Hecm real test - Study guides, Class notes & Summaries

HECM REAL TEST ACTUAL QUESTION AND ANSWERS WITH LATEST UPDATES 2023-2024.

HECM REAL TEST ACTUAL QUESTIONS AND ANSWERS WITH LATEST UPDATES 2023-2024

HECM REAL TEST ACTUAL QUESTIONS AND ANSWERS WITH LATEST UPDATES 2023-2024

NMLS Test Questions and Answers All C The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS | LATEST VERSION | 2024/2025 | ALREADY PASSED __________________ requires that a borrower is notified ___________ days prior to the effective date of the loan servicing transfer. RESPA (Real Estate Settlement Procedures Act), 15 days prior ________________________ is another name for Section 114 of FACTA and also amends FCRA. The Red Flag Rules A ______________ buyer is a person who gets paid for the use of their name and credit history i...

HECM REAL TEST ACTUAL QUESTIONS AND ANSWERS WITH LATEST UPDATES A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER-E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remain...

Qualified and Non-qualified Mortgage Programs - ANSWER-The Qualified Mortgage (QM) is a section of TILA that went into effect in 2014. It was mandated by the Dodd-Frank Wall Street Reform Act of 2010 and enforced by the CFPB. The QM Rule works hand in hand with the Ability to Repay Rule (ATR). The QM requirements generally focus on prohibiting certain risky features and practices such as negative amortization and interest-only periods and loan terms longer than 30 years. Features of a qual...

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 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...

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...