Principal loan originator - Study guides, Class notes & Summaries
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California State NMLS Practice Test Exam Questions with Correct Answers
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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...
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NMLS PRACTICE QUESTIONS WITH SOLUTIONS LATEST UPDATED 2024
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NMLS PRACTICE QUESTIONS WITH SOLUTIONS LATEST UPDATED 2024 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? 
FEDERAL RESERVE SYSTEM 
 
 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the 
Acceleration Clause 
 
 
 
 
at closing a borrower may deposit funds to establish reserves for which of the following? 
TAXES AND INSURANCE 
 
 
 
in a qualification of an applicant who...
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Champions real estate finance with Correct Solutions Latest
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Champions real estate finance with Correct 
Solutions Latest 
Loan-to-Value Ratio (LTV) - Answer -The percentage of the lesser of the appraised value or sales price 
that the lender will lend. 
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales 
price or appraised value, whichever is lower. 
Package Mortgage - Answer -Includes both real and personal property ( fixtures and furnishings) 
Blanket Mortgage - Answer -Covers more than one piece of...
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The SAFE Act Ch 6 Exam Questions With 100% Correct Answers
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The SAFE Act Ch 6 Exam Questions 
With 100% Correct Answers 
Nontraditional Mortgage Product - answerDefined by the SAFE Act as any mortgage 
product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on 
Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, 
interest. 
Registered Loan Originator - answerA natural person who is employed by a depository 
institution that is regulated by a federal banking agency and is exempt from ...
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NMLS - EXAM 2024 QUESTIONS & ANSWERS RATED 100% CORRECT
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5 rights under FACRA - 1. Right to adverse action notice 2. Free copy of credit report 3. Request 
credit score 4. The right to dispute incomplete or inaccurate information 5. Limit prescreened offers 
A registered LO means any individual who is an employee of ... - *a depository institution 
*A subsidiary that is- 
*owned and controlled by a depository institution and 
*regulated by a Federal Banking agency;or 
*An institution regulated by the Farm Credit Administration 
*And is registered and ...
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NMLS Exam Review Questions with Verified Answers- Latest
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NMLS Exam Review Questions with Verified Answers- Latest 
 
Money paid by a buyer to a seller at the time of entering into a contract to indicate intent and ability to carry out the contract is called: 
A. Down payment 
B. Earnest money 
C. Escrow funds 
D. Service release premium - Answer-B. Earnest money 
 
The Pois have just closed on their mortgage loan at a formal settlement meeting. What is mortgage loan originator Leilani Luau's responsibility after loan closing? 
A. She must provide an...
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Champions School of Real Estate - Real Estate Finance exam Correctly Answered 2024
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Champions School of Real Estate - Real 
Estate Finance exam Correctly Answered 
2024 
Loan-to-Value Ratio (LTV) - Answer -The percentage of the lesser of the appraised value or sales price 
that the lender will lend. 
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales 
price or appraised value, whichever is lower. 
Package Mortgage - Answer -Includes both real and personal property ( fixtures and furnishings) 
Blanket Mortgage - Answer -Cover...
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Mortgage NMLS- Exam Questions and Answers with complete solution
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A - The mortgage loan originator's role involves all of the following EXCEPT: 
A. Loyalty is owed to the party paying the mortgage loan originator's compensation. 
B. Ensuring the loan program is suitable for the borrower's needs. 
C. Qualifying the borrower's financial ability to meet the loan obligations. 
D. Helping the borrower compile a complete and accurate application. 
A - Which of the following statements is true about the SAFE Act? 
A. Requires states to set minimum net worth or su...
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NMLS Exam Questions and Answers Fully solved
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NMLS Exam Questions and Answers Fully solved 
The preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% 
D. 41% 
 
 
 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the state regulator 
C. If a licensee has failed to complete pre-licensing requirements 
D. If a licensee has already executed a right to a hearing for a previous violation 
B. If a licensee fails to requ...
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NMLS Practice Questions with Correct Answers.docx
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NMLS Practice Questions with Correct A 
 
A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday 
 
The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of	under TILA. - Answer-Trigger Terms 
 
Which of the follow...
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