Safe mlo exam graded a - Study guides, Class notes & Summaries

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MLO SAFE NMLS safe test practice questions With A+ Graded Answers a 100% Correct
  • MLO SAFE NMLS safe test practice questions With A+ Graded Answers a 100% Correct

  • Exam (elaborations) • 29 pages • 2023
  • MLO SAFE NMLS safe test practice questions With A+ Graded Answers a 100% Correct 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 __________________________. - CORRECT ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - CORRECT ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's sec...
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NMLS Questions and Answers Latest Updated 2022 Graded A
  • NMLS Questions and Answers Latest Updated 2022 Graded A

  • Exam (elaborations) • 44 pages • 2022
  • Available in package deal
  • NMLS Questions and Answers Latest Updated 2022 Graded A Acceleration Clause 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) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment o...
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SAFE MLO Exam Prep Latest Updated Graded A+
  • SAFE MLO Exam Prep Latest Updated Graded A+

  • Exam (elaborations) • 12 pages • 2022
  • Available in package deal
  • ECOA is Regulation ______ - ANSWER-Regulation B TILA is administered by ______ - ANSWER-CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - ANSWER-5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - ANSWER-7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - ANSWER-FRB Loan amount, gender, race, & age; which is not required on HMDA? - ANSWER-Age HMDA does not - ANSWER-S...
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SAFE MLO Test National Content Outline Exam Graded A+
  • SAFE MLO Test National Content Outline Exam Graded A+

  • Exam (elaborations) • 6 pages • 2022
  • Available in package deal
  • RESPA was enacted in 1974 for what purposes? - ANSWER-Allow consumers to obtain information on the costs of closing so that they can shop for settlement services Protect consumers from excessive settlement costs and unearned fees RESPA's current regulations serve to: - ANSWER-Protect consumers from excessive settlement costs Limit the amount of funds that creditors can require consumers to deposit into escrow accounts Establish disclosures, policies, and procedures to facilitate timely co...
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NMLS SAFE Mortgage Loan Originator Exam 2022 Questions & Answers Graded A++.
  • NMLS SAFE Mortgage Loan Originator Exam 2022 Questions & Answers Graded A++.

  • Exam (elaborations) • 13 pages • 2022
  • NMLS SAFE Mortgage Loan Originator Exam 2022 Questions & Answers Graded A++. CFPB took over regulatory authority over (TILA) Truth in Lending (RESPA) Real Estate Settlement Procedures Act (HPA) Homeowners Protection Act (FCRA) Fair Credit Reporting Act Portions of the Gramm-Leach Bliley Act related to information privacy (ECOA) Equal Credit Opportunity Act. (HMDA) Home Mortgage Disclosure Act (HOEPA) Home Owner Disclosure Act (SAFE ACT) Secure and Fair Enforcement for Mortgage Licensing...
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