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BUNDLE FOR NMLS EXAMS 2023 WITH 100% CORRECT ANSWERS TOP RATED A
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[Show more]Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay 
the entire loan upon the first instance of borrower default 
Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest 
rate periodically adjusts up or down according to a...
Preview 3 out of 20 pages
Add to cartAcceleration Clause - answerA portion of a lending agreement that forces the borrower to repay 
the entire loan upon the first instance of borrower default 
Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest 
rate periodically adjusts up or down according to a...
Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay 
the entire loan upon the first instance of borrower default 
Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest 
rate periodically adjusts up or down according to a...
Preview 3 out of 20 pages
Add to cartAcceleration Clause - answerA portion of a lending agreement that forces the borrower to repay 
the entire loan upon the first instance of borrower default 
Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest 
rate periodically adjusts up or down according to a...
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 - answerAn unfavorable credit decision...
Preview 3 out of 16 pages
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 - answerAn unfavorable credit decision...
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...
Preview 3 out of 30 pages
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...
ARM - answerA variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a 
mortgage loan with the interest rate on the note periodically adjusted based on an index which 
reflects the cost to the lender of borrowing on the credit markets. 
APR - answerThe term annual percentage ...
Preview 2 out of 9 pages
Add to cartARM - answerA variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a 
mortgage loan with the interest rate on the note periodically adjusted based on an index which 
reflects the cost to the lender of borrowing on the credit markets. 
APR - answerThe term annual percentage ...
RESP does not apply to: 
a) Loans secured by a lien on a principal dwelling 
b) Federally related mortgage loans 
c) Subprime mortgage loans 
d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans 
for business, commercial and agricultural purposes 
Under the Fair Credit Repor...
Preview 3 out of 19 pages
Add to cartRESP does not apply to: 
a) Loans secured by a lien on a principal dwelling 
b) Federally related mortgage loans 
c) Subprime mortgage loans 
d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans 
for business, commercial and agricultural purposes 
Under the Fair Credit Repor...
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