NMLS EXAM 2022 ANSWERED CORRECTLYNMLS National Practice Exam 1 with 100% verified Answers 2022MLO SAFE NMLS safe test practice questions with 100% correct answers 2022NMLS SAFE EXAM QUESTIONS & ANSWERS
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A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against fo...
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Add to cartA discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against fo...
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER-Acceleration Clause at closing ...
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Add to cartwhich federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER-Acceleration Clause at closing ...
What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWERLTV stands for - ANSWER-Loan to Value Define PMI and state what the acro...
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Add to cartWhat does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWERLTV stands for - ANSWER-Loan to Value Define PMI and state what the acro...
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - ANSWER-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - ANSWER-cost of fund index 3) Subordinate financing r...
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Add to cart1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - ANSWER-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - ANSWER-cost of fund index 3) Subordinate financing r...
Fraud for money Laundering - ANSWER--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 - ANSWER-An unfavorable credit decis...
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Add to cartFraud for money Laundering - ANSWER--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 - ANSWER-An unfavorable credit decis...
Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
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Add to cartPrimary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
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Add to cartPrimary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
NMLS EXAM 2022 answered correctly-AfBA/ABA stands for? -What is it? - ANSWER--Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - ANSWER--Loan consummation -Loan Settlement -Loan Closing What is ...
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Add to cartNMLS EXAM 2022 answered correctly-AfBA/ABA stands for? -What is it? - ANSWER--Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - ANSWER--Loan consummation -Loan Settlement -Loan Closing What is ...
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - A...
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Add to cartTaking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - A...
Which of the following is not one of the new disclosures required under TRID? The LE The Adverse Action Notice The CD The home loan toolkit - ANSWER-The Adverse Action Notice Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price of the ...
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Add to cartWhich of the following is not one of the new disclosures required under TRID? The LE The Adverse Action Notice The CD The home loan toolkit - ANSWER-The Adverse Action Notice Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price of the ...
Acceleration Clause - 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) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Apprai...
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Add to cartAcceleration Clause - 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) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Apprai...
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