Nmls mlo - Study guides, Class notes & Summaries

NMLS MLO Exam Questions and Answers Max prepayment penalty on residential mortgages in the first year of the loan - Answer-3% What must condominium associations do with respect to property insurance? - Answer-Keep a "blanket" policy that protects the entire structure If a lender is planning on referring a borrower to a title company that the lender has ownership in, when must the AFBA must be provided to the borrower? - Answer-Before the referral to the title company is made Websit...

NMLS MLO ADVANCED PRACTICE STUDY QUESTIONS 2024. Truth in Lending Act - correct answer Regulation Z Home Mortgage Disclosure Act (HMDA) - correct answer Regulation C Real Estate Settlement Procedures Act(RESPA) - correct answer Regulation X Equal Credit Opportunity Act (ECOA) - correct answer Regulation B Fair Credit Reporting Act(FCRA) - correct answer Regulation V promissory note - correct answer It establishes the borrower's personal liability for repayment of a debt Stand...

NMLS MLO Exam

What must a borrower do to avoid having late payments reported to a credit bureau? - ️️Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - ️️3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - ️️Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - ️️3% What must condominium associations do with respect to proper...

NMLS MLO Exam

NMLS MLO Exam Questions and answers, rated A+ What must a borrower do to avoid having late payments reported to a credit bureau? - -Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - -3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - -Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - -3% What must condominium associations ...

What must a borrower do to avoid having late payments reported to a credit bureau? - Answer-Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Answer-3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Answer-Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - Answer-3% What must condominium associations do with respect to pr...

What must a borrower do to avoid having late payments reported to a credit bureau? Answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? Answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? Answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan Answer 3% What must condominium associations do with respect to property i...

MLO SAFE NMLS Safe Test Practice Questions | 100% Correct Answers | Verified | Latest 2024 Version

NMLS MLO Exam Questions and Answers What should not be over-weighted in an analysis of borrower repayment capacity? - Answer-Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - Answer-3% What must condominium associations do with respect to property insurance? - Answer-Keep a "blanket" policy that protects the entire structure If a lender is planning on referring a borrower to a title company that the lender has ownership in, when must the ...