Exam (elaborations)
NMLS Exam With Latest Updated Questions And Answers 2024
NMLS Exam With Latest Updated Questions And Answers 2024
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NMLS Exam With Latest UpdatedQuestions And Answers 2024
Fraud mfor mmoney mLaundering m- mcorrect manswer.-Criminal muses mscheme mknown mas
mvalue mtampering
-Criminal moffers mto mbuy mhouse mat mreduced mrate
-Seller mmust msell mat mappraised mvalue mon mpaper, mbut mafter mclosing, mseller mgive mthe
mcriminal mthe mdifference min mcash.
Adverse mAction m- mcorrect manswer.An munfavorable mcredit mdecision mrendered magainst ma
mconsumer mmade mon
the mbasis mof minformation mcontained mon mthe mcredit mapplication. mIf ma mlender mtakes
madverse
action magainst man mapplicant, mthe mlender mmust mnotify mthe mapplicant min mwriting. mIf mthe
madverse
action mis mtaken mas ma mresult mof minformation mcontained mon mthe mcredit mreport, mthe mnotice
mmust
also mprovide mthe mname, maddress mand mtoll-free mphone mnumber mof mthe mcredit mbureau
mthat
supplied mthe minformation.
American mAssociation mof mResidential mMortgage mRegulators m(AARMR): m- mcorrect
manswer.A mnational massociation mof mindividuals mwho mare mcharged mwith madministering
mand mregulating mvarious maspects mof mresidential mmortgage mlending. mIt mplayed ma mmajor
mrole min mthe mformation mof mthe mNMLS-R mand min mthe mdrafting mof mthe mmodel mlicensing
mlaw.
Annual mpercentage mrate m(APR): m- mcorrect manswer.Does mNOT minclude...TEN mACT-
m(Title,Escrow,Notary,Appraisal,Credit mReport,Termite)A mmeasurement mof mthe mtotal
mcost mof mthe mcredit, mexpressed mas man mannual mrate. mThe mAPR mincludes mthose mpaid mat
mthe mtime mof mclosing mand mthose mpaid mover mthe mterm mof mthe mloan. mIt mincludes mall mitems
mthat mare mpart mof mthe mfinance mcharge, msuch mas minterest, mdiscount mpoints, mmortgage
minsurance mpremiums mand madministrative mfees.
Application m- mcorrect manswer.A mrequest mfor ma mresidential mmortgage mloan mand mincludes
mthe mborrower-related m information mthat mlenders mcommonly muse mwhen mconsidering mthe
mrequest. mSomeone mwho mtakes man mapplication mfrom ma mconsumer mis mgenerally
, mconsidered mto mbe macting mas ma mloan moriginator, meven mwhen mgathering mapplication
minformation mover mthe mphone mor mInternet
ARM mDisclosure: m- mcorrect manswer.A mdisclosure mrequired mto mbe mpresented mto mthe
mapplicant mwithin mthree mdays mof mapplication mon many mARM mloan. mThis mdisclosure
mprovides mthe mapplicant mwith minformation mabout mthe mspecific mARM mproduct mfor mwhich
mthey mare mapplying, msuch mas ma mhistorical mindex mvalue
Balloon mmortgage: m- mcorrect manswer.A mtype mof mfixed-rate mmortgage mloan mwith mmonthly
mpayments mbased mon ma m30-year mamortization mschedule, msetting ma mmaturity mdate mfor ma
mshorter mperiod mof mtime m- musually mfive, mseven, m10 mor m15 myears. mThis mallows mthe
mborrower mto mmake mlower mmonthly mpayments mfor mthat mshorter mperiod mof mtime, mwith ma
mlarge mpayment mof mthe mfull mremaining mprincipal mbalance mand minterest mdue mat mthe
mmaturity mdate
Bank mSecrecy mAct m(BSA): m- mcorrect manswer.A mfederal mlaw mrequiring mthat mfinancial
minstitutions mtake msteps mto mprevent mand mreport mcases mof mmoney mlaundering.
Bridge mloan: m- mcorrect manswer.A mbridge mloan mis ma mloan mfor ma mshort mduration mof mtime
mand mcan mbe mused mwhen mone mis mpurchasing mone mproperty mbut mis mdependent mon mthe
mequity mfrom manother mproperty mthat mhas mnot myet mbeen msold. mOnce mthe mproperty mis msold
mthen mthe mbridge mloan mis mrepaid.
Business mday: m- mcorrect manswer.Monday mthrough mSaturday mexcept mholidays.For mthe
mLE, mwhen mcreditor mis mopen mto mthe mpublic mfor mcarrying mon msubstantially mall mof mthe
mcreditor's mbusiness mfunctions
Certificate mof mReasonable mValue m(CRV): m- mcorrect manswer.A mform mindicating mthe
mappraised mvalue mof ma mproperty mbeing mfinanced mwith ma mVA mloan.
Changed mcircumstance: m- mcorrect manswer.A mmaterial mevent mor mpiece mof minformation
mthat mis mdiscovered mafter mthe missuance mof ma mLoan mEstimate mand mhas man mimpact mon
meither mthe mborrower's msettlement mcosts mor mthe mborrower's meligibility mfor ma mloan. mA
mchanged mcircumstance mallows ma mloan moriginator mto mreissue mthe mLoan mEstimate mto
mreset mapplicable mtolerances.
Chapter m7 mbankruptcy: m- mcorrect manswer.A mcommon mkind mof mbankruptcy min mwhich ma
mborrower mmight mneed
to mliquidate massets min morder mto msatisfy mcreditors
Chapter m13 mbankruptcy: m- mcorrect manswer.a mreorganization mform mof mbankruptcy mfor
mindividuals mthat mallows mthe mdebtors mto mkeep mtheir mproperty mand muse mtheir mincome mto
mpay ma mportion mof mtheir mdebts mover mthree mto mfive myears
Character m- mcorrect manswer.In mmortgage mlending, mthe mborrower's mwillingness mto mrepay
mthe mdebt.
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