Charm booklet - Study guides, Class notes & Summaries

NMLS TERMS WITH COMPLETE SOLUTION Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay the entire loan upon the first instance of borrower default Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest rate periodically adjusts up or down according to a specific index and pre-determined margin. ARM transactions require the creditor to provide borrowers with a special ARM disclosure as well as a CHARM booklet Adj...

URAR is the acronym for: 1. Uniform Residential Appraisal Report 2. Uniform Real Estate Appraisal Report 3. Universal Residential Appraisal Report - ANSWER-Correct answer is: 1 Uniform Residential Appraisal Report PR is the generally accepted acronym for: 1. Premium Title Report 2. Present Time Reclamation Association 3. Preliminary Title Report 4. Preliminary Tax Report - ANSWER-Correct answer is: 3 Preliminary Title Report PMI is the acronym for : 1. Preliminary Mortgage Invest...

The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1. Price fixing 2. Redlining 3. Steering 4. Blockbusting 4. Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet 1.CHARM Booklet How many days ...

Module 1: Federal Mortgage-Related Laws question n answers graded A+ 2023What are the penalties for violation of RESPA/Section - correct answer Prohibits referral fees and other forms of kickbacks/fee splitting Penalties include fines of up to $10,000 and up to one year in prison Disclosures due within three business day of application - correct answer - Loan Estimate - Your Home Loan Toolkit - CHARM Booklet - Variable-rate program disclosures - Home equity plan disclosures - Notice ...

ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate Settlement Procedures Act TIL/TILA - REG Z Truth in Lending Act (2015) Deals with: (Of Consumer Loans) Credit ...

NMLS TERMS WITH COMPLETE SOLUTION Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay the entire loan upon the first instance of borrower default Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest rate periodically adjusts up or down according to a specific index and pre-determined margin. ARM transactions require the creditor to provide borrowers with a special ARM disclosure as well as a CHARM booklet Adj...

The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1. Price fixing 2. Redlining 3. Steering 4. Blockbusting 4. Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet 1.CHARM Booklet How many days ...

TIL/TILA Regulation Z Regulates APR, Advertising, Rescission, 3/7/3 Rule. Disclosures required: Truth in Lending, ARM, CHARM booklet (Consumer Handbook on Adjustable Rate Mortgage), when your home is on the line booklet. Disclosure must be sent if APR changes by more than 0.125 on fixed or 0.25 on ARM. Disclosure must be retained by lender for 2 years. CD must be kept for 5 years. Triggering Term Under TILA, anything in an advertisement that has a number. Amount of down payment, amount...

NMLS License TEST Questions and Answers Rated A. Graded A+ Document Content and Description Below NMLS License TEST Questions and Answers Rated A The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nick named: 1. Price fixing 2. Redlining 3. Steering 4. Blockbusting 4. Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet y...

Section 32 of TILA Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds Section 10 of RESPA 1) Includes provisions so that the borrower is informed about the amounts taken for an escrow account and also protects the borrower from being overcharged by requiring an escrow amount analysis 2) Refunds of over $50 must ...