NMLS Bundled Exams New Versions Updated 2024/2025 Fully Solved 100%

A buyer wants an FHA loan. All of the following would be true of the transaction EXCEPT - the borrower may obtain an unsecured loan from a lender to pay part of his required cash investment. If the home requires flood insurance and is not located in an area where the National Flood Insurance Prog...

(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the accuracy of consumer reports. (FCRA) The National Consumer Assistance Plan (NCAP) aims t...

__________ occurs if the lender chooses the hazard insurance company when the borrower allows the policy to lapse. - Forced-placed insurance "APR" means? - Annual percentage rate. This is the cost of credit expressed as a percentage. A borrower is refinancing his home. How much time does Reg Z ...

A required, standardized Good Faith Estimate (GFE) does this: - Facilitates shopping among settlement service providers and improves disclosure of settlement costs and interest rate related terms. A revised GFE must be issued: - Within three business days of the loan originator becoming aware of ...

________ are non-conforming loans because they exceed the FNMA loan limit of $____________ - Jumbo loans, $417,000 ________ backs all government loans (FHA, VA, USDA) - Government National Mortgage Association (Ginnie Mae/GNMA) ________ loans are loans that 'conform' to FNMA, FHLMC standards -...

A - The mortgage loan originator's role involves all of the following EXCEPT: A. Loyalty is owed to the party paying the mortgage loan originator's compensation. B. Ensuring the loan program is suitable for the borrower's needs. C. Qualifying the borrower's financial ability to meet the loan ...

5 rights under FACRA - 1. Right to adverse action notice 2. Free copy of credit report 3. Request credit score 4. The right to dispute incomplete or inaccurate information 5. Limit prescreened offers A registered LO means any individual who is an employee of ... - *a depository institution *A sub...

"Integration" is - depositing cahs and then using that cahs to purchase real estate folowed by using that real estate as collateral on a loan which is paid back with large cash payments "Placement" is - the process of introducing unlawful proceeds into the financial system a 100k loan has a 7...

"E-Sign Act" is short for: A. The Electronic Signatures Legitimization Act B. The Electronic Signatures in Global and National Commerce Act C. The Electronic Safety of Giving Net Authorization Act D. The Electronic Safety in Global and National Transactions Act - B. The Electronic Signatures i...

(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit repo...