Nmls safe exam 7 - Study guides, Class notes & Summaries

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 of the loan in full at anytime for any reason HOEP...

NMLS SAFE EXAM 2022 Questions with accurate answers, Graded A latest update 2023 Document Content and Description Below NMLS SAFE EXAM 2022 Questions with accurate answers, Graded A latest update 2023 What does TILA stand for? - ☑☑Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ☑☑a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ☑☑ LTV stands for - ☑☑Loan to Value Define PMI and state what the acronym...

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...

NMLS SAFE EXAM 2022 ALREADY PASSED, Graded A Document Content and Description Below NMLS SAFE EXAM 2022 ALREADY PASSED What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that ha s been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage insurance- on conventional loans Define one time variable funding fee and people in...

NMLS SAFE EXAM 2022 Questions with accurate answers, Rated A. 100% proven pass rate Document Content and Description Below NMLS SAFE EXAM 2022 Questions with accurate answers, Rated A. 100% proven pass rate What does TILA stand for? - Truth-In-Lending Act, Regulation Z What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - LTV stands for - Loan to Value Define PMI and state what the acronym stands for. - Pri...

NMLS SAFE EXAM KEY WORDS Question and answer 100% solved 20235/1 Adjustable Rate Mortgage A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where "5" is the number of years your initial interest rate will stay fixed. The "1" represents how often your interest rate will adjust after the initial five-year period ends. The most common fixed periods are 3, 5, 7, and 10 years and "1," is the most common adjustment period. It's important to carefully read the contract and ...

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...

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...

NMLS Safe Test Mortgage Licensing Practice Exam Q's 2022/2023 1. Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken?: TILA 2. What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains?: Loan flipping or churning 3. After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential r...