Safe mlo national exam Study guides, Class notes & Summaries

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

RESPA was enacted in 1974 for what purposes? - ANSWER-Allow consumers to obtain information on the costs of closing so that they can shop for settlement services Protect consumers from excessive settlement costs and unearned fees RESPA's current regulations serve to: - ANSWER-Protect consumers from excessive settlement costs Limit the amount of funds that creditors can require consumers to deposit into escrow accounts Establish disclosures, policies, and procedures to facilitate timely co...

RESPA was enacted in 1974 for what purposes? - ANSWER-Allow consumers to obtain information on the costs of closing so that they can shop for settlement services Protect consumers from excessive settlement costs and unearned fees RESPA's current regulations serve to: - ANSWER-Protect consumers from excessive settlement costs Limit the amount of funds that creditors can require consumers to deposit into escrow accounts Establish disclosures, policies, and procedures to facilitate timely co...

SAFE MLO National Exam Study Guide with Complete Solutions 2023.

NMLS Questions and Answers Latest Updated 2022 Graded A Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment o...

Acceleration Clause - ANSWER-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - ANSWER-home valuation code of conduct Due on Demand Clause - ANSWER-(Considered a predatory practice) The lender can demand repayment of the loan in fu...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan origin...