Mlo mortgage knowledge - Study guides, Class notes & Summaries

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NMLS EXAM 2022 ANSWERED CORRECTLY
Exam (elaborations) • 31 pages • 2022
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Acceleration Clause - ANSWER-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) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - ANSWER-home valuation code of conduct Due on Demand Clause - ANSWER-(Considered a predatory practice) The lender can demand repayment of the loan in fu...