Act of mortgage fraud - Study guides, Class notes & Summaries

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

NMLS SAFE ACT MLO Exam - Ethics and Fraud Questions and Answers Already Passed A 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...

SAFE-NMLS-MLO-CA Exam Study (FULL SET) WITH COMPLETE SOLUTIONS SAFE-NMLS-MLO-CA Exam Study (FULL SET) WITH COMPLETE SOLUTIONS SAFE-NMLS-MLO-CA Exam Study (FULL SET) WITH COMPLETE SOLUTIONS SAFE-NMLS-MLO-CA Exam Study (FULL SET) WITH COMPLETE SOLUTIONS Fraud for profit is a complex scheme involving... - ANSWER-multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. Fraud for profit is a complex...

NMLS S.A.F.E Exam Practice Questions Correctly Answered 2024. Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act - correct answer a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtai...

System log - Answer-System logs record events executed on an operating system, including miscellaneous events and those generated during system startup, like hardware and controller failures. Common types of system events include starting up and shutting down, configuration updates, and system crashes Open questions - Answer-Open questions are those worded in a way that makes it difficult for the respondent to answer "yes" or "no." Also, the answer to an open question is not dependent o...

NMLS S.A.F.E Exam Practice Questions with 100% Correct Answers NMLS S.A.F.E Exam Practice Questions with 100% Correct Answers NMLS S.A.F.E Exam Practice Questions with 100% Correct Answers Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection A...

NMLS QUESTIONS WITH SOLUTIONS, 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) Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:03 / 0:15 Full screen Appraiser Independance Requirements replace...

RECA FUNDAMENTALS Exam Set Questions With 100% Correct Answers | Latest Update Which of the following is NOT a purpose of RECA? A) To set and enforce standards of conduct for the industry B) To administer the Act as provided in the Act C) To amend the Act as determined by Council D) To protect against and suppress mortgage fraud C Which of the following statements does NOT apply to a duty-based approach to ethical decision-making? A) This approach seeks the best result for the most ...

AARMR stands for - American Association of Residential Mortgage Regulations AML - Anti-Money Laundering Blockbusting - Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R - covenants, conditions, and restrictions CFPB - The Consumer Financial Protective Bureau - an independent federal agency that holds pr...

Types of Credit Used - ANSWER Student loan or credit cards only FAKO scores - ANSWER purchase score which are educational score Fair Credit Reporting Act FCRA - ANSWER what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA - ANSWER free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) - ANSWER dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 d...