NMLS

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 home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

Fraud for money Laundering - correct 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 - correct 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 th...

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 home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

Fraud for money Laundering - correct 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 - correct 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 th...

Blockbusting - correct answer The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: CHARM Booklet - correct answer You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 15 - correct answer How many days in advance of transferring a loan to another lender must the current mortgage servicer i...

A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure - correct answer A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money...

NMLS Practice Test Hard Questions

NMLS PRACTICE TEST HARD QUESTIONS AND ANSWERS , CORRECT ANSWERS INDICATED 2024 NMLS PRACTICE TEST HARD QUESTIONS AND ANSWERS , CORRECT ANSWERS INDICATED 2024 NMLS PRACTICE TEST HARD QUESTIONS AND ANSWERS , CORRECT ANSWERS INDICATED 2024

NMLS EXAM 2024 STUDY( FEDERAL MORTGAGE LAWS) NMLS EXAM 2024 STUDY( FEDERAL MORTGAGE LAWS) NMLS EXAM 2024 STUDY( FEDERAL MORTGAGE LAWS) NMLS EXAM 2024 STUDY( FEDERAL MORTGAGE LAWS)

NMLS EXAM 2021 QUESTIONS AND VERIFIED ANSWERS NMLS EXAM 2021 QUESTIONS AND VERIFIED ANSWERS NMLS EXAM 2021 QUESTIONS AND VERIFIED ANSWERS NMLS EXAM 2021 QUESTIONS AND VERIFIED ANSWERS