Nmls exam review - Study guides, Class notes & Summaries

NMLS Study Questions with All Correct A State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. -In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination Regulatory power - Answer-- Requirement of state licensing and registration. -Investigatory authority. -State regulator gra...

PrepXL Exam Review Questions & Answers, rated A+ ECOA applies to the extension of credit for: A. Loans secured by a first or subordinate lien on residential property B. Residential, business, commercial, and agricultural loans C. Business, commercial, and agricultural loans D. All credit other than government loans - -B. Residential, business, commercial, and agricultural loans A state-licensed loan originator is: A. Licensed by the NMLS B. An employee of a non-depository institution...

Ohio Mortgage Law Review Questions with Complete Solutions Which of the following is NOT a factor listed under the Ohio Administrative Code for determining repayment ability? Current equity in the property An Ohio mortgage broker is required to keep its records for: Four years minimum The NMLS unique identifier for mortgage loan originators must be clearly shown: In advertisements The Superintendent may impose a fine of up to ______ per violation that is committed by an unlicen...

What law deals with credit, APR, and advertising of consumer loans? - ANSWER-TILA/Regulation Z Which regulation prohibits kickbacks? - ANSWER-RESPA/Regulation X Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER-HPA/Homeowners Protection Act Which regulation prohibits fee splitting? - ANSWER-RESPA/Regulation X "X" is the letter used to describe which regulation? - ANSWER-RESPA RESPA is the acronym used to describe which law? - ANSWER-Real...

NMLS Texas Exam | Questions and Correct Solutions Latest Update | 2024/2025 | Graded A+ Front End Ratio Formula (Mortgage to income/Housing expense ratio) - Answer - Monthly PITI/ gross monthly income Federal Housing Finance Authority - Answer - Ensures GSEs have adequate practices and capital to engage in mortgage business. LTV Formula - Answer - Loan amount/value of property LTV % required to avoid PMI - Answer - Less than 80% A VA loan called IRRRL stands for - Answer - Interest rate...

NMLS UST Mortgage Exam Questions With Verified Answers A consumer calls to ask about a loan product. How does TILA require you to quote an interest rate to him? - answerThe APR and the interest rate A wraparound mortgage: - answerOccurs when a new mortgage plus an existing mortgage is structured as a single obligation Which of the following is true of an FHA borrower? - answerOnly 75% of rental income counts as qualifying income A mortgage on personal property is a(n): - answerChattel Mo...

Mortgage Loan Originator, Exam Review Questions and answers/ What does RESPA stand for? - -The Real Estate Settlement Procedures Act (Regulation X) What does ECOA stand for? - -Equal Credit Opportunity Act (Regulation B) What does TILA stand for? - -Truth In Lending Act (Regulation Z) What does TRID stand for? - -TILA-RESPA Integrated Disclosure Rule (a.k.a. "Know Before You Owe") What does CFPB stand for? - -Consumer Financial Protection Bureau What does NMLS stand for? - -Nationwid...

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