Nmls safe exam stuvia - Study guides, Class notes & Summaries

MLO SAFE NMLS safe test practice questions with correct 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 __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home ...

Primary Mortgage Market - ANSWER Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER When utilizi...

What does TILA stand for? - ANSWER Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER LTV stands for - ANSWER Loan to Value Define PMI and state what the acronym stands for. - ANSWER Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - ANSWER Disabled veterans ...

Housing & Economic Recovery Act 2008 - Title V - ANSWER Entitled the S.A.F. S.A.F.E. - ANSWER Secure and Fair Enforcement NMLS - ANSWER Nationwide Mortgage Licensing System & Registry MLO - ANSWER Mortgage Loan Originator S.A.F.E. Mortgage Licensing Act of 2008 - ANSWER Enhance consumer protection, reduce fraud by requiring ALL MLOs to be either state-licensed or federally registered. ALL states must must implement a MLO licensing process that meets certain standards through the NMLS...