Nmls exam study - Study guides, Class notes & Summaries

NMLS EXAM STUDY GUIDE

NMLS Exam Study Questions with Correct Answers Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. - Requires verification/documentation of the borrower's ability to repay the loan. - Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad auth...

Conventional Loan Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA Front end 33% Back end 45% VA 41% USDA Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, competitive rates. Bellow 115% median income. Loan...

NMLS Exam Set Study Guide (100% Correct Elaborations).

California State NMLS EXAM STUDY QUESTIONS 2024. "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C - correct answer D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same lender....

NMLS EXAM STUDY QUESTIONS 2024. 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - correct answer B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA - correct answer A. S.A.F....

NMLS Exam Study Guide Questions and Answers Nonrecourse Agreement - Answer-Loan agreement under which the collateral securing a loan is the unltimate source of repayment, and the lender cannot hold the borrower personably liable in the event of default. Lender can seize (and sell) the collateral but cannot seize non-pledged asset or property. ReConveyance - Answer-Method in which a lein is removed from a property when payment is made in full. Dodd-Frank Wall Street Reform and Consumer P...

NMLS Exam Study Questions with Correct A Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. -Requires verification/documentation of the borrower's ability to repay the loan. -Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad authority to en...

NMLS Exam Study Guide Exam Questions and Answers According to RESPA, when would fee splitting be allowed? - Answer-If all parties render a service A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring in to closing, and the sales price. Which of the following best identifies this document? - Answer-Loan Estimate Which of the following circumstances i...