Exam (elaborations)
NMLS SAFE EXAM PREP
- Course
- Institution
Exam of 34 pages for the course ... at ... (NMLS SAFE EXAM PREP)
[Show more]
Content preview
Name: Score:94 Multiple choice questions
Term 1 of 94
YSP or borrower credit
The section of RESPA that prohibits fee splitting, markups, and unearned "things of value"
from "agreements or understandings" between referral sources.
The Final HUD-1 Settlement Statement
&
The initial escrow statement (due no later than 45 days after escrow acct established)
funds paid by a lender to a borrower when a borrower accepts a higher than par rate. The
funds are typically applied toward broker fees or origination fees to result in a no fee or
low fee transaction.
This communication must be sent by the receiving servicer to the borrower within 15 days of
the transfer of service/receipt of the loan.
,Term 2 of 94
How many pieces of info constitute an application, and what are they?
This ECOA disclosure is due at the same time as the Notice of Action taken, and states that
lenders are not required to respond to related requests received >90 days after provision
of the notice.
The 6 pieces of info are:
The borrower's name
Their monthly income
Their SSN
The property address
The estimated value of the property
The amount of the mortgage loan
loans for: >25 acres
business or commercial use
agricultural use
temporary or bridge loans
Vacant land (with no plan to build w/in 2 yrs)
The one time that things of value can be provided (however they cannot be self promoting)
Definition 3 of 94
What year was FACTA enacted in and implemented by who?
1974 by congress
1968 by the federal reserve board
2003 by congress
1970 by congress
,Definition 4 of 94
What year was HMDA enacted in and implemented by who?
HMDA (stands for)
1974 by congress
ECOA Penalties
1975 enacted by congress, 2011 implemented by federal reserve board
Definition 5 of 94
gathers demographic information for government monitoring to identify and eliminate
discriminatory lending practices
Mdia (stands for )
Goodbye letter
HMDA (purpose)
Ecoa (purpose)
Term 6 of 94
Regulation X
The closing costs or terms on the GFE must be available for ____________.
The section of RESPA that outlines the escrow requirements for mortgage loans.
The designation for RESPA
The regulator for TILA, HOEPA, & HMDA
, Definition 7 of 94
Fines of $75 to $130,000
Section 6 penalties
Ecoa penalties
Section 10 penalties
30 days
Term 8 of 94
MDIA (stands for )
Mortgage Settlement Act
Truth In Lending Act
Equal Credit Opportunity Act
Mortgage Disclosure Improvement Act
Definition 9 of 94
This can fluctuate unless or until locked.
Respa disclosures due after Settlement
Are included in title Charges
The cfpb
The rate on the GFE
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 stuuviaa. 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)
81177 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now