Nmls exam review - Study guides, Class notes & Summaries

NMLS Exam Review Questions with Verified Answers- Latest Money paid by a buyer to a seller at the time of entering into a contract to indicate intent and ability to carry out the contract is called: A. Down payment B. Earnest money C. Escrow funds D. Service release premium - Answer-B. Earnest money The Pois have just closed on their mortgage loan at a formal settlement meeting. What is mortgage loan originator Leilani Luau's responsibility after loan closing? A. She must provide an...

NMLS Exam Review Questions with Correct Answers Fine up to $10,000 and/or prison for one year - Answer-Violation of kickback policies can result in Title insurance - Answer-Protects against defects in title that were not listed on title report Title Insurance - Answer-Protects from claims against his/her ownership interest Treble Damages - Answer-Maximum penalty allowed under RESPA for requiring borrower to use specific title company: 3x the amount of the title fees assessed to buyer...

NMLS Exam Review questions and answers, verified. The Lender Credit section of the LE and CD can be found where? - -Section J

NMLS Exam Review Questions and answers, VERIFIED/ WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE MINIMAL CREDIT SCORE TO QUALIFY FOR AN FHA LOAN - -500 WHAT DOES PITI STAND FOR? - -PRINCIPAL - INTEREST - TAXES - INSURANCE (CAN ALSO INCLUDE HOA FEES) WHAT IS CONSIDERED A BUSINESS DAY FOR CLOSING DISCLUSRES? - -ANY DAY...

NMLS EXAM REVIEW QUESTIONS & ANSWERS, The Department of Financial Services (DFS) is divided into three divisions? - -Division of Consumer Services, Office of Fiscal Integrity, Division of Treasury What is Financial Services Commission also known as? - -The Commission What is the commission composed of? - -The Governor, the attorney general, the chief financial officer, the commissioner of agriculture Which rules do the commission adopt? - -69V-40 What is the Florida Office of Financia...

NMLS EXAM Review Questions and answers, rated A+ Fraud for money Laundering - --Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - -An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, t...

NMLS Exam Review Questions and answers, VERIFIED/ -AfBA/ABA stands for? -What is it? - --Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - --Loan consummation -Loan Settlement -Loan Closing What is an escrow account? - --account holding money for insurance/taxes -AKA "impound account" or "reverse account" -What's an MU4? -What are requirements? - --Individual application after NM...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Answer-D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - Answer-B. If a licensee fails to request a hearing with the state regul...

NMLS Exam Review Questions and answers. Rated A+ Which of the following must be disclosed by estimated assumption example on the Truth in Lending Act disclosure on an Adjustable Rate Mortgage loan? - -The index rate, the adjusted interest rate, and the resulting payment The requirement of disclosure of the annual percentage rate is featured in: - -TILA What is the purpose of the Truth in Lending Act? - -To promote the informed use of consumer credit by requiring disclosures about its ...