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MLO SAFE NMLS safe test practice questions 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 Answer️️ - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - Correct Answer️️ -The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's...

NMLS Ethics Test Questions and Answers All C When ordering an appraisal, it is illegal to... - Answer-Request that the appraiser return a minimum or specific value. You Mortgage professionals are permitted to communicate their own or the borrower's opinion when order an appraisal; however, requesting a specific or minimum value is considered improper influence of an appraiser and is a serious ethical/legal violation. Borrower credit it - Answer-An amount paid by the lender to a third pa...

FEDERAL MORTGAGE-RELATED LAWS QUESTIONS and 100% correct answers graded A+ 2023 A lender has how many business days to notify the borrower of an underwriting decision? - correct answer The Equal Credit Opportunity Act requires that any decision be communicated to the applicant within 30 days. According to the Truth in Lending Act, which loan type includes the right to rescind? - correct answer Under the Truth in Lending Act, consumers have the right to rescind any credit transaction involvin...

HUD Housing Counselor Module 4.1 & 4.2 | 100% Correct Answers A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - Answer️️ -Federal Housing Administration (FHA) Which is the most significant benefit of using a real estate agent? - Marketing the home online - Obtaining a home inspection ...

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE MUST NOT MISS  FEDERAL MORTGAGE RELATED LAW  UNIFORM STATE CONTENT  GENERAL MORTGAGE LAW  MORTGAGE LOAN ORIGINATION  ETHICS An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer ...

1) The purpose of the Equal Credit Opportunity Act (ECOA) is which of the following: A. To protect the credit history of consumers. B. To minimize discrimination in the obtaining of credit. C. To ensure that all consumers have an equal opportunity to obtain credit. D. To help consumers fight the growing crime of identity theft. - ANSWER-The correct answer is C.This is the purpose of ECOA. ECOA is also known as which of the following: A. Regulation B. B. Regulation C. C. Regulation ...

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 __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? - United States Department of Agriculture (USDA) - Federal Housing Administration (FHA) - Fannie Mae - Freddie Mac - Answer- Federal Housing Administration (FHA) Which is the most significant benefit of using a real estate agent? - Marketing the home online - Obtaining a home inspection - Paying the sales commission - Negotiating the sale - Answer- N...

NMLS SAFE ACT MLO Exam - Federal Law Question with complete solution 2023If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for thre...

MLO SAFE NMLS safe test practice questions and answers 100% pass Document Content and Description Below MLO SAFE NMLS safe test practice questions and answers 100% pass 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 __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settl...