Nmls exam 2022 Study guides, Class notes & Summaries

NMLS SAFE EXAM 2022

NMLS Exam Study Guide Questions 2022/2023 | Consisting Of 220 Questions With Verified Answers From Experts

NMLS Exam Study Guide Questions 2022/2023 | Consisting Of 220 Questions With Verified Answers From Experts

NMLS EXAM 2022 | 237 QUESTIONS AND ANSWERS

Fraud for money Laundering Correct 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 Correct 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, the lender must notify th...

NMLS SAFE EXAM 2022 What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER- LTV stands for - ANSWER-Loan to Value Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - ...

NMLS Exam Study Guide Questions 2022/2023 | Consisting Of 220 Questions With Verified Answers From Experts

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

NMLS Exam Study Guide Questions 2022/2023 | Consisting Of 220 Questions With Verified Answers From Experts