Nmls exam 2 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 f...

Acceleration Clause - correct 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) - correct 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 - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

Fraud for money Laundering - correct answer --Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - correct answer -An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, the lender must notify ...

Nmls Exam 2 Questions and Answers 100% Correct

Nmls Exam 2 Questions and Answers 100% Correct

Nmls Exam 2 Questions and Answers 100% CorrectNmls Exam 2 Questions and Answers 100% CorrectNmls Exam 2 Questions and Answers 100% CorrectNmls Exam 2 Questions and Answers 100% Correct Yes as long as the title company is legitimate and the arrangement is disclosed - ANSWER-A mortgage broker also owns a title conpany is this arrangement allowed by respa TILA - ANSWER-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about Home equit...

Nmls Exam 2 Questions and Answers 100% Correct

Acceleration Clause - correct 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) - correct 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 - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE

NMLS EXAM 2021 Questions with Correct Answers Fraud for money Laundering - Answer--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - Answer-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an ap...