Loan officer nmls Study guides, Class notes & Summaries

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...

NMLS Study Questions with All Correct A State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. -In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination Regulatory power - Answer-- Requirement of state licensing and registration. -Investigatory authority. -State regulator gra...

NMLS final exam questions with 100% Correct answers Which document actually contains the borrower's promise to repay the loan? A. The deed B. The mortgage C. The note D. The TIL Disclosure - Answer-C. The note The practice of intentionally targeting borrowers in poor or underserved areas with predatory loans is known as: A. Redlining B. Steering C. Misappropriation D. Reverse redlining - Answer-D. Reverse redlining If a lender wants to obtain copies of a borrower's tax ret...

e registry form that must be used for branch office is the: MU3 The registry that must be used for a non-licensed control person is the: MU2 When would a person convicted of arson not be eligible for licensure? For a least 15 years from the trigger date. A mortgage lender without a servicing endorsement requires a net worth of: 63,000.00 A mortgage lender without a servicing endorsement may only service a loan for: 6 months A branch manager of a mortgage b...

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...

What is the regulatory authority in the state of Florida and what is it responsible for? The OFR ( The Office of Financial Regulation) AKA The Office. They are responsible for overseeing banks, credit unions, savings associations, etc. also licenses and regulates non-depository finance entities. Who is the head of the OFR and the Office of Insurance Regulation. Who is involved? The Financial Services Commission (The Commission) Members that make up The Commission include: The Governo...

NMLS loan officer

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 appointmen...

NMLS EXAM REVIEW QUESTIONS & ANSWERS, The Department of Financial Services (DFS) is divided into three divisions? - -Division of Consumer Services, Office of Fiscal Integrity, Division of Treasury What is Financial Services Commission also known as? - -The Commission What is the commission composed of? - -The Governor, the attorney general, the chief financial officer, the commissioner of agriculture Which rules do the commission adopt? - -69V-40 What is the Florida Office of Financia...

e registry form that must be used for branch office is the: MU3 The registry that must be used for a non-licensed control person is the: MU2 When would a person convicted of arson not be eligible for licensure? For a least 15 years from the trigger date. A mortgage lender without a servicing endorsement requires a net worth of: 63,000.00 A mortgage lender without a servicing endorsement may only service a loan for: 6 months A branch manager of a mortgage b...