Nmls respa - Study guides, Class notes & Summaries

SAFE NMLS Exam Prep Questions and Answers 100% Correct SAFE NMLS Exam Prep Questions and Answers 100% Correct SAFE NMLS Exam Prep Questions and Answers 100% Correct SAFE NMLS Exam Prep Questions and Answers 100% Correct Real Estate Settlement Procedures Act (RESPA) is implemented as: - ANSWER-A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - ANSWER-A. CFPB B. FCC C. FHA D. FTC A. RESPA is con...

NMLS Exam Questions and Answers 100% Correct NMLS Exam Questions and Answers 100% Correct NMLS Exam Questions and Answers 100% Correct NMLS Exam Questions and Answers 100% Correct 3 - ANSWER-Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement - ANSWER-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X - ANSWER-RESPA is also known as Regulation ___ 1. Loan Terms 2. Projected...

NMLS Study Guide Questions with Correct Answers The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. Define "mortgag...

MLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% Correct 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-...

MLO SAFE NMLS UPDATED ACTUAL Questions and CORRECT Answers 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 __________________________. - CORRECT ANSWER- Predatory Lending. RESPA-Real Estate Settlement Procedures Act - CORRECT ANSWER- The Federal Statute that deals with the settlement of residential mortgage loans

NMLS TEST-Affinity Questions and Answers 100% Correct NMLS TEST-Affinity Questions and Answers 100% Correct NMLS TEST-Affinity Questions and Answers 100% Correct NMLS TEST-Affinity Questions and Answers 100% Correct What law deals with credit, APR & Advertising of consumer loans? - ANSWER-TILA Which regulation prohibits kickbacks? - ANSWER-RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER-HPA-Homeowners Protection Act Wh...

NMLS Laws and Regulations Exam Questions with Complete Solutions Who oversees RESPA? - Answer-(CFPB) Consumer Financial Protection Bureau How long must records be kept under RESPA? - Answer-5 years (RESPA has 5 letters= 5 letters of record keeping) What are the penalties for violating RESPA? - Answer-$10k, 1 yr in prison OR both (5 years x 2= $10,000 fine) TILA - Answer-Truth in Lending Act What does TILA do? - Answer-• part of the Federal Consumer Protection Act and lays out...

NMLS Exam Questions with All Correct Answers Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. EXPA (RESPA) - Answer-Applies to federally related mortgage loans Funds insured by the government Funds from a lender REGULATED by the government Intended for sale to Fannie or Freddie Made by a creditor regulated under TILA RESPA - Answer-Real Estate Settlement Proced...

NMLS Practice UPDATED Exam Questions and CORRECT Answers What law deals with credit, APR & advertising of consumer loans? - CORRECT ANSWERTILA/REGULATION Z Which regulation prohibits kickbacks? - CORRECT ANSWER- RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - CORRECT ANSWER- HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - CORRECT ANSWER- RESPA

NMLS Laws And Regulations Exam Questions 2024. CFPB - correct answer Consumer Financial Protection Bureau What does the CFPB do? - correct answer Regulates RESPA, TILA, ECOA, and HMDA FTC - correct answer Federal Trade Commission What does the FTC do? - correct answer Monitors Red Flag Rules RESPA - correct answer Real Estate Settlement Procedures Act What does RESPA do? - correct answer •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. ...