NMLS NV 2023/2024 Learning checks Exam Questions with complete Answers
According to what was discussed in the previous chapter, how long is given to request a hearing? - correct answer an individual is allowed 20 days to request a hearing.
What occurs if an individual fails to request a hea...
NMLS NV 2023/2024 Learning checks Exam
Questions with complete Answers
According to what was discussed in the previous chapter, how
long is given to request a hearing? - correct answer an
individual is allowed 20 days to request a hearing.
What occurs if an individual fails to request a hearing within the
20-day period? - correct answer The Commissioner can go
ahead and discipline the licensee
In addition to any other penalty, if a person is convicted of or
enters a plea of no contest to a violation, the court will order the
person to pay: - correct answer Court costs & Reasonable
investigation costs
Unless a hearing has already been conducted concerning the
matter, the person, upon application, is entitled to a hearing. If
the person does not make such an application within ____days
after the date of the initial order, the Commissioner will enter a
final order concerning the matter. - correct answer 20 days
If the Commissioner takes possession of a mortgage broker and
the broker maintains trust accounts, no later than ____business
days after the date the Commissioner takes possession of the
property the mortgage broker must mail notice to those
individuals. - correct answer 5 business days
,Student loan bubble - correct answer Has already popped.
Estimated defaults to increase. 1/3 of people don't pay debt
Student loan debt ranks ____ in the most amount of debt held by
Americans. - correct answer 2nd
Which of the following is not a way that student loans can be
erased? - correct answer Bankruptcy
FFEL - correct answer Federal Family Education Loan
Program
PAYE - correct answer 10% of discretionary income but
never more than you would have paid under 10 years standard
repayment. Based on borrowers updated income and family size
On the Graduated Repayment Plan, the payments go up every
____years. - correct answer 2 years
To qualify for the extended repayment plan the student must
have more than ____ in student loans. - correct answer
$30,000
____ is a federal law that created new repayment plans for
student loans: - correct answer William D Ford Act
What system can be used by MLO's to look into student loan
default? - correct answer CAIVRS
, What is the third way to consolidate out of collections for student
loans? - correct answer Go through a rehabilitation program
with the collections agency
What do clients need to get a hold of when they are trying to
understand their student loans? - correct answer Their
student loans data
Which plan's monthly payments are based on their annual
income, but the loan will be paid in full within 15 year: -
correct answer Income Sensitive Repayment Plan
Income Contingent Repayment Plan bases the student's payment
on how much of their discretionary income? - correct answer
20%
What is the maximum amount of Direct subsidized loans can a
student take out per year? - correct answer $5,500
The amount of student loan debt is ____ dollars in the United
States as of last quarter 2018. - correct answer $1.36
trillion
TRID does not apply to? - correct answer 1.) Reverse
mortgages
2.) Dwellings not attached to real property
3.) HELOC's
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