Mlo laws - Study guides, Class notes & Summaries

MLO Josh must provide a(n) _____ when quoting an interest rate and terms to a consumer who has inquired about mortgage loan interest rates correct answers Corresponding APR When an MLO receives an inquiry related to mortgage loan interest rates, a corresponding annual percentage rate (APR) must be provided to the inquiring consumer at the same time a rate quote is delivered. What document can be used as a tool for explaining the APR to an applicant? correct answers Loan estimate When a con...

MLO Vermont State Laws questions with correct answers. Department of Financial Regulation state regulatory agency responsible for oversight of VT financial service industry Who leads Department of Financial regulation? Commissioner NMLS Nationwide Mortgage Licensing System and Registry The Vermont Banking Division within Department of Financial Regulation, also supervises, regulates, and examines Lenders, Mortgage brokers, and MLOs VT License Law for MLO's can be found Chapter 73 T...

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 ...

MLO Vermont State Laws questions with correct answers

MLO Exam 2021, Module 12-15(UPDATED) Question and answers correctly solved UST - correct answer uniform state test depository institution - correct answer Any bank or savings association including credit union Loan Processor/Underwriter - correct answer an individual who performs clerical or support duties as an employee at he direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under state mortgage licensing laws person - correct a...

SAFE Exam Study Guide (Vocab) With 100% Complete Solution Traditional Mortgage - Correct Answer-30 year fixed rate (mortgage) Balloon Payment - Correct Answer-A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized. Federal Deposit Insurance Corporation - Correct Answer-Created to protect borrowers deposits Federal Housing Administration - Correct Answer-Created to reassure lenders in cases of ...

NMLS EXAM 1 Questions with solutions 2024 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA A. S.A.F.E --The complete na...

MLO EXAM Question and answers already passed 2023/2024Massachusetts' predatory lending law - correct answer Predatory Home Loan Practices Act the S.A.F.E. Act - correct answer Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Massachusetts General Laws (MGL c. 255F) - correct answer The state's licensing law for the regulation of mortgage loan originators is Chapter 255F of the Massachusetts General Laws The primary goal of the S.A.F.E. Act - correct answer to ensure that...

SAFE-NMLS-MLO-CA Exam Study (FULL SET) ALREADY PASSED Fraud for profit is a complex scheme involving... multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not service the mortgage, the lender shall... provide a copy of the Closing Disclosure to the new owner or servicer of the mortgage as a part of the tr...

NMLS Study Questions with All Correct A State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. -In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination Regulatory power - Answer-- Requirement of state licensing and registration. -Investigatory authority. -State regulator gra...