Exam (elaborations)
NMLS SAFE EXAM PREP With Correct Solutions 2024
NMLS SAFE EXAM PREP With Correct Solutions 2024
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NMLS SAFE EXAM PREP With CorrectSolutions 2024
ECOA d- dReg dB d- dcorrect danswer.Equal dCredit dOpportunity dAct
HMDA d- dReg dC d- dcorrect danswer.Home dMortgage dDisclosure dAct
RESPA d- dReg dX d- dcorrect danswer.Real dEstate dSettlement dProcedures dAct
TILA d- dReg dZ d- dcorrect danswer.Truth dIn dLending dAct
HPA d- dcorrect danswer.Home-owner dProtection dAct
PMI dis drequired dwhen d- dcorrect danswer.Borrower dputs dless dthan d20% ddown
ECOA ddeals dwith d- dcorrect danswer.credit dapplications
HMDA dallows dto dsee d- dcorrect danswer.where dpossible ddiscrimination dtakes dplace
Where dis dHMDA dfound d- dcorrect danswer.Section d10 dof dthe d1003 dloan dapp
PMI d- dcorrect danswer.Private dmortgage dinsurance
TILA ddeals dwith d- dcorrect danswer.advertising dof dloans, dcerdit, dAPR
PMI dprotects dwho d- dcorrect danswer.The dLender
SAFE d- dcorrect danswer.Secure dAnd dFair dEnforcement dAct
HERA d- dcorrect danswer.Housing dand dEconomic dRecovery dAct
HERA dcreated dwhat dact d- dcorrect danswer.SAFE dAct
FCRA d- dReg dV d- dcorrect danswer.Fair dCredit dReporting dAct
What ddoes dFCRA ddeal dwith d- dcorrect danswer.credit dreport
FACT d- dcorrect danswer.Fair dand dAccurate dCredit dTransactions
,What ddoes dFACT ddeal dwith d- dcorrect danswer.identify dtheift
AfBA d/ dABA d- dcorrect danswer.Affiliated dbusiness darrangement
Other dnames dfor ddoc dsigning d- dcorrect danswer.Settlement, dclosing, dloan dsettlement
What dpercent dof da dbusiness dmust dyou down din dorder dto ddisclose dthat dinfo d- dcorrect
danswer.1% d- ddisclose dright daway
Civil dRighs dAct dDeals dwith d- dcorrect danswer.Race
Another dname dfor descrow daccount d- dcorrect danswer.reserve dor dimpound
CFPB d- dcorrect danswer.Consumer dFinancial dProtection dBureau
What dis dthe dpurpose dof dCFPB d- dcorrect danswer.promote dfinancial dstability
What dis da dMortgage d- dcorrect danswer.written dinstrument dusing dreal dproperty dto dsecure
drepayment dof da ddebt
Primary dmarket: d- dcorrect danswer.Borrowers d& dlenders dcome dtogther dto dneogiate dterms
dof da dmortgage
Mortgage dBanker d- dcorrect danswer.lend dtheir down dmoney d(investor)
Mortgage dBroker d- dcorrect danswer.(broke) dconnects dyou dwith dcompany/person dto dlend
dyou dmoney
Secondary dmarket: d- dcorrect danswer.Where dexisting dmortgages dare dbought dand dsold
d(Frannie dMae dand dFreddie dMac)
FNMA d- dFrannie dMae d- dcorrect danswer.Federal dNational dMortgage dAssociation d(largest
dgov dsponsored dentity)
FHLMC d- dFreddie dMac d- dcorrect danswer.Federal dhome dloan dmortgage dassociation
d(second dlargest dGSE)
GNMA d- dGinnie dMae d- dcorrect danswer.Goverment dnational dmortgage dassociation. da
dhub d- ddoesnt dpurchase dor dsell dloans. dguarentees dloans
RESPA dhelps dconsumers.. d- dcorrect danswer.become dbetter dshoppers dfor
dSETTLEMENT dSERVICES
RESPA dcovers dhow dmany dunits d- dcorrect danswer.1-4 dresidential dproperties d(owner
doccupied)
,RESPA dSection d6 ddeals dwith d- dcorrect danswer.mortgage dservices
RESPA dSection d6 daddresses d- dcorrect danswer.services dobligated dto dcorrect derrors d/
dpayments
RESPA dSection d8 dprohibits d- dcorrect danswer.kickbacks, dfee-splittingm dunearned dfees
RESPA dSection d9 ddeals dwith d- dcorrect danswer.title dinsurance
RESPA dSection d9 dprohibits dthe dseller dfrom d- dcorrect danswer.requiring da dparticular dtitle
dinsurance dcompany
If dseller drequires dbuyer dto duse da dparticular dtitle dinsuance dco, dthe dbuyer dcan d- dcorrect
danswer.sue dfor d3x dthe damount dof dthe dtitle dinsurance dcost
RESPA dSection d10 ddeals dwith d- dcorrect danswer.Escrow daccounts d(impound/reserve)
RESPA dSection d10 dallows dhow dmuch dof da dcushion d- dcorrect danswer.2 dmonths dat
dclosing
What d6 ditems dcomplete dan dapplication? d- dcorrect danswer.Name, dSSN, dGross dincome,
dloan damount dsought, daddress dof dsubject dproperty d(TBD), destimated dprop dvalue
When ddoes dthe dborrower dget dinitial ddisclosures? d- dcorrect danswer.After dyou dreceive dfull
dapp dUNLESS dborrower dwithdrawls, dlender dturns ddown dloan dbefore d3 dday dperiod
TRID dintegrates dwhat d- dcorrect danswer.TILA d& dRESPA
TRID dsets drequirements dof dwhat d- dcorrect danswer.delivery dof drequired ddocuments
According dto dTRID dwhen dmust drequired ddocuments dbe drequired d- dcorrect
danswer.at/within d3 dbusiness ddays dof dapp, dbefore dsettlement, dat dsettlement, dafter
dsettlement
What dare dthe dinitial ddisclosures? d- dcorrect danswer.Home dloan dtool dkit d(purchase donly)
Loan dEstimate d(LE) d- dClosing dDisclosure d(CD)
MSDA d(mortgage dservicing ddisclosure dstatement)
HUD dapproved dhome dconselors
What dfees dmay dbe dcharged dbefore dthe ddelivery dof dthe dLE d- dcorrect danswer.NONE d-
dexcept dcredit dreport dfee
an dLE dis dgood dfor dhow dmany ddays d- dcorrect danswer.10
Closing dDisclosures dmust dcontain d- dcorrect danswer.ACTUAL dterms/cost
, Who dis dresponsible dfor dproviding dthe dstatement dto dthe dborrower d- dcorrect
danswer.Creditor/Lender
Who dis dresponsible dfor dproviding dthe dstatement dto dthe dseller d- dcorrect
danswer.Settlement/Title dagent
What dare dthe dvalid dchange din dcircumstances d- dcorrect danswer.change din dloan dAPR
change din dloan dproduct d
addition dof da dprepayment dpenalty
TRIDs dpurpose dis dto d- dcorrect danswer.help dbuyers dunderstand doptions, dand davoid
dsuprises dat dclosing
TRID ddoes dnot dapply dto d- dcorrect danswer.HELOC d- dhome dequity dlines dof dcredit d
Reverse dmortgages d
mortgages dfor dmobile dhomes d
loans dfor danyone dwho dfunds dmore dthan d5 dloans da dyear
How dlong dmust dthe dclosing ddisclosure dbe dkept d- dcorrect danswer.5 dyears
how dlong dmust dthe dloan destimate dbe dkept d- dcorrect danswer.3 dyears
LE dmust dbe dprovided dat dleast d______ dprior dto dconsummation d- dcorrect danswer.3 ddays
What dorganization dwas dcreated dby dHERA dto doversee dFannie dMae dand dFreddie dMac? d-
dcorrect danswer.FHFA
What dlaw dcreated dthe dneed dfor dMLO's dto dget dlicensed dand dregulates dwho dcan dwork din
dthe dindustry? d- dcorrect danswer.SAFE
What dsystem dwas dcreated dto dbe da ddatabase dfor dall dMLO's? d- dcorrect danswer.NMLS
With dDodd-Frank dit dalso dhelped dcreate dwhat dregulatory dauthority? d- dcorrect
danswer.CFPB
How dmany dhours dof dpre-licensing deducation dis drequired? d- dcorrect danswer.20
Who dis drequired dto dhave da dlicense? d- dcorrect danswer.MLO dwho dworks dfor da dnon-
depository dinstitution
What ddocument dis dalso dknown das dthe dsecurity dinstrument dand dties dthe dlenders dinterest
dinto dthe dproperty? d- dcorrect danswer.Mortgage/deed dof dtrust
What ddocument dis dthe dpromise dto drepay dand dhas dthe dterms dof dthe dloan don dthem? d-
dcorrect danswer.Note
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