Reverse mortgages test b - Study guides, Class notes & Summaries

NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED, Rated A Document Content and Description Below NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED Primary Mortgage Market Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rat...

RECA Residential Exam with Verified Solutions Rated 100% Fiduciary Representation -ANS- - Trust and confidence - Best interests - Loyalty 5 Ds of Role Clarity -ANS- 1. Discuss 2. Determine 3. Document 4. Disclose 5. Do Must disclose in writing -ANS- - the nature of services provided - whether professional has entered into representation relationship with other party - any conflicts of interest - any other facts that may influence consumers decision to proceed with relationship ...

NMLS PRACTICE EXAM 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE ACTUAL TEST EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+| GUARANTEED PASS An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors -CORRECT ANSWER -- B. Prevent escrow overages The disclosure requirements of RESPA would apply to which of the following loans? A. A loan...

NMLS Safe Test Mortgage Licensing Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed fo...

Reg B - ANSWER ECOA Reg C - ANSWER HMDA Reg G - ANSWER SAFE - registered Reg H - ANSWER SAFE - licensed Reg N - ANSWER MAP Rule Reg P - ANSWER GLB Act Reg V - ANSWER FCRA Reg X - ANSWER RESPA Reg Z - ANSWER TILA LE - ANSWER Requires business days to include all days open Does count for business days for CD include Saturdays? - ANSWER No - requires business days to include all but Sun/Holidays Elements of a Completed Application - ANSWER Name Address Subject pro...

NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Document Content and Description Below NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Primary Mortgage Market - Where credit institutions originate loans C. The maximum the rate can increase over the lif e of the loan - When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over t...

NMLS Practice Test Hard Questions {Answered Correctly 2022} A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited a...

Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER-When utilizi...

Primary Mortgage Market - ANSWER Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER When utilizi...

CCM Exam 315 Questions with Verified Answers HMO - CORRECT ANSWER health maintenance organization ACO - CORRECT ANSWER Accountable Care Organization Viatical Settlements - CORRECT ANSWER ability to sell own insurance policy CHAMPVA - CORRECT ANSWER Civilian Health and Medical Program of the Veterans Administrationtr CHAMPVA for Life - CORRECT ANSWER provides healthcare benefits to families of permanently disabled veterans, or killed in line of duty, not eligible for tricare. Cover...