NMLS Exams Bundle| All Rated A+ Docs|

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

NMLS Practice Test Hard Questions & Answers, Graded A+ 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 ...

NMLS EXAM Review Questions and answers, rated A+ Fraud for money Laundering - --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. Adver...

NMLS Practice Test Questions and answers, rated A+ 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - -•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - -cos...

NMLS MLO Exam Questions and answers, rated A+ What must a borrower do to avoid having late payments reported to a credit bureau? - -Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - -3 times the fee What should not be...

NMLS Exam Review Questions and answers, VERIFIED/ -AfBA/ABA stands for? -What is it? - --Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - --Loan consummation -Loan Settlement -Loan Closing ...

NMLS PRACTICE QUESTIONS and answers, rated A+ which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - -FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the...

NMLS – RESPA Questions and answers, rated A+ Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by what agency: - -Consumer Financial Protection Bureau Real Estate Settlement Procedures Act (RESPA) insures that consumers throughout the nation are provided with m...

NMLS Exam Questions & Answers. 100% Accurate/ The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - -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 s...

NMLS Exam Questions and answers, VERIFIED/ RESPA ( Real Estate Settlement Procedure Act) Also know as Reg X - -- Allows borrowers to receive pertinent & timely disclosure for the nature and cost of real estate settlement process. - Protects consumer abusive practices such as Kick backs & pl...

NMLS EXAM 1: Questions and answers, VERIFIED/ 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - -B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the execut...

NMLS EXAM REVIEW QUESTIONS & ANSWERS, The Department of Financial Services (DFS) is divided into three divisions? - -Division of Consumer Services, Office of Fiscal Integrity, Division of Treasury What is Financial Services Commission also known as? - -The Commission What is the commission co...

NMLS Exam Review Questions and answers, VERIFIED/ WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE MINIMAL CREDIT SCORE TO Q...

Practice NMLS test - 20 Hour Safe, Exam Review Questions and answers, VERIFIED/ 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 - -d Quarterly mortgage call reports must...