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NMLS EXAM 2024/25; Questions with Complete Solutions $15.99   Add to cart

Exam (elaborations)

NMLS EXAM 2024/25; Questions with Complete Solutions

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NMLS EXAM 2024/25; Questions with Complete Solutions 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...

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  • August 26, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS EXAM 2024/25; Questions with
Complete Solutions
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 - answerAn unfavorable credit decision rendered against a

consumer made on


the basis of information contained on the credit application. If a lender takes

adverse


action against an applicant, the lender must notify the applicant in writing. If the

adverse


action is taken as a result of information contained on the credit report, the

notice must


also provide the name, address and toll-free phone number of the credit bureau

that

, NMLS EXAM 2024/25; Questions with
Complete Solutions
supplied the information.


American Association of Residential Mortgage Regulators (AARMR): - answerA

national


association of individuals who are charged with administering and regulating

various aspects of


residential mortgage lending. It played a major role in the formation of the

NMLS-R and in the


drafting of the model licensing law.


Annual percentage rate (APR): - answerDoes NOT include...TEN ACT-


(Title,Escrow,Notary,Appraisal,Credit Report,Termite)A measurement of the

total cost of the


credit, expressed as an annual rate. The APR includes those paid at the time of

closing and those


paid over the term of the loan. It includes all items that are part of the finance

charge, such as

interest, discount points, mortgage insurance premiums and administrative fees.

, NMLS EXAM 2024/25; Questions with
Complete Solutions
Application - answerA request for a residential mortgage loan and includes the

borrower-related


information that lenders commonly use when considering the request. Someone

who takes an


application from a consumer is generally considered to be acting as a loan

originator, even when


gathering application information over the phone or Internet


ARM Disclosure: - answerA disclosure required to be presented to the applicant

within three days


of application on any ARM loan. This disclosure provides the applicant with

information about the


specific ARM product for which they are applying, such as a historical index

value


Balloon mortgage: - answerA type of fixed-rate mortgage loan with monthly

payments based on a

, NMLS EXAM 2024/25; Questions with
Complete Solutions
30-year amortization schedule, setting a maturity date for a shorter period of

time - usually five,


seven, 10 or 15 years. This allows the borrower to make lower monthly

payments for that shorter


period of time, with a large payment of the full remaining principal balance and

interest due at the


maturity date


Bank Secrecy Act (BSA): - answerA federal law requiring that financial

institutions take steps to


prevent and report cases of money laundering.


Bridge loan: - answerA bridge loan is a loan for a short duration of time and can

be used when one


is purchasing one property but is dependent on the equity from another

property that has not yet


been sold. Once the property is sold then the bridge loan is repaid.

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