Hoepa - Study guides, Class notes & Summaries

NMLS Final Competency Certification Study Guide Exam Questions with Certified for Accuracy Answers 2023/2024 Acceleration Clause - correct answer 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) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer hom...

Acceleration Clause - ANSWER 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) - ANSWER Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - ANSWER home valuation code of conduct Due on Demand Clause - ANSWER (Considered a predatory practice) The lender can demand repayment of the loan in ...

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS WITH VERIFIED ANSWERS 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 Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring...

NMLS Exam Questions with Correct Answers Acceleration Clause - Answer-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) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) Th...

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 Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

ECOA is Regulation ______ - Regulation B TILA is administered by ______ - CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB Loan amount, gender, race, & age; which is not required on HMDA? - Age HMDA does not - Set lending quotas for protected classes Bankruptcies are ke...

NMLS Test Questions and Answers Graded A+ What is the pass rate for the NMLS Test and how long is it? 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:13 / 0:15 Full screen What is the requirement under Fa...

If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - correct answer -C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inquiry or application. During this t...

NMLS SAFE ACT MLO Exam - Federal Law Final Review Test 2024. If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - correct answer C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for...

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 Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...