Loan originator - Study guides, Class notes & Summaries

NMLS 2023/2024 Exam Questions with Correct Answers Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. Business day: - Answer-Monday through Saturday except holidays.For the LE, when creditor is open to the public for carrying on substantially all of the creditor's business funct...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Questions and Answers Already Passed What does UST stand for? Uniform State Test Who does the CFPB protect? The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and p...

SAFE Mortgage Loan Originator Test 2024...

LOAN ORIGINATOR EXAM 2024 WITH 100% ACCURATE SOLUTIONS What activity is a loan processor permited to perform without requiring licensure as a mortgage loan orginator under the SAFE Act? - correct answer Perfrom clerical and/or support duties under the supervision of a licensed entity The SAFE act prohibits individuals from engaging in the business of a residental mortage loan originator without first obtaining a - correct answer a unique identifier (NML number) What documents must be ...

LOAN ORIGINATOR EXAM 2024 WITH 100% ACCURATE SOLUTIONS A MLO must provide the Loan Estimate (LE) to the consumer: - correct answer No later than the THIRD BUSINESS DAY after the creditor receives the consumer's application for a mortgage loan After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied residential refinance? - correct answer After the THREE BUSINESS-DAY recission period In a criminal case, a person who violates Section 8 may be fined ...

Loan Originator Exam study review new solution update 2024 Section 32 of TILA - Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content