Nmls 2024 - Study guides, Class notes & Summaries

SAFE NMLS Exam Prep-Questions With Complete Answers 2024. Real Estate Settlement Procedures Act (RESPA) is implemented as: - correct answer A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - correct answer A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - correct answer A. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. security A. The Good Faith Estimate/Loan Estimate...

Blockbusting - correct answer The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: CHARM Booklet - correct answer You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 15 - correct answer How many days in advance of transferring a loan to another lender must the current mortgage servicer i...

NMLS SAFE ACT MLO Exam - Ethics And Fraud Study Guide Questions 2024. 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 ca...

NMLS 2024 National Exam

NMLS SAFE Exam Questions and Answers 2024

Mortgage NMLS Practice Exam Questions 2024. Annual Percentage Rate (APR) - correct 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 - correct 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...

NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024. Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - correct answer TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - correct answer Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed...

NMLS 2024 National Exam

NMLS 2024 National Exam Questions and Answers | Latest Version | Graded A+ $10,000 per incident plus one year jail time What are the penalties for violating Section 8 of RESPA? The Disposal Rule Which rule dictates how instructions are required to dispose of consumer's information? within three business days of the loan application. The Borrower is entitled to the disclosure of the costs of a mortgage loan through the Loan Estimate: 1 year An MLO is looking over a...