Nmls safe exam 2023 - Study guides, Class notes & Summaries

NMLS SAFE EXAM 2023 Graded A+

NMLS SAFE EXAM 2022-2023 With complete Solutions What does TILA stand for? What is a HELOC loan? What is a REFI loan? LTV stands for Define PMI and state what the acronym stands for. Define one time variable funding fee and people in what situations is it waived for?. USDA loans are also called what? Define MIP Define APR Define APOR Define HPML When is a loan considered to be a section 35 loan? (High price mortgage loan) What requirements are placed on section 35...

NMLS SAFE EXAM 2023 Graded A+

NMLS SAFE EXAM 2023 Graded A+

NMLS SAFE EXAM 2022/2023 question already solved 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 ...

Primary Mortgage Market Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan 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 B. The borrower qualified at the buydown rate When utilizing a temporary bu...

Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - 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 B. The borrower qualified at the buydown rate - ANSWER-When utilizi...

NMLS SAFE 2023 National Exam Questions and Answers Latest (2023 / 2024) (Verified Answers)

RESPA - ANSWER-Real Estate Settlement Procedures Act; Allows borrowers to receive pertinent and timely disclosure regarding the nature and costs of the real estate settlement (closing) process; Enacted in 1974, the law was originally proposed to add more transparency to costs associated with certain real estate transactions and to eliminate abusive practices, such as kickbacks, which artificially increase the cost of settlement services. When RESPA must be obeyed - ANSWER-When a loan is a fed...