Loan originator exam 2024 - Guides d'étude, Notes de cours & Résumés

PRINCIPLES OF REAL ESTATE 2 CHAMPION EXAM WITH 100% CORRECT ANSWERS 2024 “What does D.U.S.T. stand for? - Correct Answer Demand, Utility, Scarcity, Transferability" "the percentage of value or sales price that a lender is willing to finance - Correct Answer Loan to Value Ratio (LTV)" "the value of a property is equal to the sum of the contributory value of each of its component parts. - Correct Answer principle of contribution" "the forces acting on a parcel of land are alwa...

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 func...

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 ...

Mortgage loan originator Exam 2024...

SAFE Mortgage Loan Originator Exam 2024...

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...

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...

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

Mortgage loan originator Exam 2024...

SAFE Mortgage Loan Originator Exam 2024...