Nmls safe practice exam 4 - Study guides, Class notes & Summaries

MLO SAFE NMLS safe test practice questions with correct 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 __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home ...

NMLS Safe Test Mortgage Licensing Practice Exam 2022 1. 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?: TILA 2. What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains?: Loan flipping or churning 3. After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance?:...

Acceleration Clause - ANSWER-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - ANSWER-home valuation code of conduct Due on Demand Clause - ANSWER-(Considered a predatory practice) The lender can demand repayment of the loan in fu...

LO SAFE NMLS safe test practice questions and answers 100% pass 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 home buyer...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan origin...