Hoepa is also known as - Study guides, Class notes & Summaries

NMLS 2023 Exam Questions and Answers All Correct (1).docx An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors - Answer-B. Prevent escrow overages The disclosure requirements of RESPA would apply to which of the following loans? A. A loan to purchase 75 acres of land B. A farm loan C. A loan to purchase a property that includes a gas station a...

Prepxl Practice test 4, Questions and answers/ VERIFIED/ If a borrower is required to pay alimony or child support, it must be included as a(n): - Asset - Liability - Qualifier - Mitigating circumstance - -Liability. Alimony and child support must be included in a borrower's liabilities if they are required to pay. A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the perceived creditworthiness of consumers living in the area is in violation...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

NMLS Final Exam Questions and Answers (100% Pass) Which is NOT under the responsibility of and enforced by the Consumer Financial Protection Bureau (CFPB)? - Answer-Federal Fair Housing Act Which of the following is considered a triggering event? - Answer-Termination of mortgage insurance Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry. Max Mortgage can call Ike - Answer-indefinitely. Who manages the National Do Not Call Registry? - Answer-Fe...

HUD Housing Counselor Module 4.1 & 4.2 | 100% Correct Answers A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - Answer️️ -Federal Housing Administration (FHA) Which is the most significant benefit of using a real estate agent? - Marketing the home online - Obtaining a home inspection ...

MLO SAFE NMLS safe test practice questions and answers 100% pass Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring h...

The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. - Answer- According the Mortgage Disclosure Improvement Act, a higher-priced loan is a loan secured by the borrower's principal dwelling where the APR exceeds the applicable average prime offer rate by at least - Answer-1.5 percentage points for...

NMLS EXAM 2021 Questions with Correct A 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 applicant,...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring home buyers to purchase title insurance from a particular co...