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 ...

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...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan ori...

NMLS SAFE EXAM 2022/2023 1. What does TILA stand for?: Truth-In-Lending Act, Regulation Z 2. What is a HELOC loan?: a secured loan in that you are borrowing against the equity that has been built in your house 3. What is a REFI loan?: 4. LTV stands for: Loan to Value 5. Define PMI and state what the acronym stands for.: Private mortgage insurance- on conventional loans 6. Define one time variable funding fee and people in what situations is it waived for?: Disabled veterans and surviving...

NMLS Safe Test Mortgage Licensing Practice Exam 2022 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 refinance?:...

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...

NMLS SAFE EXAM 2022 1. What does TILA stand for?: Truth-In-Lending Act, Regulation Z 2. What is a HELOC loan?: a secured loan in that you are borrowing against the equity that has been built in your house 3. What is a REFI loan?: 4. LTV stands for: Loan to Value 5. Define PMI and state what the acronym stands for.: Private mortgage insurance- on conventional loans 6. Define one time variable funding fee and people in what situations is it waived for?: Disabled veterans and surviving spou...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan origin...