Hecm real test actual - Study guides, Class notes & Summaries

HECM REAL TEST ACTUAL QUESTION AND ANSWERS WITH LATEST UPDATES 2023-2024.

HECM REAL TEST ACTUAL QUESTIONS AND ANSWERS WITH LATEST UPDATES 2023-2024

HECM REAL TEST ACTUAL QUESTIONS AND ANSWERS WITH LATEST UPDATES 2023-2024

NMLS Test Questions and Answers All C The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...

HECM REAL TEST ACTUAL QUESTIONS AND ANSWERS WITH LATEST UPDATES A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER-E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remain...

Which of the following is not true concerning ECOA? It requires lenders to notify loan applicants of their application status within 30 days Its provisions are implemented by Regulation B It requires lenders to give borrowers a copy of their appraisal and a notice stating they are entitled to a copy of the appraisal It requires the disclosure of the APR on all advertisements which contain an interest rate - ANSWER-The answer is it requires the disclosure of the APR on all advertiseme...

NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Document Content and Description Below NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Primary Mortgage Market - Where credit institutions originate loans C. The maximum the rate can increase over the lif e 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 t...

NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED, Rated A Document Content and Description Below NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED 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 rat...

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...

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 ...