NMLS

NMLS Final Exam Questions and Answers (100% Pass) Which is NOT under the responsibility of and enforced by the Consumer Financial Protection Bureau (CFPB)? - Answer-Federal Fair Housing Act Which of the following is considered a triggering event? - Answer-Termination of mortgage insurance Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry. Max Mortgage can call Ike - Answer-indefinitely. Who manages the National Do Not Call Registry? - Answer-Fe...

NMLS Final Exam Questions and Answers Latest Which of the following is one of the stated reasons for implementing the integrated mortgage disclosure forms? a. To reduce identity theft b. To permit lenders to collect fees earlier c. To lower borrowers' costs d. To use clear language that borrowers can understand - Answer-To use clear language that borrowers can understand Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject...

NMLS KEY WORDS SAFE EXAM QUESTIONS WITH CORRECT ANSWERS Amount financed - Answer-It means the amount of money you are borrowing from the lender, minus most of the upfront fees the lender is charging you. Annual income - Answer-Annual income is a factor in a mortgage loan application and generally refers to your total earned, pre-tax income over a year. Annual income may include income from full-time or part-time work, self-employment, tips, commissions, overtime, bonuses, or other sources....

NMLS Laws and Regulations Exam Questions with Complete Solutions Who oversees RESPA? - Answer-(CFPB) Consumer Financial Protection Bureau How long must records be kept under RESPA? - Answer-5 years (RESPA has 5 letters= 5 letters of record keeping) What are the penalties for violating RESPA? - Answer-$10k, 1 yr in prison OR both (5 years x 2= $10,000 fine) TILA - Answer-Truth in Lending Act What does TILA do? - Answer-• part of the Federal Consumer Protection Act and lays out...

NMLS SAFE ACT MLO Exam - Federal Law Exam Questions and Answers

NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass) Which Regulation corresponds to The Real Estate Settlement Procedures Act (RESPA) ? A. regulation Y B. regulation V C. regulation Z D. regulation X - Answer-D. regulation X The term "Regulation X" can refer to two different regulations in the United States. One, passed by the Federal Reserve Board, concerns credit extended to people who purchase United States Treasury securities. The other, also kn...

NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS HMDA allows to see - Answer-where possible discrimination takes place Where is HMDA found - Answer-Section 10 of the 1003 loan app PMI - Answer-Private mortgage insurance TILA deals with - Answer-advertising of loans, cerdit, APR PMI protects who - Answer-The Lender SAFE - Answer-Secure And Fair Enforcement Act HERA - Answer-Housing and Economic Recovery Act HERA created what act - Answer-SAFE Act FCRA - Reg V - Answer-Fair Cre...

NMLS Test Exam Questions with Correct Answers (Rated A+) How long are Loan Estimate terms available? - Answer-10 business days What if the changed circumstance causes third party charges subject to a cumulative 10% tolerance to increase? - Answer-creditor must send a revised Loan Estimate and refund excess money within 60 days Are there any restrictions on how many days before consummation a revised Loan Estimate may be provided? - Answer-- receives revised LE at least 4 business days b...

NMLS TEST-Affinity Exam Questions with Complete Solutions Which regulation requires the lenders to "BE EQUAL" when extending credit to borrowers? - Answer-ECOA How old must a borrower be to qualify for a Reverse Mortgage? - Answer-62 years old Which regulation has the primary function of preventing Identity Theft? - Answer-FACT Act Which regulation has Section 114 Rules? - Answer-FACT Act Which regulation requires the creditor to verify the VALIDITY of any change of address rece...

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 foreclosureAnswer - 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 to be c...