National and ust mortgage - Study guides, Class notes & Summaries
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SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Questions and Answers Already Passed
- Exam (elaborations) • 59 pages • 2024
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SAFE Mortgage Loan Originator Test - 
National Component with Uniform State 
Content Questions and Answers Already 
 
Passed 
 
What does UST stand for? Uniform State Test 
 
Who does the CFPB protect? The Consumer Financial Protection Bureau protects consumers 
in the financial marketplace. 
 
What does the CFPB do? CFPB is now in charge of implementing and enforcing most of the 
provisions of federal lending laws that relate to protecting consumers while they are shopping 
for, securing, and p...
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National and UST Mortgage Practice Exam 1 (Guaranteed Pass!)
- Exam (elaborations) • 23 pages • 2024
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Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? correct answers The answer is RESPA. 
The purpose of RESPA and Regulation X is to help consumers become better shoppers for settlement (closing) services by providing them with information on the nature and costs of the settlement process. RESPA and Regulation X are also intended to eliminate kickbacks and referral fees that unnecessarily increase the cost...
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National and UST Mortgage Practice Exam 6 100% Well Answered.
- Exam (elaborations) • 15 pages • 2024
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All of the following are included within the authority of the Commissioner, except: 
 
A. Enter a cease and desist order 
B. Order restitution and monetary penalties 
C. Subpoena witnesses and documents 
D. Issuing an order to a former employer of a loan originator to turn over records - Answer D. Issuing an order to a former employer of a loan originator to turn over records 
 
Commissioner does not have authority to examine records of former employers of loan originator. 
 
Cindy bought a h...
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National and UST Mortgage Practice Exam 2/Questions & Answers
- Exam (elaborations) • 23 pages • 2023
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National and UST Mortgage Practice Exam 2/Questions & Answers
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National and UST Mortgage Practice Exam 1 questions with correct answers
- Exam (elaborations) • 6 pages • 2024
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National and UST Mortgage Practice 
Exam 1 questions with correct answers 
Which of the following is intended to ensure that consumers are provided with 
information on the nature and costs of the settlement process? - The answer is 
RESPA. 
The purpose of RESPA and Regulation X is to help consumers become better shoppers 
for settlement (closing) services by providing them with information on the nature and 
costs of the settlement process. RESPA and Regulation X are also intended to 
eliminate...
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National and UST Mortgage Practice Exam 1|2023 LATEST UPDATE|GUARANTEED SUCCESS
- Exam (elaborations) • 42 pages • 2023
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Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? 
FCRA 
HPA 
HOEPA 
RESPA 
RESPA 
 
 
 
Which of the following best describes a loan with a principal balance exceeding Fannie Mae or Freddie Mac guidelines? 
Subprime 
Jumbo 
Illegal 
Balloon 
Jumbo 
 
 
 
A borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? 
$1,000 
$800 
$750 
$1,250...
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National and UST Mortgage Practice Exam 2|2023 LATEST UPDATE|GUARANTEED SUCCESS
- Exam (elaborations) • 29 pages • 2023
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Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements that are unanticipated or disbursements made before the borrower's monthly payments are available in the account, a cushion or reserve that must be no greater than _____ of the estimated total annual disbursements from the escrow account. 
The answer is one sixth. 
Under RESPA, a lender may require the borrower to establish an escrow account at closing. The loan servicer may require a borrower ...
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National and UST Mortgage Practice Exam 1 Questions And Answers
- Exam (elaborations) • 59 pages • 2024
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National and UST Mortgage Practice Exam 1 Questions And Answers
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National and UST Mortgage Practice Exam 1 (Guaranteed Pass!)
- Exam (elaborations) • 23 pages • 2024
- Available in package deal
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- $13.19
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Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? correct answers The answer is RESPA. 
The purpose of RESPA and Regulation X is to help consumers become better shoppers for settlement (closing) services by providing them with information on the nature and costs of the settlement process. RESPA and Regulation X are also intended to eliminate kickbacks and referral fees that unnecessarily increase the cost...
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National and UST Mortgage Practice Exam 5 - Wrong answers only|2023 LATEST UPDATE|GUARANTEED SUCCESS
- Exam (elaborations) • 9 pages • 2023
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Which of the following inquiries is considered lawful when asked for the purposes of credit approval as governed by ECOA? 
A. Years on the job 
B. Race 
C. Marital status 
D. Age 
The answer is: A. years on the job. ECOA protects against discrimination in credit transactions. Asking how many years someone has been at their job is not considered discriminatory. It is a gauge of income stability. 
 
 
 
The first step in the closing process is: 
A. Rescission 
B. Funding 
C. Application 
D. Steeri...
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