4 the nmls - Study guides, Class notes & Summaries

NMLS Exam Questions with Correct A Acceleration Clause - 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) - 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 - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...

MLO SAFE Test 2024 (Michigan) | Latest Update | 2024/2025 | Already Passed 10th Amendment - The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people. 203(b) - Fixed Rate Mortgages - 15, 20, 25, or 30 year term 203(k) - Rehab and Repair - Used for repairing the property 204(g) - Good Neighbor Next Door (GNND) - 50% discount for law enforcement, teachers, firefighters, or emerge...

NMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% Accurate Housing & Economic Recovery Act 2008 - Title V - ANSWER-Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - ANSWER-Secure and Fair Enforcement NMLS - ANSWER-Nationwide Mortgage Licensing System & Registry MLO - ANSWER-Mortgage Loan Originator S.A.F.E. Mortga...

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 Practice Test Hard Questions with 100% Correct Answers According to the Truth-in-Lending Act (TILA), which if the following fees is EXCLUDED from the calculation of the annual percentage rate? A.) Hazard insurance B.) Wire transfer C.) Prepaid interest D.) Mortgage insurance premiums - Answer-A.) Hazard insurance FHA loans are: A.) Partially guaranteed B.) 100% insured C.) Exempt D.) Entitled - Answer-A.) Partially guaranteed The late fee for a conventional loan is: ...

1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - Answer-B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA - Answer-A. S.A.F.E --The complete name of which is the Secure and ...

AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instutions every... 5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financial industry to serve 5 years of experience within 15 years prior to appointment ...

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 License TEST Questions and Answers Rated A 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: 1. Price fixing 2. Redlining 3. Steering 4. Blockbusting 4. Blockbusting 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? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Boo...

NMLS Review Practice Exam Questions 2024. 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - correct answer •90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - correct answer cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - correct...