Truth in lending act tila - Study guides, Class notes & Summaries

NMLS Safe Test Mortgage Licensing Practice Exam Q's with Complete Solutions 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? TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, r...

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the application, ...

HMO plans require the enrollee to: - To have referrals to see a specialist that is generated by the patient's PCP What are PPOs (preferred provider organizations)? - Organizations in which medical professionals and facilities provide services to subscribed clients at reduced rates. What is a covered entity? - Health plans, clearinghouses, and any entity transmitting health information is considered to be as is stated by the Privacy Rule. What are the three steps to be taken when there is a br...

NMLS Practice Test Hard Questions with Verified 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 A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The b...

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it - A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the applicatio...

MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS What does RESPA stand for? - correct answer The Real Estate Settlement Procedures Act (Regulation X) What does ECOA stand for? - correct answer Equal Credit Opportunity Act (Regulation B) What does TILA stand for? - correct answer Truth In Lending Act (Regulation Z) What does TRID stand for? - correct answer TILA-RESPA Integrated Disclosure Rule (a.k.a. "Know Before You Owe") What does CFPB stand for? - correct answer ...

NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED Where credit institutions originate loans Primary Mortgage Market When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan C. The maximum the rate can increase over the life of the loan When utilizing a temporary ...

What does RESPA stand for? - The Real Estate Settlement Procedures Act (Regulation X) What does ECOA stand for? - Equal Credit Opportunity Act (Regulation B) What does TILA stand for? - Truth In Lending Act (Regulation Z) What does TRID stand for? - TILA-RESPA Integrated Disclosure Rule (a.k.a. "Know Before You Owe") What does CFPB stand for? - Consumer Financial Protection Bureau What does NMLS stand for? - Nationwide Mortgage Licensing System and Registry What is SAFE and UST? - Secure...

NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Disabled ...

What authority originates from the U.S. Constitution and relates to protection of health and welfare of citizens at local levels? A) Situs B) Community protection power C) Escheat D) Police power - D) Police power Police power - The authority of government to protect the property, life, health, and welfare of its citizens. Situs refers to prospective buyers' preference for a certain area. Escheat provides for a government, normally a state government, to take the property of an ow...