A mortgage lo - Study guides, Class notes & Summaries

Minnesota Exam Prep Questions and Answers Rated A+ The state agency responsible for the business activities of Minnesota mortgage professionals Minnesota Department of Commerce Office that the Minnesota Dept of Commerce is located within Secretary of State With the passing of the SAFE Act DOC shares mortgage lending Licensing authority with whom? NMLS Who is the NMLS operated by State Regulatory Registry, LLC Who heads the DOC? Commissioner Regulates the activities of mort...

"Integration" is - depositing cahs and then using that cahs to purchase real estate folowed by using that real estate as collateral on a loan which is paid back with large cash payments "Placement" is - the process of introducing unlawful proceeds into the financial system a 100k loan has a 7.5% payment cap and a current monthly payment of 1k At the next adjustment payment could not be increased more than - 1075% bc the 7.5% cap is on the payment not the mortgage a 2/1 buydown - reduce...

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers Which of the following would be ways that Fannie Mae impacts the primary mortgage market? a. it ultimately serves to provide additional funds for the primary market b. it influences lenders' standards for making mortgage loans c. both d. none - Answer-c. Fannie Mae buys mortgages in the secondary mortgage market which makes more funds available to lenders to make loans in the primary market. It also sets standards for th...

SAFE Act/ Uniform State Test (UST) Latest Update Graded A+ SAFE Act purpose is to create uniform regulation of mortgage loan originators in every state Secure and Fair Enforcement for Mortgage Licensing Act of 2008 SAFE Act Regulation H for state licensed Regulation G for Federal Depository Institutions Before the crash of 2007, there was very little regulation of... Loan Originators HERA was created... The Housing and Economic Recovery Act was created to regulate those who ori...

Practice NMLS test - 20 Hour Safe, Exam Review Questions and answers, VERIFIED/ An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - -d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end...

5 rights under FACRA - 1. Right to adverse action notice 2. Free copy of credit report 3. Request credit score 4. The right to dispute incomplete or inaccurate information 5. Limit prescreened offers A registered LO means any individual who is an employee of ... - *a depository institution *A subsidiary that is- *owned and controlled by a depository institution and *regulated by a Federal Banking agency;or *An institution regulated by the Farm Credit Administration *And is registered and ...

The economic characteristics of land are - correct answer scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - correct answer are of indeterminable duration An easement can be terminated by - correct answer merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - correct answer Rectangular survey Tenants are still in their rental property even though thei...

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers In order to become a state licensed LO, the applicant must complete how many hours of prelicense education courses within 30 days of the end of the fiscal quarter a. 45 b. 30 c. 25 d. 20 - Answer-d A lender which will make mortgage loans to customers, but will immediately sell each of their loans to a larger lender (under a contract relationship) is called a: a. Wholesale lender b. Retail lender c. Correspondent l...

SAFE Exam Study Guide (Vocab) With 100% Complete Solution Traditional Mortgage - Correct Answer-30 year fixed rate (mortgage) Balloon Payment - Correct Answer-A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. Federal Deposit Insurance Corporation - Correct Answer-Created to protect borrowers deposits Federal Housing Administration - Correct Answer-Created to reassure lenders in cases of ...

Copyright © John Wiley & Sons, Inc. Solutions Manual (For Instructor Use Only) 1 CHAPTER 1 Introduction to Financial Statements Learning Objectives 1. Identify the forms of business organization and the uses of accounting information. 2. Explain the three principal types of business activity. 3. Describe the four financial statements and how they are prepared. *4. Explain the career opportunities in accounting. ANSWERS TO QUESTIONS 1. The three basic forms of business organizations are...