Aarmr - Study guides, Class notes & Summaries

SAFE Act and CSBS/AARMR Model State Law questions with correct answers

MLO SAFE Test 2024 (Michigan) | Latest Update | 2024/2025 | Already Passed 10th Amendment - The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people. 203(b) - Fixed Rate Mortgages - 15, 20, 25, or 30 year term 203(k) - Rehab and Repair - Used for repairing the property 204(g) - Good Neighbor Next Door (GNND) - 50% discount for law enforcement, teachers, firefighters, or emerge...

SAFE MLO Exam 2021(UPDATED) Question and answers rated A+ AARMR stands for - correct answer American Association of Residential Mortgage Regulations AML - correct answer Anti-Money Laundering Blockbusting - correct answer Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R - correct answer covenants, ...

Under the S.A.F.E. Act, a loan originator: A. Is an individual who takes residential mortgage loan applications for compensation B. Is any individual who takes loan applications secured by real property for compensation C. Is any person who takes loan applications secured by real property D. Can be an individual or a business entity - A. Is an individual who takes residential mortgage loan applications for compensation The S.A.F.E. Act defines a mortgage loan originator as an individual w...

________ are non-conforming loans because they exceed the FNMA loan limit of $____________ - Jumbo loans, $417,000 ________ backs all government loans (FHA, VA, USDA) - Government National Mortgage Association (Ginnie Mae/GNMA) ________ loans are loans that 'conform' to FNMA, FHLMC standards - Conforming A borrower must make a 10% down payment on a purchase transaction to qualify for the loan. The borrower made a $1,000 good faith deposit at the time of acceptance of the offer to purchas...

AARMR stands for - American Association of Residential Mortgage Regulations AML - Anti-Money Laundering Blockbusting - Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R - covenants, conditions, and restrictions CFPB - The Consumer Financial Protective Bureau - an independent federal agency that holds pr...

SAFE Exam Questions & Answers 2023/2024 CSBS - ANSWER-Conference of State Bank Supervisors AARMR - ANSWER-American Association of Mortgage Regulators Deals with depository institutions Not required to license, must register with NMLS No education requirement - ANSWER-Regulation G Non-despository institutions Licensing and education requirements Independent contractors - ANSWER-Regulation H MU1 - ANSWER-Company Form MU2 - ANSWER-Responsible individual MU3 - ANSWER-Branc...

NMLS EXAM 1: Questions and answers, VERIFIED/ 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - -B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA - -A. S.A.F.E --The comple...

1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - Answer-B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA - Answer-A. S.A.F.E --The complete name of which is the Secure and ...

NMLS EXAM 2021 Questions with Correct Answers Fraud for money Laundering - Answer--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - Answer-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an ap...