Nmls exam 2024 Study guides, Class notes & Summaries

NMLS EXAM 2024 GUIDE

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, the lender must notify the applicant in w...

NMLS EXAM 2021 QUESTIONS AND 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 - answerAn 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 le...

NMLS exam 2024 with 100% correct answers A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure - correct answer A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The ...

NMLS EXAM 2024 GUIDE

NMLS MLO EXAM 2024 WITH 100% CORRECT ANSWERS What must a borrower do to avoid having late payments reported to a credit bureau? - correct answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - correct answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - correct answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan...

MLO SAFE NMLS SAFE EXAM 2024 WITH 100% CORRECT ANSWERS 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 __________________________. - correct answer Predatory Lending. RESPA-Real Estate Settlement Procedures Act - correct answer The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - cor...

NMLS Safe Test Mortgage Licensing Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version

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