Safe nmls mlo ca exam - Study guides, Class notes & Summaries

Acceleration Clause - ANSWER-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - ANSWER-home valuation code of conduct Due on Demand Clause - ANSWER-(Considered a predatory practice) The lender can demand repayment of the loan in fu...

Fraud for profit is a complex scheme involving... multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not service the mortgage, the lender shall... provide a copy of the Closing Disclosure to the new owner or servicer of the mortgage as a part of the transfer of the loan file. Under the Home Equity Lo...