Safe mlo exam graded a Study guides, Class notes & Summaries

All but which of the following are not covered by RESPA? a) Simple assumptions b) The sale of loans on the secondary market c) Loans intended for sale to Freddie Mac d) Bridge loans - ANSWER-c) Loans intended for sale to Freddie Mac The requirement to include the credit repository's name and address on the adverse action notice is established through: a) ECOA b) FCRA c) ECOA & FCRA d) FACTA - ANSWER-b) FCRA

NMLS SAFE ACT MLO Exam - Ethics and Fraud Questions and Answers | Latest Update | 2024/2025 | Graded A+ A broker whose negligence in preparing a sales contract allows the purchaser to void the agreement breaches her duty to her client of: A. Due care. B. Accuracy. C. Personal performance. D. Honesty. A. Due care. "Due care" refers to the licensee's obligation to ensure that all steps in the transaction process are followed with professionalism and accuracy. Errors that a broke...

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 Questions and Answers Latest Updated 2022 Graded A Document Content and Description Below NMLS Questions and Answers Latest Updated 2022 Graded A Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lendin g) Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of c...

MLO SAFE Exam MLO SAFE Exam ( A+ GRADED 100% VERIFIED) LATEST 2022/ 2023 Wraparound Mortgage - ANS Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. Warranty Deed - ANS A deed that contains a covenant that the grantor will protect the grantee against any and all claims. URAR - ANS Uniform Residential Appraisal Report Usury - ANS Interest charged in excess of the legal rate ...

NMLS: Safe Exam COMPLETE SOLUTION ( A+ GRADED 100% VERIFIED) What's a straw buyer? - ANS 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? - ANS 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 ...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s predatory lending) Alienation Clause (Due on Sale Clause) - Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVC...

NMLS Questions and Answers Latest Updated 2022 Graded A Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment o...