Nmls exam b Study guides, Class notes & Summaries

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 WITH CORRECT ANSWERS 2024. Primary Mortgage Market - correct answer Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - correct answer 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...

NMLS Practice Exam Questions and Answers 100% Correct NMLS Practice Exam Questions and Answers 100% Correct NMLS Practice Exam Questions and Answers 100% Correct A person wanting a loan originator license in four states - ANSWER-must pass the state component of the license test in each state. The correct answer is B. A person can be licensed in all of the states, provided he is employed by the same employer in all the state. His NMLS-approved education need only be taken once. The test...

NMLS SAFE ACT MLO Exam - Ethics and Fraud Questions and Answers Already Passed A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower...

NMLS S.A.F.E. Exam 7 Questions & Answers 2023/2024 Loans are purchased as investments in the: A. Secondary mortgage market B. Primary mortgage market C. Reverse mortgage market D. Subprime mortgage market - ANSWER-A. Secondary mortgage market The acronym "CHARM" stands for: A. Cost Handbook for Adjustable-Rate Mortgages B. Credit History on Adjustable-Rate Mortgages C. Consumer Handbook on Adjustable-Rate Mortgages D. Customer Highlights for Adjustable-Rate Mortgages - ANSW...

NMLS SAFE ACT MLO Exam - Ethics And Fraud Study Guide Questions 2024. A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower's right to ca...

NMLS Verified Exam Questions & Answers 2024. The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - correct answer D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - correct answer B...

NMLS Practice Exam Questions and Answers RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a)...

NMLS S.A.F.E Exam Practice Questions Correctly Answered 2024. Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act - correct answer a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtai...

Real Estate: Practice Questions and Answers 100% Pass A broker obtained an offer with a deposit from a buyer on June 10, 2008, which states that the offer was irrevocable for five days from date. There had been no acceptance by the next day when the buyer called and revoked his offer. The broker should: get an acceptance by June 15th. get an acceptance by June 16th. return the deposit to the buyer. place the deposit in escrow. return the deposit to the buyer. Informing a person th...