Nmls study guide Study guides, Class notes & Summaries

NMLS SAFE EXAM STUDY GUIDE What does TILA stand for? - Truth-In-Lending Act, Regulation Z What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - LTV stands for - Loan to Value Define PMI and state what the acronym stands for. - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Disabled veterans and survi...

NMLS Study Guide Questions and answers latest update

NMLS Study Guide with Complete SolutionsNMLS Study Guide with Complete SolutionsNMLS Study Guide with Complete SolutionsNMLS Study Guide with Complete Solutions Portfolio Lender - ANSWER-Retail lender (ex. a bank, savings bank, credit union, or mortgage lender) that interacts directly with the borrower and actually makes the loan. If it holds, rather than sells, it's loans, it is called a portfolio lender. Correspondent Lender - ANSWER-Generally a smaller lender that takes apps and unde...

Nmls Study Guide Questions and answers latest update

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...

NMLS SAFE EXAM STUDY GUIDE | Questions with 100% Correct Answers | Latest Update 2024 | Verified

NMLS SAFE ACT MLO Exam - Ethics And Fraud Study Guide Questions 2024. A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower's right to ca...

NMLS Study Guide Questions with Correct A 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 "mortgage broke...

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A lender has how many days to refund excessive variances on a Closing Disclosure? correct answers 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance correct answers 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage correct answers 3 business days Truth in lending disclosure must be delivered within how many busine...