BUNDLE OF NMLS QUESTION AND ANSWER 2023

Primary Mortgage Market Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan 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. The maximum ...

NMLS QUESTION AND ANSWERS 2023Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not ...

NMLS Practice Test Hard Questions with correct solutionsA 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 ...

NMLS EXAM 2023 QUIZ 100% SOLVEDFraud for money Laundering -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 An unfav...

MLO SAFE NMLS safe test practice questions with correct solutionTaking 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 __________________________. Predatory Lend...

NMLS Flashcards 2022/2023 question and answers-AfBA/ABA stands for? -What is it? -Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" -Loan consummation -Loan Settlement -Loan Closing ...

NMLS Practice Test 100% correct1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days •90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance cost of fund index ...

NMLS QUESTION AND ANSWER 2023Qualified mortgages do not include risky features. What are they? Permanent There are four categories of Qualified Mortgages. The following is not included. No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees c...

NMLS 2023 QUESTION AND ANSWER RATED A+NMLS National Multistate Licensing System & Registry MERS The Mortgage Electronic Registrations System Simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. VOM Verification of Mortgage form Used to verif...

NMLS TEST-Affinity QUESTION 100% SOLVED What law deals with credit, APR & Advertising of consumer loans? TILA Which regulation prohibits kickbacks? RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? HPA-Homeowners Protection Act Which Regu...