Practice nmls - Study guides, Class notes & Summaries

MLO SAFE NMLS safe test practice exam questions and answers A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years Per the Dodd-Frank Act an abusive act would include which of the following: 1. One that materially interferes with the consumers ability to understand the product or service. 2. One that take unreasonable advantage of a consumers' lack of understanding. 3. One that takes unreasonable advantage of the consumer's...

MLO SAFE NMLS safe test practice questions MLO SAFE NMLS safe test practice questions MLO SAFE NMLS safe test practice questions

Mortgage NMLS Practice Exam Questions 2024. Annual Percentage Rate (APR) - correct answer Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - correct answer Process whereby a seller delivers ownership rights in real property to the buyer. May also describe the completion of the loan process where the borrower receives use of...

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers Which of the following would be ways that Fannie Mae impacts the primary mortgage market? a. it ultimately serves to provide additional funds for the primary market b. it influences lenders' standards for making mortgage loans c. both d. none - Answer-c. Fannie Mae buys mortgages in the secondary mortgage market which makes more funds available to lenders to make loans in the primary market. It also sets standards for th...

Practice NMLS test - 20 Hour Safe

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO -ANSWER d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter -ANSWER c. within45 days of the end of the calendar q...

California State NMLS Practice Test Exam Questions with Correct Answers A mortgage company advertises for loans in both Spanish and English. Which of the following statements is true? Answers A. The mortgage company must provide the key disclosures such as the TIL and Good Faith Estimate in Spanish to their Spanish speaking clients. B. At least 40% of the employees of the company must be bilingual. C. The company must have at least one native Spanish speaker available during reg...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

MLO SAFE NMLS Test Practice Questions with 100% Correct Answers | Latest Update 2024 | Verified

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER Home sellers from requiring home buyers to purchase title insurance from...