Nmls respa - Study guides, Class notes & Summaries

SAFE NMLS Exam Prep Questions with Correct Answers The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many business days of re...

NMLS Exam Study Guide: RESPA Questions and Answers 2024 Real Estate Settlement Procedures Act (RESPA) This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value __________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. 6 Ways to Show Appreciation for Your Child's Teacher Previous Play Next Rewind 10 seconds Move...

Cindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for the remainder of the loan. What type of loan is this? - Variable - ARM - Option ARM - Fixed rate - Answer-Fixed rate. This loan is a fixed-rate loan (at 6% for 30 years). The payment example shows an interest-only feature for the first five years and then a fully-amortized payment for the ...

NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass) Which Regulation corresponds to The Real Estate Settlement Procedures Act (RESPA) ? A. regulation Y B. regulation V C. regulation Z D. regulation X - Answer-D. regulation X The term "Regulation X" can refer to two different regulations in the United States. One, passed by the Federal Reserve Board, concerns credit extended to people who purchase United States Treasury securities. The other, also kn...

NMLS Exam Questions with All Correct A Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. EXPA (RESPA) - Answer-Applies to federally related mortgage loans Funds insured by the government Funds from a lender REGULATED by the government Intended for sale to Fannie or Freddie Made by a creditor regulated under TILA RESPA - Answer-Real Estate Settlement Procedures Act HUD ...

MLO - Laws/Regulations Questions and Answers | Latest Update | 2024/2025 | Already Passed ____ copies of the Notice of Right to Rescind must be given to every borrower with the right to rescind. 2 _____ hours of continuing education is required every year. 8 _____ hours of pre-licensing education is required for state-licensed MLOs. 20 ____________________ ratios are DTI ratios that take into account the payment of the monthly mortgage divided by the gross monthly income of the...

NMLS EXAM STUDY QUESTIONS 2024. 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - correct answer B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA - correct answer A. S.A.F....

SAFE NMLS Exam Prep Questions and answers, VERIFIED/ Real Estate Settlement Procedures Act (RESPA) is implemented as: - -A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - -A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - -A. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. security A. The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days ...

NMLS Test Outline, Exam Questions and answers, VERIFIED/ RESPA disclosures? due dates? - -3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer...

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...