NMLS

NMLS - Champion Test Exam Questions and Answers Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Answer-Acceptable Which law sets forth escrow requirements for higher priced mortgage loans? - Answer-Truth in Lending Act Which federal act introduced the idea of a qualified mortgage? - Answer-Dodd-Frank Act The federal Truth In Lending Act - Answer-regulates advertising with references t...

Nmls exam 2 questions with complete solutions (Graded A+) To inform the consumer the likelihood that the mortgage could be sold - Answer-Which is NOT a purpose for the Mortgage Servicing Disclosure Statement? income level - Answer-Identify which attribute is not considered illegal discrimination in granting credit under the ECOA Dodd-Frank Act - Answer-Which act contains title X and title XIV The mortgage loan originator regretted overlooking liabilities in order to qualify the borro...

NMLS exam Questions with 100% Verified Answers (Rated A+) margin - Answer-The portion of the ARM that cannot change and is used to compute the interest rate on a variable rate mortgage is known as the note - Answer-the promise to pay is outlined in this document covenants - Answer-The promises between the borrower and the lender outlined in the mortgage document are known as Which is NOT a purpose of an alienation clause? - Answer-protect borrowers from being charged excessive intere...

NMLS Exam Questions with Complete Solutions Latest Update c) Loan servicing - Answer-Section 6 of RESPA pertains to: a) Annual escrow settlement b) kickbacks c) loan servicing c) 3 business days of loan application - Answer-The mortgage servicing disclosure statement or ISDS must be provided within: a) prior to settlement b) at settlement c) 3 business days of loan application 1) appraisal report changes 2) expiration of original LE 3) customer request changes - Answ...

NMLS Exam Questions with Correct Answers (Definite Pass) How many total hours of ethics are required, at minimum, for continuing education? Three Eight Two Eleven - Answer-two Intentionally targeting borrowers in poor or underserved areas with expensive high-cost loans is considered illegal under: TILA Homeowners Protection Act HOEPA RESPA - Answer-HOEPA Concerning ARMs, margin is best defined as: A number, expressed as a percentage, that represents a lender's operating costs ...

NMLS Exam Questions with Verified Answers (100% Guaranteed Pass) Which of the following federal regulations prohibits discrimination based on race, color, religion, sex, marital status, or national origin in a credit transaction? - Answer-ECOA According to the standard deed of trust, how soon must a borrower on an owner-occupied loan occupy the property? - Answer-within 60 days of closing In a mortgage transaction subject to RESPA that is secured by the consumer's dwelling, a Loan Esti...

NMLS Exam Questions with verified Answers (Graded A+) The main purpose of Regulation V is to - Answer-create reasonable procedures about confidentiality and accuracy of credit consumer information. When disclosing the amount of premium for title insurance: - Answer-The creditor must disclose the amount of premium for lender's title coverage without any adjustment made for the owner's title policy The Loan ID # is - Answer-the creditor's identification number The loan estimate and ...

NMLS Exam Review Questions with Correct Answers Fine up to $10,000 and/or prison for one year - Answer-Violation of kickback policies can result in Title insurance - Answer-Protects against defects in title that were not listed on title report Title Insurance - Answer-Protects from claims against his/her ownership interest Treble Damages - Answer-Maximum penalty allowed under RESPA for requiring borrower to use specific title company: 3x the amount of the title fees assessed to buyer...

NMLS Exam Study Guide Exam Questions and Answers According to RESPA, when would fee splitting be allowed? - Answer-If all parties render a service A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring in to closing, and the sales price. Which of the following best identifies this document? - Answer-Loan Estimate Which of the following circumstances i...

NMLS Exam Study Guide: RESPA Exam Questions with Correct Answers True (Promotional items with the company logo are permitted to be given) - Answer-True or False: Promotional items with the company logo are permitted to be given. Regulation X - Answer-What regulation is RESPA? RESPA (Regulation X) - Answer-Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the closing costs to the consumer: Consumer Financial Protection Bureau - An...