Nmls solution - Study guides, Class notes & Summaries

NMLS SOLUTION

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 __________________________. correct answers Predatory Lending. RESPA-Real Estate Settlement Procedures Act correct answers The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits correct answers Home sellers from requiring home buyers to purchase...

NMLS SAFE EXAM QUESTIONS WITH CORRECT SOLUTIONS Primary Mortgage Market - ANS Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANS 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 qua...

NMLS SOLUTION

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NMLS SAFE EXAM PREP With Correct Solutions 2024

If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months correct answers C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inquiry or application. During this tim...

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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 __________________________. correct answers Predatory Lending. RESPA-Real Estate Settlement Procedures Act correct answers The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits correct answers Home sellers from requiring home buyers to purchase...