NMLS SAFE EXAM 2024 with Guaranteed Accurate Answers NMLS MLO Exam with Guaranteed Accurate Answers NMLS Practice Test with Guaranteed Accurate Answers 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 mortga...
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What must a borrower do to avoid having late payments reported to a credit bureau? - correct answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - correct answer 3 times the fee What should not be over-weighted in an ...
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Add to cartWhat must a borrower do to avoid having late payments reported to a credit bureau? - correct answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - correct answer 3 times the fee What should not be over-weighted in an ...
Fraud for money Laundering - correct 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 - correct answer An unfavora...
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Add to cartFraud for money Laundering - correct 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 - correct answer An unfavora...
Acceleration Clause - correct 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) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not as...
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Add to cartAcceleration Clause - correct 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) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not as...
Primary Mortgage Market - correct answer Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - correct 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 ...
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Add to cartPrimary Mortgage Market - correct answer Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - correct 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 ...
What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - correct answer LTV stands for - correct answer Loan to V...
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Add to cartWhat does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - correct answer LTV stands for - correct answer Loan to V...
Blockbusting - correct answer The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: CHARM Booklet - correct answer You and the borrower believe an Adjustable Rate Mortgage would be best for t...
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Add to cartBlockbusting - correct answer The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: CHARM Booklet - correct answer You and the borrower believe an Adjustable Rate Mortgage would be best for t...
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 ...
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