closing costs of a loan D.)A lender to ensure against foreclosure - Answer-A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The buyer pays an ad...

NMLS Practice Questions with Correct A 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? - Answer-Saturday The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of under TILA. - Answer-Trigger Terms Which of the follow...

NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - Answer-TAXES AND INSURANCE in a qualification of an applica...