Loan officer nmls - Study guides, Class notes & Summaries
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NMLS Practice Test Questions and answers, rated A+/ LATEST UPDATE [ EXAM PREDICTION QUIZZES]
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NMLS Practice Test Questions and 
answers, rated A+ 
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 
30 days 
•60 days 
•90 days - -•90 days 
2) A COFI index is defined as? 
Cost of funds index 
•Cost of financial index 
•Cost of funding insurance - -cost of fund index 
3) Subordinate financing relates to 
•seller financing. 
•second mortgages. 
•financing in the secondary mortgage market. 
•subprime loans. - -second mortgage 
4) Explain what...
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UST Quiz and answer rated A+ 2024
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UST Quiz and answer rated A+ 2024 The functions of participating in the NMLS, conducting background checks, and writing rules and regulations are required under the SAFE Act by: 
a. a state licensing agency 
b. a state legislature 
c. a state Attorney General 
d. The CFPB - correct answer a. A state licensing agency 
 
2. Sam Schmeal was a licensed loan officer under the employ of Mortgages R' Us 8 years ago. During his last year of employment Sam had his license revoked when it was discover...
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NMLS Practice Exam Questions and Answers.docx
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NMLS Practice Exam Questions and A 
 
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) Credit repor...
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Loan Officer – NMLS Questions and Answers Graded A+
- Exam (elaborations) • 45 pages • 2023
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Loan Officer – NMLS Questions and Answers Graded A+ 
Document Content and Description Below 
Loan Officer – NMLS Questions and Answers Graded A+ 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 Le nder 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 ...
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NMLS Practice Test 100% Correct Solved
- Exam (elaborations) • 8 pages • 2024
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NMLS Practice Test 100% Correct Solved 
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 
30 days 
•60 days 
•90 days - Correct Answer️️ -•90 days 
2) A COFI index is defined as? 
Cost of funds index 
•Cost of financial index 
•Cost of funding insurance - Correct Answer️️ -cost of fund index 
3) Subordinate financing relates to 
•seller financing. 
•second mortgages. 
•financing in the secondary mortgage market. 
•subprime loans. - Correc...
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Loan Officer – NMLS Questions and Answers Graded A+
- Exam (elaborations) • 45 pages • 2023
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Loan Officer – NMLS Questions and Answers Graded A+ 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 ...
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NMLS loan officer Question with complete solution 2023
- Exam (elaborations) • 4 pages • 2023
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NMLS loan officer Question with complete solution 2023Uniform state test 
Regulation H 
 
 
 
Secure and a Fair Enforcement for mortgage licensing act of 2008 
Require licensing for LO's 
 
 
 
HERA (housing and recovery act of 2008) 
Focused on Subprime lending practices 
 
 
 
NMLS 
Nationwide mortgage licensing system and registry 
 
 
 
State licensing agencies 
Laws include Loan originator licensing requirements, requirement for effective supervision of those who are licensed, a program fo...
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Federal Mortgage Law (MLO) Fall 2021/2024 Reloaded
- Exam (elaborations) • 33 pages • 2023
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The Dodd-Frank Act includes provisions that are intended to help struggling homeowners to obtain loan modifications by: - ANSWER-Requiring the CFPA to write servicing rules to facilitate loss mitigation efforts 
 
A lender is permitted to deny an applicant credit based on which of the following factors? - ANSWER-the applicant likes income stability 
 
this rule apply to commercial Communications used to Market mortgage loan products and services to Consumers - ANSWER-MAP Rule 
 
HOEPA would not ...
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NMLS Loan Officer Questions and Answers
- Exam (elaborations) • 80 pages • 2024
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NMLS Loan Officer Questions and Answers
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California State NMLS Practice Test Graded A+, 2022/2023
- Exam (elaborations) • 41 pages • 2023
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California State NMLS Practice Test Graded A+, 2022/2023 
Document Content and Description Below 
California State NMLS Practice Test Graded A+ "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System , and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C D. A borrower approaches a lender to refinance their existing negative a...
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