PACKAGE DEAL FOR NMLS PRACTICE QUESTIONS & ANSWERS(RATED A+)(COMPLETE FULL SOLUTION PACK)PACKAGE DEAL FOR NMLS PRACTICE QUESTIONS & ANSWERS(RATED A+)(COMPLETE FULL SOLUTION PACK)PACKAGE DEAL FOR NMLS PRACTICE QUESTIONS & ANSWERS(RATED A+)(COMPLETE FULL SOLUTION PACK)PACKAGE DEAL FOR NMLS PRACTICE Q...
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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....
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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....
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 ...
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 wha...
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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 wha...
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...
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) Appr...
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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) Appr...
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 fina...
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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 fina...
What is the pass rate for the NMLS Test and how long is it? - ANSWER 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? - ANSWER Read the questions twice, slowly, but do not take over 30 seconds per question the first time throug...
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Add to cartWhat is the pass rate for the NMLS Test and how long is it? - ANSWER 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? - ANSWER Read the questions twice, slowly, but do not take over 30 seconds per question the first time throug...
Abusive Act - ANSWER Action that materially interfere with a consumers ability to understand the product or service Acceleration clause - ANSWER clause that gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contract p...
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Add to cartAbusive Act - ANSWER Action that materially interfere with a consumers ability to understand the product or service Acceleration clause - ANSWER clause that gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contract p...
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 fail...
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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 fail...
Abusive Act - ANSWER Action that materially interferes with a consumer's ability to understand the product or service. Acceleration Clause - ANSWER Clause that gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contra...
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Add to cartAbusive Act - ANSWER Action that materially interferes with a consumer's ability to understand the product or service. Acceleration Clause - ANSWER Clause that gives a lender the right to declare the entire loan balance due immediately because of borrower default or for violation of other contra...
RESPA disclosures? due dates? - ANSWER 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At ...
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Add to cartRESPA disclosures? due dates? - ANSWER 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At ...
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 borr...
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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 borr...
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 - AN...
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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 - AN...
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...
If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - ANSWER The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - ANSWER Valu...
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Add to cartIf an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - ANSWER The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - ANSWER Valu...
An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO -ANSWER d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 3...
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Add to cartAn application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO -ANSWER d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 3...
Housing & Economic Recovery Act 2008 - Title V - ANSWER Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - ANSWER Secure and Fair Enforcement NMLS - ANSWER Nationwide Mortgage Licensing System & Registry MLO - ANSWER Mortgage Loan Originator
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Add to cartHousing & Economic Recovery Act 2008 - Title V - ANSWER Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - ANSWER Secure and Fair Enforcement NMLS - ANSWER Nationwide Mortgage Licensing System & Registry MLO - ANSWER Mortgage Loan Originator
What law deals with credit, APR & Advertising of consumer loans? - ANSWERS TILA Which regulation prohibits kickbacks? - ANSWERS RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - ANSWERS HPA-Homeowners Protection Act Which Regulation prohibits fee spli...
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Add to cartWhat law deals with credit, APR & Advertising of consumer loans? - ANSWERS TILA Which regulation prohibits kickbacks? - ANSWERS RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - ANSWERS HPA-Homeowners Protection Act Which Regulation prohibits fee spli...
The administrative authority of the Commissioner includes all but which of the following? - Promulgate rules or regulations implementing the S.A.F.E. Act - Administer, interpret, and enforce the S.A.F.E. Act - Carry out the intentions of the Legislature - Sentencing violators of the S.A.F.E. A...
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Add to cartThe administrative authority of the Commissioner includes all but which of the following? - Promulgate rules or regulations implementing the S.A.F.E. Act - Administer, interpret, and enforce the S.A.F.E. Act - Carry out the intentions of the Legislature - Sentencing violators of the S.A.F.E. A...
All advertising of a Mortgage Loan Originator must include what? - ANSWER The Loan Originator's unique identifier. When is it okay to advertise specific interest rates, terms, or points? - ANSWER Only if you currently offer the terms advertised. What is a mortgage loan originator? - ANSWER A...
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Add to cartAll advertising of a Mortgage Loan Originator must include what? - ANSWER The Loan Originator's unique identifier. When is it okay to advertise specific interest rates, terms, or points? - ANSWER Only if you currently offer the terms advertised. What is a mortgage loan originator? - ANSWER A...
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