100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NMLS - Practice Exam with Complete Solutions 100% Verified $12.99   Add to cart

Exam (elaborations)

NMLS - Practice Exam with Complete Solutions 100% Verified

 7 views  0 purchase

NMLS - Practice Exam with Complete Solutions 100% Verified RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans for business, c...

[Show more]

Preview 3 out of 30  pages

  • August 26, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1263)
avatar-seller
TheeGrades
NMLS - Practice Exam with Complete Solutions
100% Verified
RESP does not apply to:


a) Loans secured by a lien on a principal dwelling


b) Federally related mortgage loans


c) Subprime mortgage loans


d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans


for business, commercial and agricultural purposes


Under the Fair Credit Reporting Act, which of the following entities has the


burden of protecting a consumer's privacy when his/her credit information is


being reported?


a) Credit reporting agency


b) HUD


c) Mortgage broker


d) The consumer - ANSWER a) Credit reporting agency


An annual escrow analysis is used to do which of the following?

,NMLS - Practice Exam with Complete Solutions
100% Verified
a) Report underwriting errors


b) Ensure the loan is properly amortized


c) Reduce burden on the servicer


d) Prevent escrow overages - ANSWER d) Prevent escrow overages


If a mortgage professional advertises a loan product at "7.25% APR for the first

six


months! After six months, APR is 10.5%, subject to increase based on market


conditions," What if any additional disclosures does TILA require?

a) No other information is required


b) The finance charges for the loan


c) The monthly payment for the loan


d) The APR in effect after the introductory rate expires - ANSWER a) No other

information is required


There is a ________ accuracy tolerance for amounts stated on the Loan Estimate

and the actual closing cost if the consumer is allowed to shop for his/her own

, NMLS - Practice Exam with Complete Solutions
100% Verified
settlement service provider.


a) 5% c) 10%


B) 15% d) 0% - ANSWER c) 10%


The USA PATRIOT Act is a federal law that Congress adopted in response to:


a) The need to revitalize the economy in 2008


b) The meltdown of the mortgage lending market in 2007


c) The terrorist attacks on September 11, 2001


d) The need to make HAMP loans available to more Americans - ANSWER c) The


terrorist attacks on September 11, 2001


What federal statute primarily serves to control the settlement costs of

residential


mortgage loans?

a) TILA b) ECOA


c) RESPA d) HMDA - ANSWER c) RESPA

The disclosure requirements of RESPA would apply to which of the following

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

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!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

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.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TheeGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart