20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW Exam With Accurate Solutions,Nmls exam 2024 study Guide (Federal Mortgage laws),Loan Originator Class Questions & Answersmortgage 125 Question Comprehensive Practice National Exam Answered & Graded,Nmls exam 2024 study Guide (Federa...
[Show more]
Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - Correct Answer 31 Days The appraisal approach that is used as ...
Preview 2 out of 15 pages
Add to cartMortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - Correct Answer 31 Days The appraisal approach that is used as ...
borrower wants a Cash Out refinance for 80% LTV on a house that appraises for $250,000. The borrower has a first mortgage of $87,000 and a second for $25,000. Closing costs will equal $3,000. How much cash is available for the borrower to receive? Your Answer $30,000 $85,000 $115,000 ...
Preview 4 out of 436 pages
Add to cartborrower wants a Cash Out refinance for 80% LTV on a house that appraises for $250,000. The borrower has a first mortgage of $87,000 and a second for $25,000. Closing costs will equal $3,000. How much cash is available for the borrower to receive? Your Answer $30,000 $85,000 $115,000 ...
AARMR - Correct Answer American Association of Residential Mortgage Regulators AML - Correct Answer Anti-Money Laundering APR - Correct Answer Annual Percentage Rate ARM - Correct Answer Adjustable Rate Mortgage BSA - Correct Answer Bank Secrecy Act CC&R - Correct Answer covenan...
Preview 4 out of 82 pages
Add to cartAARMR - Correct Answer American Association of Residential Mortgage Regulators AML - Correct Answer Anti-Money Laundering APR - Correct Answer Annual Percentage Rate ARM - Correct Answer Adjustable Rate Mortgage BSA - Correct Answer Bank Secrecy Act CC&R - Correct Answer covenan...
Prequalification - Correct Answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - Correct Answer 29/41 FHA ratio - Correct Answer 31/43 Asset based loan - Correct Answer -loans based on borrowers equity...
Preview 2 out of 12 pages
Add to cartPrequalification - Correct Answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - Correct Answer 29/41 FHA ratio - Correct Answer 31/43 Asset based loan - Correct Answer -loans based on borrowers equity...
---Credit Score --- - ANS >> A number calculated from a credit report used to indicate risk of default by the borrower- the lower the number , the greater the risk to the lender. Credit Union - ANS >> A non -profit financial institution set up under federal guidelines and owne...
Preview 1 out of 2 pages
Add to cart---Credit Score --- - ANS >> A number calculated from a credit report used to indicate risk of default by the borrower- the lower the number , the greater the risk to the lender. Credit Union - ANS >> A non -profit financial institution set up under federal guidelines and owne...
What Law deals with credit, APR & advertising of consumer loans? - Correct Answer TILA - REG Z Which regulation prohibits kickbacks? - Correct Answer RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Correct Answer HPA - Home Owners Protection Act...
Preview 2 out of 5 pages
Add to cartWhat Law deals with credit, APR & advertising of consumer loans? - Correct Answer TILA - REG Z Which regulation prohibits kickbacks? - Correct Answer RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Correct Answer HPA - Home Owners Protection Act...
Secondary Market - Correct Answer A Market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages FNMA - Correct Answer Federal National Mortgage Association (Fannie Mae) Savings & Loan Lender - Correct Answer have their origins in the...
Preview 1 out of 4 pages
Add to cartSecondary Market - Correct Answer A Market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages FNMA - Correct Answer Federal National Mortgage Association (Fannie Mae) Savings & Loan Lender - Correct Answer have their origins in the...
RESPA - Correct Answer Set of rules that are applied fairly to lenders buying or selling a house Mortgage broker - Correct Answer Match borrowers to Lenders Unimproved property - Correct Answer Building in process /Construction halfway done Bridge(Swing) Loan - Correct Answer Short ...
Preview 2 out of 7 pages
Add to cartRESPA - Correct Answer Set of rules that are applied fairly to lenders buying or selling a house Mortgage broker - Correct Answer Match borrowers to Lenders Unimproved property - Correct Answer Building in process /Construction halfway done Bridge(Swing) Loan - Correct Answer Short ...
Which disclosure, required to be sent three days after application, indicates to the borrower whether or not the servicing of their loan may be sold or transferred? - Correct Answer The Mortgage Servicing Disclosure, required by RESPA, is specifically supposed to inform the consumer whether or not ...
Preview 3 out of 18 pages
Add to cartWhich disclosure, required to be sent three days after application, indicates to the borrower whether or not the servicing of their loan may be sold or transferred? - Correct Answer The Mortgage Servicing Disclosure, required by RESPA, is specifically supposed to inform the consumer whether or not ...
Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? FCRA HPA HOEPA RESPA - ANS >> RESPA Which of the following best describes a loan with a principal balance exceeding Fannie Mae or Freddie Mac ...
Preview 4 out of 41 pages
Add to cartWhich of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? FCRA HPA HOEPA RESPA - ANS >> RESPA Which of the following best describes a loan with a principal balance exceeding Fannie Mae or Freddie Mac ...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victoria108. Stuvia facilitates payment to the seller.
No, you only buy these notes for $18.99. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now