Nmls - Study guides, Class notes & Summaries
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Nmls Practice Questions And Answers Latest Update
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Nmls Practice Questions And Answers Latest Update
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NMLS UST EXAM QUESTIONS AND ANSWERS 2024-2025
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NMLS UST EXAM QUESTIONS AND ANSWERS ...
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NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED
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NMLS SAFE EXAM QUESTIONS AND 
ANSWERS ALREADY PASSED 
 
Where credit institutions originate loans Primary Mortgage Market 
 
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 C. The maximum the 
rate can increase over the life of the loan 
 
When utilizing a temporary ...
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NMLS Exam Questions with Correct Answers
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NMLS Exam Questions with Correct Answers 
 
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) Th...
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NMLS Practice Test Hard Questions
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NMLS Practice Test Hard Questions
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NMLS Test Questions + Answers Graded A+
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1. bank 
2. commercial bank 
3. savings & loans 
4. credit union 
5. mortgage broker 
6. mortgage banker - 1. bank - full service 
2. commercial bank - originate largest amount of loans without using depositor's funds. 
3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. 
AKA savings bank or thrift 
4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors 
and low loan rates to borrowers. 
5....
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SAFE-NMLS-MLO-CA Exam Study (FULL SET) ALREADY PASSED
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SAFE-NMLS-MLO-CA Exam Study (FULL 
 
SET) ALREADY PASSED 
 
Fraud for profit is a complex scheme involving... multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not service 
the mortgage, the lender shall... provide a copy of the Closing Disclosure to the new owner 
or servicer of the mortgage as a part of the tr...
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NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED
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NMLS SAFE EXAM 2024 QUESTIONS 
AND ANSWERS ALREADY PASSED 
 
What does TILA stand for? Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? a secured loan in that you are borrowing against the equity that has 
been built in your house 
 
What is a REFI loan? 
 
LTV stands for Loan to Value 
 
Define PMI and state what the acronym stands for. Private mortgage insurance- on 
conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for? Disabled ...
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NMLS Exam Questions with All Correct Answers
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NMLS Exam Questions with All Correct Answers 
Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. 
 
EXPA (RESPA) - Answer-Applies to federally related mortgage loans 
Funds insured by the government 
Funds from a lender REGULATED by the government 
Intended for sale to Fannie or Freddie 
Made by a creditor regulated under TILA 
 
RESPA - Answer-Real Estate Settlement Proced...
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NMLS Exam Study Questions with Correct Answers
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NMLS Exam Study Questions with Correct Answers 
 
Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. 
- Requires verification/documentation of the borrower's ability to repay the loan. 
- Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. 
 
Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad auth...
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