Loan officer nmls Study guides, Class notes & Summaries

NMLS Practice Test Questions and answers, rated A+ 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - -•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - -cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - -second mortgage 4) Explain what...

California Mortgage Law Practice Exam Questions and Answers 100% Pass If a broker receives payments related to a property management contract or a loan servicing contract whereby the broker is entitled to a part of the money as fees, the broker must deposit the funds in the trust account and must withdraw the fees: Within 25 days Mitigating factors that mortgage lenders offset the risk associated with nontraditional loan products may include each of the following EXCEPT: Rising real estate pri...

Loan Officer – NMLS Questions and Answers Graded A+ Document Content and Description Below Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Le nder has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate ...

NMLS loan officer Question with complete solution 2023Uniform state test Regulation H Secure and a Fair Enforcement for mortgage licensing act of 2008 Require licensing for LO's HERA (housing and recovery act of 2008) Focused on Subprime lending practices NMLS Nationwide mortgage licensing system and registry State licensing agencies Laws include Loan originator licensing requirements, requirement for effective supervision of those who are licensed, a program fo...

The Dodd-Frank Act includes provisions that are intended to help struggling homeowners to obtain loan modifications by: - ANSWER-Requiring the CFPA to write servicing rules to facilitate loss mitigation efforts A lender is permitted to deny an applicant credit based on which of the following factors? - ANSWER-the applicant likes income stability this rule apply to commercial Communications used to Market mortgage loan products and services to Consumers - ANSWER-MAP Rule HOEPA would not ...

Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate Settlement Procedures Act TIL/TILA - REG Z Truth in Lending Act (2015) Deals with: (Of ...

Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate Settlement Procedures Act TIL/TILA - REG Z Truth in Lending Act (2015) Deals with: (Of ...

NMLS Practice Test 100% Correct Solved 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Correct Answer️️ -•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - Correct Answer️️ -cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - Correc...

California State NMLS Practice Test Graded A+, 2022/2023 Document Content and Description Below California State NMLS Practice Test Graded A+ "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System , and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C D. A borrower approaches a lender to refinance their existing negative a...

AZ NMLS Test Questions and Answers Already Passed Document Content and Description Below AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instutions every... 5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financia...