Nmls test prep - Study guides, Class notes & Summaries

NMLS Test Prep CompuCram Test Questions and answers graded A+ 2023A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - correct answer Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - correct answer Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning cred...

NMLS Test Prep (Latest 2023-2024 Update) A borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? A. $1,000 B $800 C $750 D $1,250 - ANS-$750 The answer is $750. Generally, 75% of rental income may be used to qualify a borrower for a loan. This formula is based on an industry standard that taxes, insurance, and maintenance costs will equal about 25% of the income that a property generates. In this case, 75% × $1,...

The interest rate given by banks to their customers is called the: Correct Answer: Prime rate A borrower applies for a loan. After accessing the borrower's credit, the loan is denied. Which of the following must occur? Correct Answer: A loan denial letter (Adverse Action Notice) must be sent to the borrower within 30 days. According to Regulation B, which of the following is not recommended? Correct Answer: Asking if a borrower intends to have more children. Which of the following a...

RESPA requires the use of the Closing Disclosure for? correct answers one to four single family units RESPA stands for correct answers Real Estate Settlement Procedures Act Effective January 26, 2015, annual mortgage insurance for FHA loans up to $625,000 is what percentage of the loan amount if the down payment is 5% or more on a loan term of 30 years? correct answers .80 If there is an L next to an amount it represents correct answers the lender is paying for that the SAFE Act corr...

RESPA requires the use of the Closing Disclosure for? correct answers one to four single family units RESPA stands for correct answers Real Estate Settlement Procedures Act Effective January 26, 2015, annual mortgage insurance for FHA loans up to $625,000 is what percentage of the loan amount if the down payment is 5% or more on a loan term of 30 years? correct answers .80 If there is an L next to an amount it represents correct answers the lender is paying for that the SAFE Act corr...

A borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? A. $1,000 B $800 C $750 D $1,250 Correct Answer: $750 The answer is $750. Generally, 75% of rental income may be used to qualify a borrower for a loan. This formula is based on an industry standard that taxes, insurance, and maintenance costs will equal about 25% of the income that a property generates. In this case, 75% × $1,000 = $750. The S.A.F.E. Act app...

Reg B - ANSWER ECOA Reg C - ANSWER HMDA Reg G - ANSWER SAFE - registered Reg H - ANSWER SAFE - licensed Reg N - ANSWER MAP Rule Reg P - ANSWER GLB Act Reg V - ANSWER FCRA Reg X - ANSWER RESPA Reg Z - ANSWER TILA LE - ANSWER Requires business days to include all days open Does count for business days for CD include Saturdays? - ANSWER No - requires business days to include all but Sun/Holidays Elements of a Completed Application - ANSWER Name Address Subject pro...