Nmls safe exam prep Study guides, Class notes & Summaries

SAFE NMLS Exam Prep

RESPA - Answer - This Act, enacted in 1974, is Regulated by the CFPB. The most frequent violations of the act are Section 8 violations. Section 8 - Answer - The section of RESPA that prohibits fee splitting, markups, and unearned "things of value" from "agreements or understandings" between referral sources. Section 6 - Answer - The section of RESPA that outlines the service transfer of loans. Section 10 - Answer - The section of RESPA that outlines the escrow requirements for mortg...

20 Hour SAFE: Applying Mortgage Knowledge to Exam Preparation/ NMLS SAFE Exam. The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $5,000 and up to one year in prison b. Fines of up to $10,000 and up to one year in prison c. Fines of up to $10,000 and up to three years in prison d. Fines of up to $20,000 and up to one year in prison An annual escrow analysis is used to do which of the following? a. Report underwriting errors b. Prevent escrow overages c. Ensure t...

Real Estate Settlement Procedures Act (RESPA) is implemented as: - correct answerA. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - correct answerA. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - correct answerA. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. security A. The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of re...

SAFE NMLS Exam Prep Questions with Correct Answers RESPA is concerned with: - Answer-A. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. security A. The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D....

Real Estate Settlement Procedures Act (RESPA) is implemented as: - Answer-A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - Answer-A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - Answer-A. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. security A. The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan applic...