Nmls exam review - Study guides, Class notes & Summaries

NMLS Exam Review Questions and answers, VERIFIED/ WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE MINIMAL CREDIT SCORE TO QUALIFY FOR AN FHA LOAN - -500 WHAT DOES PITI STAND FOR? - -PRINCIPAL - INTEREST - TAXES - INSURANCE (CAN ALSO INCLUDE HOA FEES) WHAT IS CONSIDERED A BUSINESS DAY FOR CLOSING DISCLUSRES? - -ANY DAY...

NMLS Study Questions with All Correct A State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. -In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination Regulatory power - Answer-- Requirement of state licensing and registration. -Investigatory authority. -State regulator gra...

NMLS 2023 National Exam Study Guide Review Latest Update (404 Questions) with Correct Answers.

NMLS EXAM Review Questions and answers, rated A+ 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 against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, t...

NMLS Exam Review Questions and answers, VERIFIED/ -AfBA/ABA stands for? -What is it? - --Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - --Loan consummation -Loan Settlement -Loan Closing What is an escrow account? - --account holding money for insurance/taxes -AKA "impound account" or "reverse account" -What's an MU4? -What are requirements? - --Individual application after NM...

NMLS Exam Review Questions with Verified Answers- Latest In order to qualify for an adjustable-rate mortgage, a consumer must be able to show that he or she can: A. Make regularly scheduled payments that are calculated using the loan's introductory rate B. Make amortizing payments that are calculated using the fully indexed rate for the ARM C. Make amortizing payments that are calculated using the loan's rate after the first interest rate adjustment occurs D. Make regularly scheduled p...

PrepXL Exam Review Questions & Answers, rated A+ ECOA applies to the extension of credit for: A. Loans secured by a first or subordinate lien on residential property B. Residential, business, commercial, and agricultural loans C. Business, commercial, and agricultural loans D. All credit other than government loans - -B. Residential, business, commercial, and agricultural loans A state-licensed loan originator is: A. Licensed by the NMLS B. An employee of a non-depository institution...

NMLS Exam Review Questions with Correct Answers RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something of value - Answer-A kickback is generally defined as providing ____________ ____ ________ to a third-party in return for a referral, customer, or bu...

Ohio Mortgage Law Review Questions with Complete Solutions Which of the following is NOT a factor listed under the Ohio Administrative Code for determining repayment ability? Current equity in the property An Ohio mortgage broker is required to keep its records for: Four years minimum The NMLS unique identifier for mortgage loan originators must be clearly shown: In advertisements The Superintendent may impose a fine of up to ______ per violation that is committed by an unlicen...