Nmls loan officer - Study guides, Class notes & Summaries

NMLS Test Questions and Answers All C The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...

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...

ancial Regulation (OFR or the Office) Does what? oversees all financial institutions in the state of Florida. Within the Office, there are three Divisions What are the the three divisions in the OFR ? The Division of Finance, the Division of Financial Institutions, and the Division of Securities. The Division of Finance (the Division) Does what ? oversees the regulation of non-depository financial services professionals including mortgage loan originators,mortgage brokers, and m...

Florida Office of Financial Regulation (OFR or the Office) Does what? oversees all financial institutions in the state of Florida. Within the Office, there are three Divisions What are the the three divisions in the OFR ? The Division of Finance, the Division of Financial Institutions, and the Division of Securities. The Division of Finance (the Division) Does what ? oversees the regulation of non-depository financial services professionals including mortgage loan originators,mo...

NMLS Practice Test Questions and Answers latest updated 2024 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 Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:07 / 0:15 Full screen 3) Subordinate financing relates to ...

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...

UST Quiz and answer rated A+ 2024 The functions of participating in the NMLS, conducting background checks, and writing rules and regulations are required under the SAFE Act by: a. a state licensing agency b. a state legislature c. a state Attorney General d. The CFPB - correct answer a. A state licensing agency 2. Sam Schmeal was a licensed loan officer under the employ of Mortgages R' Us 8 years ago. During his last year of employment Sam had his license revoked when it was discover...

NMLS Practice Exam Questions and A RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c)Subprime mortgage loans d)Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a) Credit repor...

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...

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 ...