Nmls safe exam 2022 2023 - Study guides, Class notes & Summaries

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 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 time, the company can call you...

MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Document Content and Description Below MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, f requent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Proce...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s 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 HVC...

RESPA - ANSWER-Real Estate Settlement Procedures Act; Allows borrowers to receive pertinent and timely disclosure regarding the nature and costs of the real estate settlement (closing) process; Enacted in 1974, the law was originally proposed to add more transparency to costs associated with certain real estate transactions and to eliminate abusive practices, such as kickbacks, which artificially increase the cost of settlement services. When RESPA must be obeyed - ANSWER-When a loan is a fed...

Where credit institutions originate loans 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 - A A. The borrower qualified at the note rate B. The borrower qualified at the buydown rate C. The rate cannot be more tha...

What's a straw buyer? Regardless of reduced documentation loans, what totes the MLO need? Prepayment penalties are allowed on fixed rate QM loans that are not higher priced if what following criteria are met? What are the servicing requirements under TILA section 36 loan originator rule? What is the maximum LTV for most FHA refinance loans? USDA Loan Qualifying Standards If a person (including bank) physically transports or mails monetary instruments in aggregate amount ...

NMLS Flashcards 2022/2023 question and answers-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...