Loan origination - Study guides, Class notes & Summaries

The SAFE Mortgage Loan Originator National Exam Study Guide Practice Exam 2 | 100% Correct Answers | Verified | Latest 2024 Version

A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - ANS IS Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years - ANS IS 2 years Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borro...

The SAFE Mortgage Loan Originator National Exam Study Guide practice exam 2 All Questions with Complete Solution

The SAFE Mortgage Loan Originator National Exam Study Guide practice Exam 2 Questions With 100% Correct Answers 1. Which of the following is NOT a loan origination activity? - answerC. Assisting in a loan modification 2. A unilateral contract is binding on: - answerA. One party 3. Loan originator organizations must keep compensation records for how many years? - answerC. Three 4. Mortgage companies must submit a residential loan origination activity report to the NMLSR every: - answerB....

Mortgage Loan Origination Activities Test Latest Update...

PREPXL - Mortgage Loan Origination Activities: Exam Questions and answers/ Which of the following would not be found on the promissory note? Interest rate Loan terms Borrower name Legal description - -Legal description The acronym CHARM refers to which of the following? A disclosure law requiring the APR to be disclosed on balloon programs A booklet which must be given to a borrower applying for an adjustable-rate loan A booklet describing the Loan Estimate A disclosure requirement...

mortgage Broker - Answer- Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer- Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer- Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer- The process of creating a new mortgage loan U...

mortgage loan origination - the process of making/originating the loan with the customer the process has to include financing, if there is no financing it is not a mortgage loan origination role of the loan originator - individual who for compensation or gain: take a residential mortgage loan application offers or negotiates terms of the loan assists the borrower in completing the loan application and collects the necessary documentation to validate info provided on the application always...

What does UST stand for? correct answers Uniform State Test Who does the CFPB protect? correct answers The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? correct answers CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) correct answers a....

SAFE Mortgage Loan Originator Test - National Component with Uniform State. Exam Questions and answers, Verified/ What does UST stand for? - -Uniform State Test Who does the CFPB protect? - -The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - -CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and pay...