Prepayment penalty - Study guides, Class notes & Summaries

NMLS SAFE EXAM QUESTIONS WITH SOLUTIONS 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? Dis...

Which of the following clauses in a conventional mortgage instrument entitles the lender to accelerate the loan if the loan is assumed? Prepayment Right-to-sell Due-on-sale Variable interest rate ☑: Due-on-sale If the value of a property is affected by negative forces outside the property, which are beyond the control of the owner, this is referred to as: physical deterioration accrued depreciation functional obsolescence economic obsolescence ☑: economic obsolescence EXCELLENC...

What must a borrower do to avoid having late payments reported to a credit bureau? - correct answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - correct answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - correct answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - correct answer 3% What must condominium as...

NMLS MLO FINAL EXAM QUESTIONS 2024. What must a borrower do to avoid having late payments reported to a credit bureau? - correct answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - correct answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - correct answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - correc...

NMLS: Safe Exam Questions & Answers 2023/2024 What's a straw buyer? - ANSWER-The real buyer will use the straw buyers name and qualifying information on the mortgage application to mask the actual buyers intent to purchase the property. Regardless of reduced documentation loans, what totes the MLO need? - ANSWER-Verification of Employment (VOE), Credit Report Review, Appraisal Prepayment penalties are allowed on fixed rate QM loans that are not higher priced if what following criteri...

What must a borrower do to avoid having late payments reported to a credit bureau? - Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - 3% What must condominium associations do with respect to property insurance? - Keep a "blank...

Mortgage Backed Securities Final Exam 2023 with complete solution Why is prepayment less of an issue with commercial loans than it is with home mortgage loans? Explain Yield Maintenance & Defeasance prepayment restrictions. 1) Commercial loans have strong call protections and penalties to the borrow if they prepay the loan. Home loans do not have prepayment penalties. Yield Maintenance Penalty - Present Value of lost payments will be paid to the lender to maintain their expected yield ...

What must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? Answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan Answer 3% What must condominium associations do with respect to property i...

NMLS MLO Exam Questions and Answers 100% Correct NMLS MLO Exam Questions and Answers 100% Correct NMLS MLO Exam Questions and Answers 100% Correct NMLS MLO Exam Questions and Answers 100% Correct What must a borrower do to avoid having late payments reported to a credit bureau? - ANSWER-Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - ANSWER-3 times the fee What should not be over-weighted in an analysis...

After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - 90 Temporary Licenses are only valid for ___ year(s), and cannot be renewed. - 1 For an Original License, you must pass a ___ hour post-license course. - 30 If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - 6. If the post-license course is not completed within ___ year(s), the Temporary License lapses. This period begins on the ...