Nmls - Study guides, Class notes & Summaries

Primary Mortgage Market - ANSWER Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER 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 B. The borrower qualified at the buydown rate - ANSWER When utilizi...

NMLS MLO QUESTIONS AND CORECT DETAILED ANSWERS (VERIFIED ANSWERS) | ALREADY SCORED A+ | NEW UPDATE 2025

MLO NMLS EXAM QUESTIONS AND ANSWERS 100% PASS What law deals with credit, APR & advertising of consumer loans? - TILA/REGULATION Z Which regulation prohibits kickbacks? - RESPA - Reg X Which regulation requires the lender to cancel PMI when the loan reaches 78% LTV? - HPA- Homeowners Protection Act Which regulation prohibits fee splitting? - RESPA "X" is the letter used to describe which Regulation? - RESPA RESPA is the acronym used to describe which Law? - Real Estate Settlemen...

NMLS STUDY TEST QUESTIONS AND ANSWERS ALL CORRECT Which law restricts the sharing of information given when a consumer applies for a mortgage loan? - Answer-Gramm-Leach-Bliley Act Previously used as compensation for mortgage professionals, yield spread premiums must now be used: - Answer-As credits to the borrower to help pay settlement costs When may a homeowner request PMI to be cancelled? - Answer-As soon as his/her equity position is 20% or greater In accordance with Section 8 of ...

NMLS (MLO) TEST STUDY EXAM QUESTIONS AND ANSWERS 100% PASS Which property is exempt under RESPA? - 25 acres or more Which of the following is a purpose of RESPA? - To eliminate kickback and referral fees CFPB is the acronym for: - Consumer Financial Protection Bureau. Who provides the Annual Escrow Account Disclosure Statement? - The Servicing Lender What is a purpose of the Truth in Lending Act? - To enable consumers to compare the cost of credit from lender to lender A Loan Estimate...

NMLS EXAM QUESTIONS AND ANSWERS

NMLS SAFE ACT MLO EXAM - FEDERAL LAW QUESTIONS AND CORECT DETAILED ANSWERS (VERIFIED ANSWERS) | ALREADY SCORED A+ | NEW UPDATE 2025

NMLS Exam Questions and Answers 100% Pass A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Saturday The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of _______________ under TILA. - Trigger Terms Which of the fo...

NMLS (MLO) Exam Questions and Answers 100% Pass What law deals with credit, APR & advertising of consumer loans? - TILA/REGULATION Z Which regulation prohibits kickbacks? - RESPA section 8 (reg X) Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - RESPA Regulation X is the letter used to describe which Law? - RESPA RESPA is the acronym used to describe which law? - Real Estate S...

NMLS final exam Questions and Answers 100% Pass Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - C. Gramm-Leach-Bliley Act Which document actually co...