FINANCE MISC (FINANCEMISC)

20 Hour SAFE: Applying Mortgage Knowledge to Exam Preparation/ NMLS SAFE Exam. The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $5,000 and up to one year in prison b. Fines of up to $10,000 and up to one year in prison c. Fines of up to $10,000 and up to three years in prison d. Fines of up to $20,000 and up to one year in prison An annual escrow analysis is used to do which of the following? a. Report underwriting errors b. Prevent escrow overages c. Ensure t...

Term: Whish type of loan processing woul include only an appraisal and a crdit score? Definition: No documentation Term: APR consists of Definition: the closign costs financed into the balance of the loan in an interest rate form Term: The HUD-1A settlement statement is designed for use when? Definition: no seller is involved in the transaction Term: A loan calls for payments if 2000 a month for the first 60 months and then go up to 2300 a month for the remainder of the 30 y...

Term: What is redlining? Definition: Refusing to lend to a specific neighborhood Term: Borrower has a right to recieve apprasial within how many days? Definition: 30 Term: A GFE contains? Definition: estimated closing costs

Quiz Questions Module 1 1. A customer with an excellent credit score submits a loan application. When does ECOA require that the applicant be advised of the status of the application? a. Within 30 days i. Page 250 under “Disclosure Terms” 2. The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $10,000 and up to one year in prison i. As previously mentioned, RESPA and Regulation X are intended to keep consumers informed of settlement costs and to preve...

Quiz Questions Module 1 1. A customer with an excellent credit score submits a loan application. When does ECOA require that the applicant be advised of the status of the application? a. Within 30 days i. Page 250 under “Disclosure Terms” 2. The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $10,000 and up to one year in prison i. As previously mentioned, RESPA and Regulation X are intended to keep consumers informed of settlement costs and to preve...