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Exam (elaborations) NMLS MLO Exam Questions with Latest Update Exam (elaborations) NMLS Laws and Regulations Exam Questions with Verified Answers Exam (elaborations) NMLS KEY WORDS SAFE EXAM QUESTIONS WITH COMPLETE SOLUTIONS Exam (elaborations) NMLS final exam questions with Correct answers ...

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SAFE NMLS Exam Prep Questions with 100% Correct Answers

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Real Estate Settlement Procedures Act (RESPA) is implemented as: - Answer-A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - Answer-A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - Answer-A. Kickbac...

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Practice NMLS test - 20 Hour Safe Exam Review Questions with Complete Solutions

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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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NMLS TEST-Affinity Exam Questions with Verified Answers

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

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NMLS Test Exam Questions with Correct Answers Latest Update

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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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NMLS Safe Test Mortgage Licensing Practice Exam Questions with Correct Answers

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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? - Answer-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - A...

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NMLS SAFE EXAM QUESTIONS AND ANSWERS LATEST

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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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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS 100% PASS

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ECOA - Reg B - Answer-Equal Credit Opportunity Act HMDA - Reg C - Answer-Home Mortgage Disclosure Act RESPA - Reg X - Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Answer-Truth In Lending Act HPA - Answer-Home-owner Protection Act PMI is required when - Answer-Borrower p...

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NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers Latest Update

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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 - Answer-C. 3 months An established business relationship with a company also will be create...

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NMLS S.A.F.E Exam Practice Exam Questions with Verified Answers

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Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act ...

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NMLS Practice Test Hard Questions with 100% Correct Answers Latest Update

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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 Practice Test Exam Questions with Complete Solutions

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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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NMLS PRACTICE EXAM 2024 QUESTIONS WITH CORRECT ANSWERS

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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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California State NMLS Practice Test Exam Questions with Latest Update

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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 - ...

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MLO SAFE NMLS review practice exam questions and answers

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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 __________________________. - Answer-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - An...

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Module 1 NMLS exam questions with complete solutions

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What are the penalties for violation of RESPA/Section 8 - Answer-Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties include fines of up to 10,000 and up to one year in prison Disclosures due within three business days of loan application - Answer-Loan...

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Mortgage NMLS Exam Questions with Verified Answers

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Annual Percentage Rate (APR) - Answer-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 - Answer-Process whereby a seller delive...

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NMLS - Champion Test Exam Questions with Correct Answers

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

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NMLS 2024 Exam Questions with Correct Answers

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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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NMLS EXAM 1 Questions with Latest Update

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1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - Answer-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 executive branch of the U.S. federal government) ...

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Nmls exam 2 questions with complete solutions

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Yes as long as the title company is legitimate and the arrangement is disclosed - Answer-A mortgage broker also owns a title conpany is this arrangement allowed by respa TILA - Answer-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about...

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NMLS exam Questions with 100% Verified Answers

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standard index - Answer-Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of Par Rate - Answer-when the borrower neither pays discount points nor receives a premium for the rate received from t...

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NMLS Exam Questions with 100% Correct Answers

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3 - Answer-Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement - Answer-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X - Answer-RESPA is also known as Regulation ___ 1. Loan Terms 2. P...

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NMLS Exam Questions with Correct Answers (100% Pass)

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In the absence of caps, adjustments on an ARM loan would be determined solely by: The index The margin The fully-indexed rate The lifetime rate - Answer-the fully-indexed rate A consumer signs a closed-end lending agreement on Wednesday. What is the latest that he/she may wait to exercise the...

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NMLS Exam Questions with Verified Answers (100% Pass)

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What is Freddie Mac's automated underwriting system called? - Answer-Loan Product Advisor Which of the following contains only items which should be used in calculating a borrower's debt-to-income ratio? - Answer-car payment boat payment child support obligations Under the S.A.F.E. Act, a...

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NMLS Exam Questions with verified Answers

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TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? - Answer-two (2) A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? - Answer-$16,000 The appraiser determines ...

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NMLS Exam Questions with Correct Answers Latest Update

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RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something...

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NMLS Exam Review Questions with Verified Answers- Latest Update

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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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NMLS Exam Study Guide Exam Questions with Correct Answers

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Which of the following is NOT true about an Affiliated Business Arrangement Disclosure Statement? - Answer-The disclosure may be provided instead of the list of third-party service providers from which the borrower can shop for services Which of the following would most likely not be considered a...

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NMLS Exam Study Guide Questions with 100% Correct Answers

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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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NMLS Exam RESPA Exam Questions with Correct Answers

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Real Estate Settlement Procedures Act (RESPA) - Answer-This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value - Answer-__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allo...

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NMLS Final Exam Questions and Answers

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The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. - Answer- According the Mortgage Disclosure Im...

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NMLS Final Exam Questions and Answers Latest 100% Pass

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Under TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: a. The index used to determine rate adjustments b. Statement that the interest rate will be offered for the duration of the loan c. Possibility of changes in the payment amount over time d.Fr...

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NMLS final exam questions with Correct answers

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Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Cre...

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NMLS KEY WORDS SAFE EXAM QUESTIONS WITH COMPLETE SOLUTIONS

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5/1 Adjustable Rate Mortgage - Answer-A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where "5" is the number of years your initial interest rate will stay fixed. The "1" represents how often your interest rate will adjust after the initial five-year period ends. The most c...

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NMLS Laws and Regulations Exam Questions with Verified Answers

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

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NMLS MLO Exam Questions with Latest Update

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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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