Reg z Study guides, Class notes & Summaries

When must a seller's agent or subagent initially disclose agency status to a buyer? - before buyer and buyer's agent discuss motivation and financial information seller's subagent - no written or oral buyer agency OLDCAR - obedience loyalty disclosure confidentiality accounting reasonable care In dual agency, the agent's duties are _____ to being a facilitator - reduced What statement would require full disclosure of all financing terms in compliance with TILA, Reg Z and RESPA - any n...

A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae T...

Reg Z; Purpose and Application Test 2024...

ECOA - Reg B - correct answer -Equal Credit Opportunity Act HMDA - Reg C - correct answer -Home Mortgage Disclosure Act RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act TILA - Reg Z - correct answer -Truth In Lending Act HPA - correct answer -Home-owner Protection Act PMI is required when - correct answer -Borrower puts less than 20% down ECOA deals with - correct answer -credit applications HMDA al

ACH applications requiring the Originator to use a MICR reading device to capture the Receiver's banking information from the MICR line of the source document. - correct answer - 1. Point of Purchase (POP) (2) Accounts Receivable (ARC) Entries (3) Back office conversion (BOC) Entries Implements the Expedited Funds Availability Act of 1987 - correct answer - Reg CC The amount of time Depository Financial Institutions must retain all ACH records - correct answer - 6 years Commercial whol...

SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS Prequalification - correct answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - correct answer 29/41 FHA ratio - correct answer 31/43 Asset based loan - correct answer -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - correct answer Reg Z - Sec. 1026.32 -APR will exceed by more t...

ECOA - Reg B - correct answer -Equal Credit Opportunity Act HMDA - Reg C - correct answer -Home Mortgage Disclosure Act RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act TILA - Reg Z - correct answer -Truth In Lending Act HPA - correct answer -Home-owner Protection Act PMI is required when - correct answer -Borrower puts less than 20% down ECOA deals with - correct answer -credit applications HMDA allows to see - correct ans

Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate Settlement Procedures Act TIL/TILA - REG Z Truth in Lending Act (2015) Deals with:...

NMLS 2024 Exam Questions with Correct A What law deals with credit, APR & advertising of consumer loans? - Answer- TILA/REGULATION Z Which regulation prohibits kickbacks? - Answer-RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which Law? - Answer-RESPA RESPA is the acronym used to describe which law...

Nmls Safe Exam Prep With 100% Correct And Verified Answers ECOA - Reg B - Correct Answer-Equal Credit Opportunity Act HMDA - Reg C - Correct Answer-Home Mortgage Disclosure Act RESPA - Reg X - Correct Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Correct Answer-Truth In Lending Act HPA - Correct Answer-Home-owner Protection Act PMI is required when - Correct Answer-Borrower puts less than 20% down ECOA deals with - Correct Answer-credit applications HMDA allow...