Nmlsr - Study guides, Class notes & Summaries

Real Estate Finance Champions 2024 Final Test With Verified Answers Origination - CORRECT ANSWER-The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - CORRECT ANSWER-Experian, Equifax, and TransUnion Not all creditors will report to all three, they will - CORRECT ANSWER-Each reporting agency will report a different cred...

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB....

3 different credit unions - ANSWER-(Experian, Equifax, Transunion). Use FICO scoring system developed by Fair Isaac and Company. Not all creditors report to each union, therefor each person will have 3 different scores. Origination - ANSWER-Process of creating a new mortgage loan How do lenders determine which score to use? - ANSWER-When credit scores are obtained, there will be 3 different scores. If 3 reports are obtained, the lender will use the middle score. If 2 reports are obtained, ...

Champions Real Estate Finance Exam Questions with correct Answers 100% Verified FHA Mortgage Insurance - answerProvides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. What are the components of Federal Fair Housing? (FRESH CORN) - answerFamilies with children, Race, Sex, Handicap, Color, Religion, National Origin (E and O stand for equal opportunity) All residential mortgage loan originators must now be registered with: - answerNati...

Champions School Of Real Estate Finance 2024 Tested And Verified Seller's market - CORRECT ANSWER-When supply is low and demand is high Buyer's market - CORRECT ANSWER-When supply is high and demand is low The process of creating a new mortgage loan - CORRECT ANSWER-Origination The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender - CORRECT ANSWER-Underwriting When there is an excess of money supply in the market - CORRECT ANSW...

Origination - ANSWERThe process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - ANSWERExperian, Equifax, and TransUnion Not all creditors will report to all three, they will - ANSWEREach reporting agency will report a different credit score for the borrower Underwriting - ANSWERThe detailed process of evaluating a borrower's l...

Champions School Of Real Estate Finance 2024 Tested And Verified Seller's market - CORRECT ANSWER-When supply is low and demand is high Buyer's market - CORRECT ANSWER-When supply is high and demand is low The process of creating a new mortgage loan - CORRECT ANSWER-Origination The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender - CORRECT ANSWER-Underwriting When there is an excess of money supply in the market - CORRECT ANSW...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - ANSWERClosing The primary determinants of real estate values are supply and _____. - ANSWERDemand _____ is something of value that can be pledged as security for repayment of a loan. - ANSWERCollateral Servicing includes which of the following activities? - ANSWERMaintaining records of payment The monetary poli...

1. Which of the following is NOT a loan origination activity? - ANS - C. Assisting in a loan modification 2. A unilateral contract is binding on: - ANS - A. One party 3. Loan originator organizations must keep compensation records for how many years? - ANS - C. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - ANS - B. Three months 5. How many years must loan originator applicants wait after a felony fraud conviction, in order to...

The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower are _____. - ANSWERSOrigination activities The process of evaluating a borrower's loan application to determine the risk involved for the lender is - ANSWERSUnderwriting Which of the following Federal Fair Housing statues prohibit housing discrimination - ANSWERSNational Origin All residential mortgage loan originators must now be registered with the ______. - ANSWERSNat...