Mortgage loan products - Study guides, Class notes & Summaries

Mortgage Loan Products

1. 1. The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must advise the insurance company of the problem within if the system cannot be restored to working order: 48 hours Your Answer 2. 2. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two pol...

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

MLO SAFE Test 2024 (Michigan) with Complete Solutions Dodd-Frank - Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - Changed oversight & capitalization of financial institutions, added licensing an education standards, and limited riskier products in the marketplace - Established the CFPB - Defined and specifically outlawed UDAAPs CFPB - Consumer Financial Protection Bureau - The Bureau - Oversees and enforces Dodd-Frank specifically to protect consumers fr...

Name Clas Dat : s: e: CHAPTER 01—THE BUSINESS OF BANKING 1. A bank is a not-for-profit organization. a. b. True False False 1 BNKG.CFFT.3.LO: 1.1.1 - LO: 1.1.1 ANSWER: POINTS: LEARNING OBJECTIVES: 2. All federally chartered banks must be corporations. a. True ANSWER: POINTS: LEARNING OBJECTIVES: b. False True 1 BNKG.CFFT.3.LO: 1.1.1 - LO: 1.1.1 3. Commercial banks offer their services only to businesses. ANSWER: POINTS: LEARNING OBJECTIVES: 5. Issuing credit cards is ...

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - FCRA Which agency manages the National Do Not Call Registry? - Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? - The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Acceptable Which law s...

(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the accuracy of consumer reports. (FCRA) The National Consumer Assistance Plan (NCAP) aims to... - ...improve consumer experience, data accuracy, and quality. (HMDA) In addition to originations, reportable HMDA data includes... - - Loan Applications - Loan Denials - Loan Approvals - Loa...

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

NMLS SAFE EXAM Questions And Answers (Verified And Updated) Where credit institutions originate loans - answerPrimary Mortgage Market When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan - answerC. The maximum the rate can increase over the life of the loan When utiliz...