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NMLS S.A.F.E 2023/2024 Problem Solving Exam Questions and With Distinction level Marking scheme An escrow account analysis has been completed on Mary Thompson's loan. It is discovered that there is a $40 overage in her account. How many days does the servicer have to return the money? a. There is no refund b. The servicer would not return the money; it would be applied toward the principal amount c. The servicer has 30 days from completion of the analysis to return the overage d. Ms....

NMLS Final Competency Certification Study Guide Exam Questions with Certified for Accuracy Answers 2023/2024 Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer hom...

NMLS 2023/2024 Key Exam Guide Questions and Integral Marking Scheme version Which parties sign the deed? A.) Grantor, grantee and two witnesses B.) Grantor and two witnesses C.) Grantee and two witnesses D.) Grantee only - correct answer B.) Grantor and two witnesses When the mortgagor and the mortgagee title insurance policies are issued at the same time, this is known as: A.) Simultaneous issue B.) Concurrent issue C.) Subsequent issue D.) Dual issue - correct answer A.) Si...

NMLS 2023/2024 Problem set Exam Questions with all answers Correctly provided Latest What percentage variance on a Fannie Mae appraisal report is tolerable when dealing with comps? - correct answer 20% The cost of a loan is shown as an annual percentage rate in the - correct answer TIL disclosure statement A borrower with less than perfect credit or othere risk factors may qualify most easily for what type of loan? - correct answer Subprime loan Which is not part of total Prepa...

NMLS NV 2023/2024 Learning checks Exam Questions with complete Answers According to what was discussed in the previous chapter, how long is given to request a hearing? - correct answer an individual is allowed 20 days to request a hearing. What occurs if an individual fails to request a hearing within the 20-day period? - correct answer The Commissioner can go ahead and discipline the licensee In addition to any other penalty, if a person is convicted of or enters a plea of no conte...

NMLS MLO 2023/2024 Proficiency knowledge test Exam Questions and certified Answers HMDA was implemented by the: - correct answer Federal Reserve Board How many days does a lender have to send a statement of reasons for an adverse action after receiving a request from an applicant? - correct answer 30 days Which Act includes provisions to protect consumers' personal financial information held by financial institutions? - correct answer Gramm-Leach-Bliley Which Act allows c...

NMLS loan officer 2023/2024 Review Exam Questions with complete Answers GFE Fees - correct answer Lender and broker charges, title charges, government charges, prepaid items, and deposits Lender & Broker Charges - correct answer Loan origination, appraisals, credit report, inspections, mortgage Title Charges - correct answer Cost of title search, title insurance, notary fee, Government Charges - correct answer Municipal and government charges vary between states and municipal...

NMLS Laws and Regulations 2023/2024 Exam practice test Questions and Answers updated CIP - correct answer Customer Identification Program OFAC - correct answer Office of Foreign Assets Control (OFAC! my client is a terrorist) SAR - correct answer Suspicious Activity Report What does the USA Patriot Act do? - correct answer • Prevents terrorist funding • Enforces CIP • Terrorist checking done through OFAC • SAR can be submitted to FinCEN" Who oversees the USA P...

NMLS Exam Review 2023/2024 Study Guide Questions and Answers Federal Home Loan Bank (FHLB) system: - correct answer A system of GSEs owned by over 8,000 community financial institutions. It provides advances to financial institutions in order for those institutions to make residential mortgage loans. Fiduciary relationship: - correct answer a relationship founded on trust and confidence Financing contingency date: - correct answer In real estate transactions, the contractually det...

CIPP/US Complete Final certification Board Exam Questions and Answers certified for accuracy 2024/2025 Sectoral Model - correct answer This framework protects personal information by enacting laws that address a particular industry sector. Sensitive Personal Information - correct answer That which is more significantly related to the notion of a reasonable expectation of privacy. One's medical or financial information is often considered sensitive personal information (SPI), but other t...