Loan originator exam Study guides, Class notes & Summaries

NMLS 2023/2024 Exam Questions with Correct Answers Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. Business day: - Answer-Monday through Saturday except holidays.For the LE, when creditor is open to the public for carrying on substantially all of the creditor's business funct...

Champions Real Estate Finance Final Exam With Correct Answers 2024 Loan-to-Value Ratio (LTV) -CORRECT 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 -CORRECT ANSWER-Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage -CORRECT ANSWER...

Loan Originator Exam study review new solution update 2024 Section 32 of TILA - Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds

LOAN ORIGINATOR EXAM 2024 WITH 100% ACCURATE SOLUTIONS What activity is a loan processor permited to perform without requiring licensure as a mortgage loan orginator under the SAFE Act? - correct answer Perfrom clerical and/or support duties under the supervision of a licensed entity The SAFE act prohibits individuals from engaging in the business of a residental mortage loan originator without first obtaining a - correct answer a unique identifier (NML number) What documents must be ...

LOAN ORIGINATOR EXAM 2024 WITH 100% ACCURATE SOLUTIONS A MLO must provide the Loan Estimate (LE) to the consumer: - correct answer No later than the THIRD BUSINESS DAY after the creditor receives the consumer's application for a mortgage loan After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied residential refinance? - correct answer After the THREE BUSINESS-DAY recission period In a criminal case, a person who violates Section 8 may be fined ...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

Mortgage loan originator Exam 2024...

SAFE Mortgage Loan Originator Exam 2024...

Loan Originator Exam study review new solution update 2023

SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS Prequalification - correct answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - correct answer 29/41 FHA ratio - correct answer 31/43 Asset based loan - correct answer -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - correct answer Reg Z - Sec. 1026.32 -APR will exceed by more t...

SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 1. A discount point is BEST described as a charge the borrower pays to: - correct answer A. A lender to decrease the interest rate on the mortgage loan 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a property with a sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the down payment at...

MORTGAGE LOAN ORIGINATOR EXAM 2024 What does RESPA stand for? - correct answer The Real Estate Settlement Procedures Act (Regulation X) What does ECOA stand for? - correct answer Equal Credit Opportunity Act (Regulation B) What does TILA stand for? - correct answer Truth In Lending Act (Regulation Z) What does TRID stand for? - correct answer TILA-RESPA Integrated Disclosure Rule (a.k.a. "Know Befo