And servicers licensing - Study guides, Class notes & Summaries

Which of the following is responsible for determining whether to issue a license approval? - The NMLS - The Governor - The Legislature - The Commissioner - The Commissioner. The Commissioner or state regulator for financial institutions determines licensing eligibility. A subordinate lien that allows a borrower to pay down principal and continue to make withdrawals is known as: - A reverse mortgage - An ARM - A home equity line of credit - A piggyback loan - A home equity line of cred...

Minnesota Exam Prep Questions and Answers Rated A+ The state agency responsible for the business activities of Minnesota mortgage professionals Minnesota Department of Commerce Office that the Minnesota Dept of Commerce is located within Secretary of State With the passing of the SAFE Act DOC shares mortgage lending Licensing authority with whom? NMLS Who is the NMLS operated by State Regulatory Registry, LLC Who heads the DOC? Commissioner Regulates the activities of mort...

Prepxl Practice Test 7: Questions and answers, rated A+ Which of the following is responsible for determining whether to issue a license approval? - The NMLS - The Governor - The Legislature - The Commissioner - -The Commissioner. The Commissioner or state regulator for financial institutions determines licensing eligibility. A subordinate lien that allows a borrower to pay down principal and continue to make withdrawals is known as: - A reverse mortgage - An ARM - A home equity l...

NMLS Exam Study Questions with Correct A Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. -Requires verification/documentation of the borrower's ability to repay the loan. -Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad authority to en...

State License- MI Real Estate question and answers 2023 already passedMortgage Brokers, Lenders, and Servicers Licensing Act pertains to: - correct answer persons who service 1-4 family residential first mortgage loans secured by Michigan property All of the following would require a license in real estate EXCEPT: - correct answer an owner of real estate who engages in 5 or fewer real estate sales in any 12-month period For a real estate salesperson license, how many hours of approved pre-...

Minnesota Department of Commerce The state agency responsible for the business activities of Minnesota mortgage professionals Secretary of State Office that the Minnesota Dept of Commerce is located within NMLS With the passing of the SAFE Act DOC shares mortgage lending Licensing authority with whom? State Regulatory Registry, LLC Who is the NMLS operated by Commissioner Who heads the DOC? Financial Institutions Division Regulates the activities of mortg...

Maryland Licensing Questions and Answers Already Passed Under the Secondary Mortgage Loan Law, a consumer has the right to limit origination fees on which of the following? Secondary mortgages A borrower's gross monthly income and assets may be verified based on a review of third-party written documentation, including each of the following, except: Employer reference letter The Maryland's Finder's Fee Law has been included in the Maryland Code since what year? 1979 Which of the following ...

State License- MI Real Estate Questions And Answers With Verified Solutions Already Passed Latest Updated 2024

Loan Officer – NMLS Questions and Answers Graded A+ Document Content and Description Below Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Le nder has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate ...

The Dodd-Frank Act includes provisions that are intended to help struggling homeowners to obtain loan modifications by: - ANSWER-Requiring the CFPA to write servicing rules to facilitate loss mitigation efforts A lender is permitted to deny an applicant credit based on which of the following factors? - ANSWER-the applicant likes income stability this rule apply to commercial Communications used to Market mortgage loan products and services to Consumers - ANSWER-MAP Rule HOEPA would not ...