Act of mortgage fraud - Study guides, Class notes & Summaries

Acceleration Clause - correct 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) - correct 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 - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act - correct answer -a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtain information necessary for loan processing b. Collect inform...

NMLS S.A.F.E Exam Practice Questions and Answers Fully solved 2024 Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtain infor...

SOUTH CAROLINA EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ What are licensee not allowed to do - -misrepresent or conceal material facts or makes promises likely to influence, persuade or induce an applicant for a mortgage False Issue Loan Satisfaction - -Improper refusal or failure to issue a satisfaction of a mortgage Failure to practice due dilligence - -the act requiring licensees o use due diligence and make reasonable efforts in procuring a loan Failing to account funds - -faili...

Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act - correct answer -a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtain information necessary for loan processing b. Collect inform...

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....

Institutional lenders - ️️Largest share of mortgage loans (Chartered banks, life insurance companies , credit unions , treasury branches ) Council - ️️12 members , administering the act and is accountable for its conduct for industry members and consumers Real estate assurance fund - ️️Compensates consumers who suffer financial loss as a result of fraud Amortization - ️️Gradual retirement of a debt by means of instalments includes interest and principal Amortization p...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...

Types of Credit Used - Answer Student loan or credit cards only FAKO scores - Answer purchase score which are educational score Fair Credit Reporting Act FCRA - Answer what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA - Answer free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) - Answer dispute bill error/mail 60 days/creditor 30 days ackno...

Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act Answer a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtain information necessary for loan processing b. Collect information requi...