Nmls test q - Study guides, Class notes & Summaries

1. bank 2. commercial bank 3. savings & loans 4. credit union 5. mortgage broker 6. mortgage banker - 1. bank - full service 2. commercial bank - originate largest amount of loans without using depositor's funds. 3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. AKA savings bank or thrift 4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors and low loan rates to borrowers. 5....

Payments for qualified mortgages must be based on - Answer the maximum interest rate that will apply during the first five years after the date of the first payment. Which of the following fees is not included in the calculation of the finance charge for a mortgage? - Answer fees charged by an unaffiliated appraiser. Finance charges always include fees charged by the creditor, charges by an affiliate of the creditor, and fees charged by a third-party provider required by the creditor. Fees ...

NMLS Test Questions and Answers Graded A+ What is the pass rate for the NMLS Test and how long is it? 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:13 / 0:15 Full screen What is the requirement under Fa...

NMLS Test Questions and Answers All Correct The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer-a mobile home to be used as a residence, even if it i...

NMLS Test Questions and Answers All C The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - Answer- a mobile home to be used as a residence, even if it is not att...

NMLS Word Problems Test Questions and Answers A buyer offers $150,000 for a home. The property is appraised at $145,000. If he gets a conforming loan, he will need private mortgage insurance if the loan exceeds ________. - Answer-$116,000 If a mortgagor pays $794.62 monthly to the mortgagee to be applied first to 7% interest and the balance to the principal, about how much is applied to principal when the unpaid principal balance is $83,695.47? - Answer-$306 The principal balance on Do...

What is the pass rate for the NMLS Test and how long is it? - ANSWER 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? - ANSWER Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. What is the requirement under Fair Lending, Fair Housing, and ECOA? - ANSWER All consumers have the right to apply for a loan unless they are under 18 years of age

RESPA disclosures? due dates? - ANSWER 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 Statement (sent 15 days before transfer) RES...

NMLS Test Prep CompuCram Test Questions with correct answers.

AZ NMLS Test Questions and Answers Already Passed Arizona Department of Financial Institutions regulates: brokers bankers escrow officers motor vehicle dealers Etc. AZDFI checks financial instutions every... 5 years The superintendent is the _____, is appointed by _____ and serves for a term of _____ Chief Officer; Governor; 5 years The superintendent needs at least ____ years of experience in the financial industry to serve 5 years of experience within 15 years prior to appointment ...