Mlo mortgage knowledge - Study guides, Class notes & Summaries

NMLS QUESTION AND ANSWERS 2023Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment of th...

SAFE Act- the secure and fair enforcement for mortgage licensing Act Designed to enhance consumer protection and reduce fraud by establishing minimum standards for licensing and registration of MLOs Conference of State Bank Supervisors (CSBS) National organization founded to further advance the ideas and professionalism for state banking departments; acts as single voice to congress for state banks and serves as a connection between state and federal regulators The American Assoc...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s predatory lending) Alienation Clause (Due on Sale Clause) - Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVC...

Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment of the loan in full at anytime for any reason HOEP...

Gold Coast Chapter 1 Latest Update with Verified Solutions Absentee Owner Owners who buy income property as investments and depend on professionals to manage them. (page 4) Appraisal An act of assessing an opinion of value on real property. (page 5) Appraiser A practitioner who has the knowledge and expertise necessary to estimate the value of an asset. (page 5) Broker Price Opinion (BPO) Helps determine the selling price of the property in a short sale transaction since the licensee typicall...

NMLS SAFE ACT MLO Exam - Ethics and Fraud Question and answers rated A+ 2023A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower's right to ...

Depository Institution Any bank or savings association covered by the Federal Deposit Insurance Act. Bank--someone who has credit cards Immediate Family Member This includes parent, child, spouse, sibling, grandparent, grandchild, adoptive relationships, stepchild and stepparent. No aunts, uncles and cousins. Independent Contractor An individual whose performance and manner of work is not controlled by another. Mortgage Loan Originator An individual who helps a consumer ...

Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment of the loan in full at anytime for ...

NMLS Questions and Answers Latest Updated 2022 Graded A Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment o...

NMLS SAFE ACT MLO Exam 2024/2025 WITH QUESTIONS AND ALL CORRECT ANSWERS What is the purpose of an escrow account suggested by the lender? A. Escrow accounts hold the borrower's money and pay it when expenses such as property taxes and homeowners insurance are due. B. The lender deposits reward payments as a reward for on-time payments. C. The realtor's commissions are paid through the escrow account on an on-going basis. D. An amount equal to two years of mortgage payments is h...