Nmls safe exam 7 - Study guides, Class notes & Summaries

Real Estate: Practice Questions and Answers 100% Pass A broker obtained an offer with a deposit from a buyer on June 10, 2008, which states that the offer was irrevocable for five days from date. There had been no acceptance by the next day when the buyer called and revoked his offer. The broker should: get an acceptance by June 15th. get an acceptance by June 16th. return the deposit to the buyer. place the deposit in escrow. return the deposit to the buyer. Informing a person th...

NMLS EXAM 1 Questions with solutions 2024 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA A. S.A.F.E --The complete na...

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW Exam Questions With Verified Answers Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - answer31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value appr...

NMLS Exam Questions with Correct A 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 ...

SAFE NMLS Exam Prep Questions with Correct Answers The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many business days of re...

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW, Exam Questions and answers/ Mortgage loan originators who make cold calls must comply with the requirements of the National DoNot-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year -- 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market ...

NMLS EXAM 1 Questions with Complete Solutions 7) Which of the following agencies reviewed and approved the model state law written by CSBS and AARMR: A. HUD B. USDA C. Dept of Veterans Affairs D. OTS - Answer-A. Yes, the Department of Housing and Urban Development reviewed the legislation for definitions, education and testing requirements, financial responsibility and criminal background standards for MLOs and found it met the minimum requirements for the SAFE Act. 8) According to th...

NMLS Exam Questions and answers, graded A+ What does the SAFE Act stand for and what Act is it the key component of? - -1) Secure and Fair Enforcement For Mortgage Licensing Act of 2008 2) HERA: Housing and Economic Recovery Act of 2008 All mortgage laws except for what fall under the CFPB? - -The Fair Housing Act What is the objective of the SAFE Act - -1) Enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registrati...

NMLS S.A.F.E. Exam 7 Questions & Answers 2023/2024 Loans are purchased as investments in the: A. Secondary mortgage market B. Primary mortgage market C. Reverse mortgage market D. Subprime mortgage market - ANSWER-A. Secondary mortgage market The acronym "CHARM" stands for: A. Cost Handbook for Adjustable-Rate Mortgages B. Credit History on Adjustable-Rate Mortgages C. Consumer Handbook on Adjustable-Rate Mortgages D. Customer Highlights for Adjustable-Rate Mortgages - ANSW...

NMLS: Safe Exam Questions & Answers 2023/2024 What's a straw buyer? - ANSWER-The real buyer will use the straw buyers name and qualifying information on the mortgage application to mask the actual buyers intent to purchase the property. Regardless of reduced documentation loans, what totes the MLO need? - ANSWER-Verification of Employment (VOE), Credit Report Review, Appraisal Prepayment penalties are allowed on fixed rate QM loans that are not higher priced if what following criteri...