Nmls loan officer Study guides, Class notes & Summaries

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers 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? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...

e registry form that must be used for branch office is the: MU3 The registry that must be used for a non-licensed control person is the: MU2 When would a person convicted of arson not be eligible for licensure? For a least 15 years from the trigger date. A mortgage lender without a servicing endorsement requires a net worth of: 63,000.00 A mortgage lender without a servicing endorsement may only service a loan for: 6 months A branch manager of a mortgage b...

AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instutions every... 5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financial industry to serve 5 years of experience within 15 years prior to appointmen...

What is the regulatory authority in the state of Florida and what is it responsible for? The OFR ( The Office of Financial Regulation) AKA The Office. They are responsible for overseeing banks, credit unions, savings associations, etc. also licenses and regulates non-depository finance entities. Who is the head of the OFR and the Office of Insurance Regulation. Who is involved? The Financial Services Commission (The Commission) Members that make up The Commission include: The Governo...

e registry form that must be used for branch office is the: MU3 The registry that must be used for a non-licensed control person is the: MU2 When would a person convicted of arson not be eligible for licensure? For a least 15 years from the trigger date. A mortgage lender without a servicing endorsement requires a net worth of: 63,000.00 A mortgage lender without a servicing endorsement may only service a loan for: 6 months A branch manager of a mortgage b...

NMLS EXAM REVIEW QUESTIONS & ANSWERS, The Department of Financial Services (DFS) is divided into three divisions? - -Division of Consumer Services, Office of Fiscal Integrity, Division of Treasury What is Financial Services Commission also known as? - -The Commission What is the commission composed of? - -The Governor, the attorney general, the chief financial officer, the commissioner of agriculture Which rules do the commission adopt? - -69V-40 What is the Florida Office of Financia...

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers 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? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...

NMLS Final Exam Questions with Correct A Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - Answer-C. Gramm-Leach-Bliley Act Which do...

AZ NMLS TEST QUESTIONS WITH CORRECT ANSWERS Arizona Department of Financial Institutions regulates: CORRECT ANSWER brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instructions every... CORRECT ANSWER 5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ CORRECT ANSWER Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financial industry to serve CORRECT ANSWER 5...

NMLS Test Questions and Answers All C The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...