Charm booklet - Study guides, Class notes & Summaries

CR16 - REG Z ARMs Adj Rate Mtgs Questions and Answers B 107D4FDD971844CBA17B8BA1E5E37472 Not answered. The correct answer is B. A, C, and D are incorrect because borrowers who are risk adverse, on a fixed income, and who plan to stay in their homes longer than a few years are better candidates for a fixed rate loan. 1. Adjustable Rate Mortgages (ARMs) are not for everyone. Which consumer might be a good candidate for a 5-year ARM? A. Betty and Sam, who plan to be in their home for the nex...

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 da...

560 NMLS Terms and Exam Questions Review and Answers. Rated A+ Document Content and Description Below 560 NMLS Terms and Exam Questions Review and Answers RESPA >>>Real Estate Settlement Procedures Act Regulation X Which of the following circumstances is least likely to lead to a determination tha t two entities are operating a sham affiliated business arrangement under RESPA? A. The same person owns both entities B. One entity shares office space with the other entity C. One entity'...

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 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....

997 NMLS Questions with Answers, 100% Accurate, Graded A+ Document Content and Description Below 997 NMLS Questions with Answers 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: -Price f ixing -Redlining -Steering -Blockbusting>>>> 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 requi...

Federal Mortgage-Related Laws question well solved 2023The Equal Credit Opportunity Act requires lenders to inform applicants of the status of their loan within - correct answer 30 days of application. TILA-required disclosures - correct answer CHARM Booklet Right to Rescind Loan Estimate If a borrower waives the right to receive a copy of an appraisal: - correct answer . A copy of each appraisal or other written valuation must be provided the earlier of promptly upon completion or three...

NMLS Test Outline Questions and Answers Already Passed Document Content and Description Below NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing D isclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days ...

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 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 Bookle...

What are the penalties for violation of RESPA/Section 8? Correct Answer: Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties includes fines of up to $10,000 and up to one year in prison. Disclosures due within three business days of loan application... Correct Answer: Loan Estimate Your Home Loan Toolkit CHARM Booklet Variable-rate program disclosures Home equity plan disclosures Notice of Right to Receive an Appraisal Report Definition o...

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 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....