NMLS

NMLS Exam Questions with Verified Answers (100% Guaranteed Pass) Which of the following pieces of information is NOT found on the 1003? - Answer-underwriters name Which of the following federal regulations prohibits discrimination based on race, color, religion, sex, marital status, or national origin in a credit transaction? - Answer-ECOA According to the standard deed of trust, how soon must a borrower on an owner-occupied loan occupy the property? - Answer-within 60 days of closing ...

NMLS Exam Questions with verified Answers (Graded A+) One of the many tasks of the Consumer Financial Protection Bureau (CFPB) is to - Answer-ensure borrowers understand the fine print that explains the risks involved in using financial services The main purpose of Regulation V is to - Answer-create reasonable procedures about confidentiality and accuracy of credit consumer information. When disclosing the amount of premium for title insurance: - Answer-The creditor must disclose the am...

NMLS Exam Review Questions with Correct Answers RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something of value - Answer-A kickback is generally defined as providing ____________ ____ ________ to a third-party in return for a referral, customer, or bu...

NMLS Exam Study Guide Exam Questions and Answers Which of the following is not considered one of the six essential pieces of information constituting an application under RESPA? - Answer-Loan program According to RESPA, when would fee splitting be allowed? - Answer-If all parties render a service A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring ...

NMLS Exam Study Guide: RESPA Exam Questions with Correct Answers Thing of Value - Answer-A __________ may include gift cards, sports tickets, advertising space, marketing material bearing a real etate agent's information to give to his/her client, etc. True (Promotional items with the company logo are permitted to be given) - Answer-True or False: Promotional items with the company logo are permitted to be given. Regulation X - Answer-What regulation is RESPA? RESPA (Regulation X) -...

NMLS Final Exam Questions and Answers (100% Pass)

NMLS Final Exam Questions and Answers Latest XYZ Mortgage Company just mailed a closing disclosure to a consumer. The waiting period prior to closing will begin: a. The third business day after the closing disclosure is mailed b. The day on which the company received a completed, signed loan application c. On the date that the closing disclosure is mailed d. The next business day in which the closing disclosure is mailed - Answer-The third business day after the closing disclosure is mai...

NMLS KEY WORDS SAFE EXAM QUESTIONS WITH CORRECT ANSWERS

NMLS Laws and Regulations Exam Questions with Complete Solutions RESPA - Answer-Real Estate Settlement Procedures Act What does RESPA do? - Answer-•Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates kickbacks and referral fees (section 8) • Establishes rules for escrow What Regulation is RESPA? - Answer-Reg X (X-ray of my RESPAtory system) Who oversees RESPA? - Answer-(CFPB) Consumer Fin...

NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass)