Nmls exam 1 - Study guides, Class notes & Summaries

SAFE NMLS Exam Prep Questions and answers, VERIFIED/ Real Estate Settlement Procedures Act (RESPA) is implemented as: - -A. Regulation B B. Regulation X C. Regulation A D. Regulation Z B. Which government agency enforces the RESPA regulations? - -A. CFPB B. FCC C. FHA D. FTC A. RESPA is concerned with: - -A. Kickbacks B. Credit reports C. Triggering terms in ads D. U.S. security A. The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days ...

NMLS Exam Questions and Answers - Chapter 1.

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NMLS Exam Questions with Correct A 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 ...

NMLS WRITTEN COMPLETE TEST 2024. -AfBA/ABA stands for? -What is it? - correct answer -Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - correct answer -Loan consummation -Loan Settlement -Loan Closing What is an escrow account? - correct answer -account holding money for insurance/taxes -AKA "impound account" or "reverse account" -What's an MU4? -What are requirements? - corr...

Nmls Safe Exam Prep With 100% Correct And Verified Answers ECOA - Reg B - Correct Answer-Equal Credit Opportunity Act HMDA - Reg C - Correct Answer-Home Mortgage Disclosure Act RESPA - Reg X - Correct Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Correct Answer-Truth In Lending Act HPA - Correct Answer-Home-owner Protection Act PMI is required when - Correct Answer-Borrower puts less than 20% down ECOA deals with - Correct Answer-credit applications HMDA allow...

Module 1 NMLS exam questions with complete answers latest update A permissible purpose is required... - Answer-When obtaining a credit report. Under FCRA, lenders and mortgage progessionals must provide the consumer reporting agency with a certification of permissible purpose in order to pull credit. Loan qualification is considered a permissible purpose. The Gramm-Leach Bliley Act does not protect... - Answer-Publicly-available information. This includes information that can be found in g...

NMLS 2023/2024 Questions and Answers (Already Graded A)NMLS 2023/2024 Questions and Answers (Already Graded A)NMLS 2023/2024 Questions and Answers (Already Graded A)NMLS 2023/2024 Questions and Answers (Already Graded A) -AfBA/ABA stands for? -What is it? - ANSWER--Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - ANSWER--Loan consummation -Loan Settlement -Loan Closing What is an escr...

SAFE NMLS Exam Prep Questions with Correct Answers The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many business days of re...

NMLS Test Outline, Exam Questions and answers, VERIFIED/ RESPA disclosures? due dates? - -3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer...