NMLS

NMLS SAFE EXAM KEY WORDS 2023/2024 Retest Placement test Exam Questions with complete solutions Equity - correct answer Equity is the amount your property is currently worth minus the amount of any existing mortgage on your property. Escrow - correct answer An escrow account is set up by your mortgage lender to pay certain property-related expenses, like property taxes and homeowner's insurance. A portion of your monthly payment goes into the account. If your mortgage doesn't hav...

NMLS SAFE EXAM 2023/2024 Test Exam Review Questions with all Answers verified for accuracy What is the penalty for violating GLB? - correct answer Up to 5 years and a fine What is the penalty for violating RESPA? - correct answer up to $10,000 and/or 1 year What is the penalty for sending an unauthorized fax? - correct answer $500 What is the penalty for violating ECOA? - correct answer Up to $10,000 What is the penalty for violating TILA? - correct answer $5K for single...

NMLS SAFE ACT MLO Exam Federal Law 2023/2024 Problem set study Exam Questions and Correct Answers What does HCFP stand for? A. Housing and Commonality Facilities Programs B. Housing and Community Facilities Programs C. Health and Community Facilities Programs D. Housing and Community Facilities Projects - correct answer B. Housing and Community Facilities Programs Identify which attribute is NOT considered discrimination in granting credit under the Equal Credit Opportunity Act. ...

NMLS SAFE ACT MLO - Ethics and Fraud 2023/2024 Practice Study Guide Questions with Distinction level Marking scheme The APR (annual percentage rate) is the cost of credit that consumers pay, expressed as a simple annual percentage. If the ad only states the APR, then other disclosures are not necessary. Some common types of legal transactions that require appraisals are: A. All of the other options require appraisals B. Income tax casualty losses, estate or inheritance tax, and propert...

NMLS S.A.F.E 2023/2024 Problem Solving Exam Questions and With Distinction level Marking scheme An escrow account analysis has been completed on Mary Thompson's loan. It is discovered that there is a $40 overage in her account. How many days does the servicer have to return the money? a. There is no refund b. The servicer would not return the money; it would be applied toward the principal amount c. The servicer has 30 days from completion of the analysis to return the overage d. Ms....

NMLS Final Competency Certification Study Guide Exam Questions with Certified for Accuracy Answers 2023/2024 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 hom...

NMLS 2023/2024 Key Exam Guide Questions and Integral Marking Scheme version Which parties sign the deed? A.) Grantor, grantee and two witnesses B.) Grantor and two witnesses C.) Grantee and two witnesses D.) Grantee only - correct answer B.) Grantor and two witnesses When the mortgagor and the mortgagee title insurance policies are issued at the same time, this is known as: A.) Simultaneous issue B.) Concurrent issue C.) Subsequent issue D.) Dual issue - correct answer A.) Si...

NMLS 2023/2024 Problem set Exam Questions with all answers Correctly provided Latest What percentage variance on a Fannie Mae appraisal report is tolerable when dealing with comps? - correct answer 20% The cost of a loan is shown as an annual percentage rate in the - correct answer TIL disclosure statement A borrower with less than perfect credit or othere risk factors may qualify most easily for what type of loan? - correct answer Subprime loan Which is not part of total Prepa...

NMLS NV 2023/2024 Learning checks Exam Questions with complete Answers According to what was discussed in the previous chapter, how long is given to request a hearing? - correct answer an individual is allowed 20 days to request a hearing. What occurs if an individual fails to request a hearing within the 20-day period? - correct answer The Commissioner can go ahead and discipline the licensee In addition to any other penalty, if a person is convicted of or enters a plea of no conte...

NMLS MLO 2023/2024 Proficiency knowledge test Exam Questions and certified Answers HMDA was implemented by the: - correct answer Federal Reserve Board How many days does a lender have to send a statement of reasons for an adverse action after receiving a request from an applicant? - correct answer 30 days Which Act includes provisions to protect consumers' personal financial information held by financial institutions? - correct answer Gramm-Leach-Bliley Which Act allows c...