Unlock the gateway to mortgage success with our NMLS Q&A package. Delve into a wealth of carefully curated questions and detailed answers tailored to guide you through the Nationwide Mortgage Licensing System. Master the mortgage regulations, compliance, and industry essentials with confidence.
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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...
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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...
1) 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 3) Subordinate financing relates to •sel...
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Add to cart1) 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 3) Subordinate financing relates to •sel...
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 the r...
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Add to cartPrimary 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 the r...
Which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? FEDERAL RESERVE SYSTEM The clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Acceleration Clause At closing a borrower may ...
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Add to cartWhich federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? FEDERAL RESERVE SYSTEM The clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Acceleration Clause At closing a borrower may ...
What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage...
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Add to cartWhat does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage...
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 __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal...
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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 __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal...
The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to compl...
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Add to cartThe preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to compl...
"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C D. A bo...
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Add to cart"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C D. A bo...
Fraud 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 unfavorable credit decision rendered again...
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Add to cartFraud 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 unfavorable credit decision rendered again...
An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of t...
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Add to cartAn application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of t...
The penalties for paying or accepting an illegal referral fee are:Fines of up to $10,000 and up to one year in prison. An annual escrow analysis is used to do which of the following?Prevent escrow overages. The disclosure requirements of RESPA would apply to which of the following loans?A lo...
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Add to cartThe penalties for paying or accepting an illegal referral fee are:Fines of up to $10,000 and up to one year in prison. An annual escrow analysis is used to do which of the following?Prevent escrow overages. The disclosure requirements of RESPA would apply to which of the following loans?A lo...
Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? FCRA Which agency manages the National Do Not Call Registry? Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage indu...
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Add to cartWhich law regulates the activities of consumer reporting agencies and users of consumer credit reports? FCRA Which agency manages the National Do Not Call Registry? Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage indu...
Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Loan flipp...
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Add to cartWhich federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Loan flipp...
hancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act ...
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Add to carthancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act ...
The administrative authority of the Commissioner includes all but which of the following? - Promulgate rules or regulations implementing the S.A.F.E. Act - Administer, interpret, and enforce the S.A.F.E. Act - Carry out the intentions of the Legislature - Sentencing violators of the S.A.F.E. Act...
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Add to cartThe administrative authority of the Commissioner includes all but which of the following? - Promulgate rules or regulations implementing the S.A.F.E. Act - Administer, interpret, and enforce the S.A.F.E. Act - Carry out the intentions of the Legislature - Sentencing violators of the S.A.F.E. Act...
RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting...
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Add to cartRESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting...
What must a borrower do to avoid having late payments reported to a credit bureau? Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? 3 times the fee What should not be over-weighted in an analysis of borrower repayment cap...
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Add to cartWhat must a borrower do to avoid having late payments reported to a credit bureau? Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? 3 times the fee What should not be over-weighted in an analysis of borrower repayment cap...
The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you a...
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Add to cartThe practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you a...
Your Home Loan Toolkit The guide booklet for all purchase and refinance transactions using LE and CD Are State-specific disclosures replaced by the new Loan Estimate and Closing Disclosure? Federal disclosures never replace state specific disclosures What is the soonest you can send a Closing ...
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Add to cartYour Home Loan Toolkit The guide booklet for all purchase and refinance transactions using LE and CD Are State-specific disclosures replaced by the new Loan Estimate and Closing Disclosure? Federal disclosures never replace state specific disclosures What is the soonest you can send a Closing ...
Caveat emptor 1. The law of agency defines whose interests the mortgage professional is required to safeguard. When the law of agency directs the mortgage professional's fiduciary duty towards the lender, the term ___________ applies. b) An applicant whose originator license from a neighboring...
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Add to cartCaveat emptor 1. The law of agency defines whose interests the mortgage professional is required to safeguard. When the law of agency directs the mortgage professional's fiduciary duty towards the lender, the term ___________ applies. b) An applicant whose originator license from a neighboring...
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