Charm booklet - Study guides, Class notes & Summaries

NMLS S.A.F.E 2023/2024 Problem Solving Exam Questions and With Distinction level Marking scheme An escrow account analysis has been completed on Mary Thompson's loan. It is discovered that there is a $40 overage in her account. How many days does the servicer have to return the money? a. There is no refund b. The servicer would not return the money; it would be applied toward the principal amount c. The servicer has 30 days from completion of the analysis to return the overage d. Ms....

NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sen...

Section 32 of TILA correct answers Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds Section 10 of RESPA correct answers 1) Includes provisions so that the borrower is informed about the amounts taken for an escrow account and also protects the borrower from being overcharged by requiring an escrow amount analysis ...

What are the penalties for violation of RESPA/Section 8 - Answer-Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties include fines of up to 10,000 and up to one year in prison Disclosures due within three business days of loan application - Answer-Loan Estimate Your Home Loan Toolkit: A Step By Step Guide CHARM Booklet Variable-rate program disclosures Home equity plan disclosures Notice of Right to Receive an Appraisal Report What can resu...

Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay the entire loan upon the first instance of borrower default Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest rate periodically adjusts up or down according to a specific index and pre-determined margin. ARM transactions require the creditor to provide borrowers with a special ARM disclosure as well as a CHARM booklet Adjustment Period - answerThe amount o...

Blockbusting - correct answer 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: CHARM Booklet - correct answer You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 15 - correct answer How many days in advance of transferring a loan to another lender must the current mortgage servicer i...

NMLS SAFE TEST REVIEW 2025/2026 SOLVED 100% CORRECT. When ordering an appraisal, it is illegal to- Correct Answer -Request that the appraiser return a minimum or specific value. Mortgage professionals are permitted to communicate their own or the borrower's opinion when ordering an appraisal; however, requesting a specific or minimum value is considered improper influence of an appraiser and is a serious ethical and legal violation. Borrower credit is- Correct Answer -An amount paid by ...

Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay the entire loan upon the first instance of borrower default Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest rate periodically adjusts up or down according to a specific index and pre-determined margin. ARM transactions require the creditor to provide borrowers with a special ARM disclosure as well as a CHARM booklet Adjustment Period - answerThe amount o...

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: -Price fixing -Redlining -Steering -Blockbusting>>>> Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? -CHARM Booklet -ARM Disclosure -Fair Lending Practices Booklet -RESPA Booklet>>>> CHARM Bookle...

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: 1. Price fixing 2. Redlining 3. Steering 4. Blockbusting 4. Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet 1.CHARM Booklet How many days ...