Prime mortgage - Study guides, Class notes & Summaries
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SAFE Mortgage Loan Originator Test Latest Update Graded A+
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SAFE Mortgage Loan Originator Test 
 
Latest Update Graded A+ 
 
Prequalification an estimate of the loan amt. for which the buyer can qualify based on his 
income/credit under the lenders standards 
 
USDA ratio 29/41 
 
FHA ratio 31/43 
 
Asset based loan -loans based on borrowers equity 
-bad when lenders fail to consider ability to repay 
 
High Cost Loan Reg Z - Sec. 1026.32 
-APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate 
-APOR - average prime ...
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REE 3043 Exam 2 Questions with Complete Solutions
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When a buyer of a property with an existing mortgage loan acquires the property and signs the note for an existing loan, the buyer is acquiring the property: Correct Answer-by assumption. 
 
Which of these points in a mortgage loan would be addressed in the mortgage (possibly in the note as well)? Correct Answer-Escrows 
 
The Real Estate Settlement Procedures Act does which of these: Correct Answer-All of these statements are correct. 
( Requires that the borrower be able to inspect the closing...
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MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS WITH VERIFIED ANSWERS
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MLO SAFE NMLS SAFE TEST PRACTICE 
QUESTIONS WITH VERIFIED ANSWERS 
 
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan 
terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the 
settlement of residential mortgage loans. 
 
RESPA's section 9 Prohibits Home sellers from requiring...
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SAFE Exam Test With 100% Correct And Verified Answers
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SAFE Exam Test With 100% Correct And Verified Answers 
Title X - Correct Answer-Created the CFPB IN 2011 
A part of the Dodd Frank Act 
 
Dodd-Frank Wall Street Reform Act - Correct Answer-July 2010 
Created to promote financial stability 
Created two titles- Title X and Title XIV 
 
CFPB - Correct Answer-Consumer financial protection bureau 
Created by Title X, under the Dodd Frank act 
Government entity that regulates laws and regulations 
2010 
Protects consumers from abusive practices 
 
...
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SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS
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SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS 
 
 
Prequalification - correct answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards 
 
USDA ratio - correct answer 29/41 
 
FHA ratio - correct answer 31/43 
 
Asset based loan - correct answer -loans based on borrowers equity 
-bad when lenders fail to consider ability to repay 
 
High Cost Loan - correct answer Reg Z - Sec. 1026.32 
-APR will exceed by more t...
And that's how you make extra money
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Prepxl practice test 2 Questions and Answers 2024 Correctly done
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Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements 
that are unanticipated or disbursements made before the borrower's monthly payments are available in 
the account, a cushion or reserve that must be no greater than _____ of the estimated total annual 
disbursements from the escrow account. 
- One half 
- One third 
- One sixth 
- One twelfth - One sixth. 
Under RESPA, a lender may require the borrower to establish an escrow account at closing...
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Loan Officer: NMLS. Question with 100 % correct answers | Verified | updated
- Exam (elaborations) • 44 pages • 2024
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(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...
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NMLS SAFE EXAM 2024 Questions With Verified Answers
- Exam (elaborations) • 16 pages • 2024
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NMLS SAFE EXAM 2024 Questions With 
Verified Answers 
What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z 
What is a HELOC loan? - answera secured loan in that you are borrowing against the equity 
that has been built in your house 
What is a REFI loan? - answer 
LTV stands for - answerLoan to Value 
Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on 
conventional loans 
Define one time variable funding fee and people in what situations is i...
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NMLS SAFE EXAM 2024 Questions With Verified Answers
- Exam (elaborations) • 16 pages • 2024
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NMLS SAFE EXAM 2024 Questions With 
Verified Answers 
What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z 
What is a HELOC loan? - answera secured loan in that you are borrowing against the equity 
that has been built in your house 
What is a REFI loan? - answer 
LTV stands for - answerLoan to Value 
Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on 
conventional loans 
Define one time variable funding fee and people in what situations is i...
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NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS.
- Exam (elaborations) • 21 pages • 2024
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NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS. 
What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable fun...
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