NMLS 2023/2024 Exam Questions with Correct Answers
Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the br...
request for a residential mortgage loan and includ
disclosure required to be presented to the applica
Escuela, estudio y materia
NMLS
NMLS
Todos documentos para esta materia (1223)
2
reseñas
Por: adriangarcia • 1 mes hace
Por: annytavarez • 1 mes hace
Thanks for the study information
Por: biggdreamer • 1 mes hace
You're welcome and thank you for a 5* review. If you have any more questions or need further assistance, feel free to ask. Good luck in your studies!
Vendedor
Seguir
biggdreamer
Comentarios recibidos
Vista previa del contenido
NMLS 2023/2024 Exam 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 applicant, the lender must notify the applicant in writing. If the adverse
action is taken as a result of information contained on the credit report, the notice must
also provide the name, address and toll-free phone number of the credit bureau that
supplied the information.
American Association of Residential Mortgage Regulators (AARMR): - Answer-A
national association of individuals who are charged with administering and regulating
various aspects of residential mortgage lending. It played a major role in the formation
of the NMLS-R and in the drafting of the model licensing law.
Annual percentage rate (APR): - Answer-Does NOT include...TEN ACT-
(Title,Escrow,Notary,Appraisal,Credit Report,Termite)A measurement of the total cost of
the credit, expressed as an annual rate. The APR includes those paid at the time of
closing and those paid over the term of the loan. It includes all items that are part of the
finance charge, such as interest, discount points, mortgage insurance premiums and
administrative fees.
Application - Answer-A request for a residential mortgage loan and includes the
borrower-related information that lenders commonly use when considering the request.
Someone who takes an application from a consumer is generally considered to be
acting as a loan originator, even when gathering application information over the phone
or Internet
ARM Disclosure: - Answer-A disclosure required to be presented to the applicant within
three days of application on any ARM loan. This disclosure provides the applicant with
information about the specific ARM product for which they are applying, such as a
historical index value
Balloon mortgage: - Answer-A type of fixed-rate mortgage loan with monthly payments
based on a 30-year amortization schedule, setting a maturity date for a shorter period of
time - usually five, seven, 10 or 15 years. This allows the borrower to make lower
, monthly payments for that shorter period of time, with a large payment of the full
remaining principal balance and interest due at the maturity date
Bank Secrecy Act (BSA): - Answer-A federal law requiring that financial institutions take
steps to prevent and report cases of money laundering.
Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be
used when one is purchasing one property but is dependent on the equity from another
property that has not yet been sold. Once the property is sold then the bridge loan is
repaid.
Business day: - Answer-Monday through Saturday except holidays.For the LE, when
creditor is open to the public for carrying on substantially all of the creditor's business
functions
Certificate of Reasonable Value (CRV): - Answer-A form indicating the appraised value
of a property being financed with a VA loan.
Changed circumstance: - Answer-A material event or piece of information that is
discovered after the issuance of a Loan Estimate and has an impact on either the
borrower's settlement costs or the borrower's eligibility for a loan. A changed
circumstance allows a loan originator to reissue the Loan Estimate to reset applicable
tolerances.
Chapter 7 bankruptcy: - Answer-A common kind of bankruptcy in which a borrower
might need
to liquidate assets in order to satisfy creditors
Chapter 13 bankruptcy: - Answer-a reorganization form of bankruptcy for individuals
that allows the debtors to keep their property and use their income to pay a portion of
their debts over three to five years
Character - Answer-In mortgage lending, the borrower's willingness to repay the debt.
Closing costs: - Answer-All of the costs related to closing except
the prepaid or escrow items. Examples of closing costs are the origination fee, discount
points, real estate sales commission, attorney fees, survey charges, title insurance
premiums, agency closing fees, appraisal fees, credit report fees, termite report fees,
recording fees, mortgage insurance premiums, loan transfer or assumption fees, etc.
Commercial bank: - Answer-A financial institution organized to accumulate funds
primarily
through time and demand deposits and to make these funds available to finance the
nation's commerce and industry.
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $15.49. You're not tied to anything after your purchase.
