Nmls test prep - Study guides, Class notes & Summaries

The Mortgage Lending Industry - ANSWER-Segment 1 Which one of the following is NOT an alternative term used to refer to a savings and loan institution? -Mutual savings bank -Thrift institution -Mortgage banker -Savings and loan association - ANSWER-Mortgage banker A non-institutional lender would be: -a seller of collateralized mortgage obligations -a seller offering a purchase money mortgage to a buyer -an insurance company -a mutual savings bank - ANSWER-a seller offering a purc...

A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - FCRA What is not prohibited to be included in the loan terms for HOEPA covered i...

Your Home Loan Toolkit The guide booklet for all purchase and refinance transactions using LE and CD Are State-specific disclosures replaced by the new Loan Estimate and Closing Disclosure? Federal disclosures never replace state specific disclosures What is the soonest you can send a Closing Disclosure after the Loan Estimate? You have to wait at least one day between sending. What does TRID stand for? TILA-RESPA Integrated Disclosures What is the definition of a business day for the ...

UST Test Prep 1 Study Guide with Complete Solutions A loan originator who applies to be licensed again must: - Answer-complete the Continuing Education requirements for the last year in which the license was held A loan originator is: - Answer-An individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain All of the following are required to be licensed except: - Answer-an individual negotiating a res...

UST Test Prep 1 Question and answer 100% correct 2023A loan originator who applies to be licensed again must: complete the Continuing Education requirements for the last year in which the license was held A loan originator is: An individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain All of the following are required to be licensed except: an individual negotiating a residential mortgage...