Nmls respa - Study guides, Class notes & Summaries
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SAFE NMLS Exam Prep Questions and Answers 100% Correct
- Exam (elaborations) • 81 pages • 2023
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SAFE NMLS Exam Prep Questions and Answers 100% Correct 
 
SAFE NMLS Exam Prep Questions and Answers 100% Correct 
 
SAFE NMLS Exam Prep Questions and Answers 100% Correct 
 
SAFE NMLS Exam Prep Questions and Answers 100% Correct 
 
Real Estate Settlement Procedures Act (RESPA) is implemented as: - ANSWER-A. Regulation B 
B. Regulation X 
C. Regulation A 
D. Regulation Z 
 
B. 
 
Which government agency enforces the RESPA regulations? - ANSWER-A. CFPB 
B. FCC 
C. FHA 
D. FTC 
 
A. 
 
RESPA is con...
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NMLS Exam Questions and Answers 100% Correct
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NMLS Exam Questions and Answers 100% Correct 
 
NMLS Exam Questions and Answers 100% Correct 
 
NMLS Exam Questions and Answers 100% Correct 
 
NMLS Exam Questions and Answers 100% Correct 
 
3 - ANSWER-Most RESPA disclosures must be sent within ___ days from application 
 
Initial Escrow Statement - ANSWER-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? 
 
X - ANSWER-RESPA is also known as Regulation ___ 
 
1. Loan Terms 
2. Projected...
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MLO SAFE NMLS Safe Test Practice Questions and Answers 100% Correct
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MLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% Correct 
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-...
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NMLS TEST-Affinity Questions and Answers 100% Correct
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NMLS TEST-Affinity Questions and Answers 100% Correct 
 
 
NMLS TEST-Affinity Questions and Answers 100% Correct 
 
 
NMLS TEST-Affinity Questions and Answers 100% Correct 
 
 
NMLS TEST-Affinity Questions and Answers 100% Correct 
 
 
What law deals with credit, APR & Advertising of consumer loans? - ANSWER-TILA 
 
Which regulation prohibits kickbacks? - ANSWER-RESPA 
 
Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER-HPA-Homeowners Protection Act 
 
Wh...
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NMLS Study Guide Questions with Correct Answers
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NMLS Study Guide Questions with Correct Answers 
 
The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services 
 
The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. 
 
Define "mortgag...
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NMLS Exam Questions with All Correct Answers
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NMLS Exam Questions with All Correct Answers 
Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. 
 
EXPA (RESPA) - Answer-Applies to federally related mortgage loans 
Funds insured by the government 
Funds from a lender REGULATED by the government 
Intended for sale to Fannie or Freddie 
Made by a creditor regulated under TILA 
 
RESPA - Answer-Real Estate Settlement Proced...
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NMLS Laws and Regulations Exam Questions with Complete Solutions
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NMLS Laws and Regulations Exam Questions with Complete Solutions 
 
Who oversees RESPA? - Answer-(CFPB) Consumer Financial Protection Bureau 
 
How long must records be kept under RESPA? - Answer-5 years 
(RESPA has 5 letters= 5 letters of record keeping) 
 
What are the penalties for violating RESPA? - Answer-$10k, 1 yr in prison OR both 
(5 years x 2= $10,000 fine) 
 
TILA - Answer-Truth in Lending Act 
 
What does TILA do? - Answer-• part of the Federal Consumer Protection Act and lays out...
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NMLS Laws And Regulations Exam Questions 2024.
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NMLS Laws And Regulations Exam Questions 2024. 
CFPB - correct answer Consumer Financial Protection Bureau 
 
What does the CFPB do? - correct answer Regulates RESPA, TILA, ECOA, and HMDA 
 
FTC - correct answer Federal Trade Commission 
 
What does the FTC do? - correct answer Monitors Red Flag Rules 
 
RESPA - correct answer Real Estate Settlement Procedures Act 
 
What does RESPA do? - correct answer •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. ...
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MLO SAFE NMLS SAFE EXAM 2024 WITH 100% CORRECT ANSWERS
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MLO SAFE NMLS SAFE EXAM 2024 WITH 100% CORRECT ANSWERS 
 
 
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - correct answer Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures Act - correct answer The Federal Statute that deals with the settlement of residential mortgage loans. 
 
RESPA's section 9 Prohibits - cor...
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NMLS Test Outline Questions with correct Answers 2024
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NMLS Test Outline Questions with correct Answers 2024 
RESPA disclosures? 
due dates? 
3 days after application: 
Home loan tool kit 
Loan estimate 
List of HUD counselors 
Mortgage Servicing Disclosure Statement 
Know before you owe booklet 
Special Info Booklet 
 
3 days before consummation: 
Initial Closing Disclosure 
AfBA disclosure 
 
At consummation: 
Final Closing Disclosure 
Initial Escrow Statement (45 days after closing) 
 
After closing: 
Annual Escrow Statement 
Servicing Transfer S...
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