Aarmr - Study guides, Class notes & Summaries

SAFE Act/ Uniform State Test (UST) Latest Update Graded A+ SAFE Act purpose is to create uniform regulation of mortgage loan originators in every state Secure and Fair Enforcement for Mortgage Licensing Act of 2008 SAFE Act Regulation H for state licensed Regulation G for Federal Depository Institutions Before the crash of 2007, there was very little regulation of... Loan Originators HERA was created... The Housing and Economic Recovery Act was created to regulate those who ori...

SAFE Exam Test With 100% Correct And Verified Answers Title X - Correct Answer-Created the CFPB IN 2011 A part of the Dodd Frank Act Dodd-Frank Wall Street Reform Act - Correct Answer-July 2010 Created to promote financial stability Created two titles- Title X and Title XIV CFPB - Correct Answer-Consumer financial protection bureau Created by Title X, under the Dodd Frank act Government entity that regulates laws and regulations 2010 Protects consumers from abusive practices ...

Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

From the first implementation of the licensing requirements of the SAFE Act up through March 31, 2013, becoming a state licensed mortgage loan originator required the applicant to take at least two examinations - ANSWERNational Exam and State exam The Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR) and NMLS began working toward a revisionto the system whereby - ANSWERone test could cover both the national and the state licensing...

NMLS Complete Study Questions 2024. 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...

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 1 Questions with solutions 2024 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA A. S.A.F.E --The complete na...

NMLS QUIZ 2024 QUESTIONS & VERIFIED ANSWERS GRADED A+ Sample Question & Answer: American Association of Residential Mortgage Regulators (AARMR): - Answer - A national association of individuals who are charged with administering and regulating various aspects of residential mortgage lending. It played a major role in the formation of the NMLS-R and in the drafting of the model licensing law.

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 ...

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...