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NMLS (A+ Guaranteed)

NMLS Laws and Regulations (100% Correct Answers) NMLS SAFE EXAM (POSSIBLE QIESTIONS & ANSWERS) NMLS Safe Test Mortgage Licensing Practice Exam Q s (All Accurately Answered) NMLS STUDY GUIDE (A+ GRADED) MLO SAFE NMLS safe test practice questions (with Complete Solutions) NMLS SAFE EXAM 2023 (All Cor...

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NMLS SAFE EXAM (POSSIBLE QIESTIONS & ANSWERS)

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Primary Mortgage Market correct answers Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan correct answers 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 fo...

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NMLS Safe Test Mortgage Licensing Practice Exam Q's (All Accurately Answered)

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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? correct answers TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remai...

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NMLS STUDY GUIDE (A+ GRADED)

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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 a...

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MLO SAFE NMLS safe test practice questions (with Complete Solutions)

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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 __________________________. correct answers Predatory Lending. RESPA-Real Estate Settlement Procedures A...

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NMLS SAFE EXAM 2023 (All Correct 100%)

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What does TILA stand for? correct answers Truth-In-Lending Act, Regulation Z What is a HELOC loan? correct answers a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? correct answers LTV stands for correct answers Loan to Value...

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NMLS EXAM 2023 (100% Accurate Answers)

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Fraud for money Laundering correct answers -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 correct answers An unfavorabl...

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NMLS Practice Test Hard Questions (A+ Graded)

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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 ...

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NMLS (A+ Guaranteed)

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Acceleration Clause correct answers 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 answers Says you must repay your mortgage if you sell your home to a new owner (loan is not assu...

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MCOLES State Licensing Exam Prep (A+ Guaranteed)

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When is the best time to search your patrol vehicle for weapons or contraband? correct answers The beginning of your shift and when non-personell have been in your vehicle You can arrest for the following offenses: correct answers 1) OWI 2) Fleeing and Eluding 3) Negligent homicide 4) No Opera...

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Mortgage NMLS Exam (100% Accurate)

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Annual Percentage Rate (APR) correct answers Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing correct answers Process whereby a...

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NMLS SAFE ACT MLO Exam - Federal Law (with Error-free Solutions)

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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 correct answers C. 3 months An established business relationship with a company also will be...

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NMLS MLO Exam (All Accurately Solved)

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What must a borrower do to avoid having late payments reported to a credit bureau? correct answers Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? correct answers 3 times the fee What should not be over-weighted in an an...

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NMLS Exam (100% Errorless Answers)

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3 correct answers Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement correct answers What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X correct answers RESPA is also known as Regulation ___ ...

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Missed Questions NMLS Exam (All Solved)

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Which of the following would not be considered a settlement service as defined by RESPA? - Real estate brokerage services - Title insurance services - Appraisal services - Loan modification services correct answers Loan Modification Services Settlement service fees are charges incurred in t...

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California State NMLS Practice Test (with Complete Solutions)

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"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C co...

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NMLS MLO TEST (100% ERRORLESS ANSWERS)

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Regulation Z correct answers Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Regulation Z correct answers Which law ensures that some borrowers have the right of rescission for three business days aft...

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NMLS TEST-Affinity (A+ Graded)

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What law deals with credit, APR & Advertising of consumer loans? correct answers TILA Which regulation prohibits kickbacks? correct answers RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? correct answers HPA-Homeowners Protection Act Which Regulation ...

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NMLS - Champion Test Questions (Already Graded A+)

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Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? correct answers FCRA Which agency manages the National Do Not Call Registry? correct answers Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry f...

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NMLS PRACTICE TEST 1 (A+ GUARANTEED)

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c) Caveat emptor correct answers 1. The law of agency defines whose interests the mortgage professional is required to safeguard. When the law of agency directs the mortgage professional's fiduciary duty towards the lender, the term ___________ applies. b) An applicant whose originator license f...

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NMLS Laws and Regulations (100% Correct Answers)

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CFPB correct answers Consumer Financial Protection Bureau What does the CFPB do? correct answers Regulates RESPA, TILA, ECOA, and HMDA FTC correct answers Federal Trade Commission What does the FTC do? correct answers Monitors Red Flag Rules RESPA correct answers Real Estate Settlement P...

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