Mlo ethics - Study guides, Class notes & Summaries

(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit report Provides additional rights for identity theft victims and active duty military personnel (FCRA) Fair Credit Reporting Act - Regulation V Disclosures - A one-time written notice of derogatory inf...

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's right to cancel PMI - ️️D. Borrower's right to cancel PMI The Privacy Rule...

The SAFE Act Ch 6 Exam Questions With 100% Correct Answers Nontraditional Mortgage Product - answerDefined by the SAFE Act as any mortgage product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, interest. Registered Loan Originator - answerA natural person who is employed by a depository institution that is regulated by a federal banking agency and is exempt from ...

NMLS SAFE ACT MLO Exam - Ethics and Fraud With Complete Solution...

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's right to cancel PMI - ️️D. Borrower's right to cancel PMI The Privacy Rule...

Annual Percentage Rate (APR) - Answer-Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Answer-Process whereby a seller delivers ownership rights in real property to the buyer. May also describe the completion of the loan process where the borrower receives use of the funds from the lender in return for promising to repay th...

1) Mortgage loan fraud is reported at what level? correct answer: Federal 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: correct answer: SAFE ACT 3) The Nationwide Mortgage Licensing System & Registry (NMLS) was begun by which of the following organizations: correct answer: CSBS and AARMR 4) The NMLS online system was built and is maintained by which of the following organizations: correct answer: FINRA 7) Which of the following agencies revi...

NMLS SAFE ACT MLO Exam - Ethics and Fraud | 105 Questions And Answers

NMLS Questions and Answers Latest Updated 2022 Graded A Document Content and Description Below 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 lendin g) 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 c...