NMLS EXAM 2022 ANSWERED CORRECTLYNMLS National Practice Exam 1 with 100% verified Answers 2022MLO SAFE NMLS safe test practice questions with 100% correct answers 2022NMLS SAFE EXAM QUESTIONS & ANSWERS
[Show more]
A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against fo...
Preview 3 out of 18 pages
Add to cartA discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against fo...
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER-Acceleration Clause at closing ...
Preview 3 out of 20 pages
Add to cartwhich federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER-Acceleration Clause at closing ...
What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWERLTV stands for - ANSWER-Loan to Value Define PMI and state what the acro...
Preview 2 out of 15 pages
Add to cartWhat does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWERLTV stands for - ANSWER-Loan to Value Define PMI and state what the acro...
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - ANSWER-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - ANSWER-cost of fund index 3) Subordinate financing r...
Preview 2 out of 5 pages
Add to cart1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - ANSWER-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - ANSWER-cost of fund index 3) Subordinate financing r...
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 - ANSWER-An unfavorable credit decis...
Preview 2 out of 12 pages
Add to cartFraud 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 - ANSWER-An unfavorable credit decis...
Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
Preview 4 out of 61 pages
Add to cartPrimary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
Preview 4 out of 61 pages
Add to cartPrimary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. T...
NMLS EXAM 2022 answered correctly-AfBA/ABA stands for? -What is it? - ANSWER--Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - ANSWER--Loan consummation -Loan Settlement -Loan Closing What is ...
Preview 2 out of 5 pages
Add to cartNMLS EXAM 2022 answered correctly-AfBA/ABA stands for? -What is it? - ANSWER--Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - ANSWER--Loan consummation -Loan Settlement -Loan Closing What is ...
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - A...
Preview 3 out of 30 pages
Add to cartTaking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - A...
Which of the following is not one of the new disclosures required under TRID? The LE The Adverse Action Notice The CD The home loan toolkit - ANSWER-The Adverse Action Notice Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price of the ...
Preview 2 out of 9 pages
Add to cartWhich of the following is not one of the new disclosures required under TRID? The LE The Adverse Action Notice The CD The home loan toolkit - ANSWER-The Adverse Action Notice Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price of the ...
Acceleration Clause - ANSWER-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Apprai...
Preview 4 out of 31 pages
Add to cartAcceleration Clause - ANSWER-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Apprai...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
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.
Stuvia is a marketplace, so you are not buying this document from us, but from seller professoraxel. Stuvia facilitates payment to the seller.
No, you only buy these notes for $51.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now