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NMLS|Nationwide Mortgage Licensing System| Bundle Set
NMLS|Nationwide Mortgage Licensing System| Bundle Set
[Show more]NMLS|Nationwide Mortgage Licensing System| Bundle Set
[Show more]Arizona Department of Financial Institutions regulates: CORRECT ANSWER brokers 
bankers 
escrow officers 
motor vehicle dealers 
Etc. 
 
AZDFI checks financial instructions every... CORRECT ANSWER 5 years 
 
The superintendent is the _____, is appointed by _____ and serves for a term of _____ CORREC...
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Add to cartArizona Department of Financial Institutions regulates: CORRECT ANSWER brokers 
bankers 
escrow officers 
motor vehicle dealers 
Etc. 
 
AZDFI checks financial instructions every... CORRECT ANSWER 5 years 
 
The superintendent is the _____, is appointed by _____ and serves for a term of _____ CORREC...
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 Answer...
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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 Answer...
What must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date 
 
Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee 
 
What should not be over-weighted in an analysis of borrower...
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Add to cartWhat must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date 
 
Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee 
 
What should not be over-weighted in an analysis of borrower...
Fraud for profit is a complex scheme involving... Answer multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not se...
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Add to cartFraud for profit is a complex scheme involving... Answer multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not se...
Due date of each payment Answer If an advertisement includes the amount or percentage of any payment, all of the following must also be disclosed, EXCEPT: 
 
Yes, records may be kept outside the state as long as they are made available in-state within 72 hours of a request from the Commissioner Answ...
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Add to cartDue date of each payment Answer If an advertisement includes the amount or percentage of any payment, all of the following must also be disclosed, EXCEPT: 
 
Yes, records may be kept outside the state as long as they are made available in-state within 72 hours of a request from the Commissioner Answ...
If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? 
 
A. 1 month 
B. 2 months 
C. 3 months 
D. 4 months Answer C. 3 months 
 
An established business relationship with a company also will be created ...
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Add to cartIf a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? 
 
A. 1 month 
B. 2 months 
C. 3 months 
D. 4 months Answer C. 3 months 
 
An established business relationship with a company also will be created ...
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. The...
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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. 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) 
 
Appraise...
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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) 
 
Appraise...
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 ...
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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 ...
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 decision ...
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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 decision ...
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? Answer 
 
LTV stands for Answer Loan to Value 
 
Define PMI and state what the ac...
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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? Answer 
 
LTV stands for Answer Loan to Value 
 
Define PMI and state what the ac...
Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? Answer TILA 
 
What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Answe...
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Add to cartWhich federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? Answer TILA 
 
What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Answe...
Qualified mortgages do not include risky features. What are they? Answer Permanent 
 
There are four categories of Qualified Mortgages. The following is not included. Answer No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees charged. 
 
The DTI lim...
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Add to cartQualified mortgages do not include risky features. What are they? Answer Permanent 
 
There are four categories of Qualified Mortgages. The following is not included. Answer No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees charged. 
 
The DTI lim...
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 a b...
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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 a b...
Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: 
 
a. S.A.F.E. Act 
b. Federal Trade Act 
c. Consumer Financial Protection Act 
...
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Add to cartEnhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: 
 
a. S.A.F.E. Act 
b. Federal Trade Act 
c. Consumer Financial Protection Act 
...
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 financin...
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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 financin...
The preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% Answer D. 41% 
 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the state regulator 
C. If a licensee has failed...
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Add to cartThe preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% Answer D. 41% 
 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the state regulator 
C. If a licensee has failed...
The preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% Answer D. 41% 
 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the state regulator 
C. If a licensee has failed...
Preview 4 out of 32 pages
Add to cartThe preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% Answer D. 41% 
 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the state regulator 
C. If a licensee has failed...
Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? Answer FCRA 
 
Which agency manages the National Do Not Call Registry? Answer Federal Trade Commission 
 
Which act led to the Nationwide Mortgage Licensing System and Registry for the residential...
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Add to cartWhich law regulates the activities of consumer reporting agencies and users of consumer credit reports? Answer FCRA 
 
Which agency manages the National Do Not Call Registry? Answer Federal Trade Commission 
 
Which act led to the Nationwide Mortgage Licensing System and Registry for the residential...
A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? Answer Wednesday, Jan. 6 
 
Who manages the National Do Not Call Registry? Answer Fe...
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Add to cartA borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? Answer Wednesday, Jan. 6 
 
Who manages the National Do Not Call Registry? Answer Fe...
What purpose does escrow analysis serve? Answer An aggregate escrow analysis (Annual Escrow Statement) is provided to borrowers annually, pursuant to Section 10 of RESPA. It's purpose is the prevent escrow overages. According to Section 10, the cushion of funds maintained in the escrow account cann...
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Add to cartWhat purpose does escrow analysis serve? Answer An aggregate escrow analysis (Annual Escrow Statement) is provided to borrowers annually, pursuant to Section 10 of RESPA. It's purpose is the prevent escrow overages. According to Section 10, the cushion of funds maintained in the escrow account cann...
What purpose does escrow analysis serve? Answer An aggregate escrow analysis (Annual Escrow Statement) is provided to borrowers annually, pursuant to Section 10 of RESPA. It's purpose is the prevent escrow overages. According to Section 10, the cushion of funds maintained in the escrow account cann...
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Add to cartWhat purpose does escrow analysis serve? Answer An aggregate escrow analysis (Annual Escrow Statement) is provided to borrowers annually, pursuant to Section 10 of RESPA. It's purpose is the prevent escrow overages. According to Section 10, the cushion of funds maintained in the escrow account cann...
What purpose does escrow analysis serve? Answer An aggregate escrow analysis (Annual Escrow Statement) is provided to borrowers annually, pursuant to Section 10 of RESPA. It's purpose is the prevent escrow overages. According to Section 10, the cushion of funds maintained in the escrow account cann...
Preview 2 out of 15 pages
Add to cartWhat purpose does escrow analysis serve? Answer An aggregate escrow analysis (Annual Escrow Statement) is provided to borrowers annually, pursuant to Section 10 of RESPA. It's purpose is the prevent escrow overages. According to Section 10, the cushion of funds maintained in the escrow account cann...
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