NMLS

NMLS Practice Test Hard Questions with Complete Solutions A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure - answerA.) A lender to decrease the interest rate on the mortgage loan

NMLS EXAM 2024/25; Questions with Complete Solutions Fraud for money Laundering - answer-Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash

NMLS - Practice Exam with Complete Solutions 100% Verified RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being r...

NMLS SAFE EXAM ACRONYMS Questions with Complete Solutions ARM - answerA variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. APR - answerThe term annual percentage rate of charge (APR), corresponding sometimes to a

NMLS Texas Exam | Questions and Correct Solutions Latest Update | 2024/2025 | Graded A+ Front End Ratio Formula (Mortgage to income/Housing expense ratio) - Answer - Monthly PITI/ gross monthly income Federal Housing Finance Authority - Answer - Ensures GSEs have adequate practices and capital to engage in mortgage business. LTV Formula - Answer - Loan amount/value of property LTV % required to avoid PMI - Answer - Less than 80% A VA loan called IRRRL stands for - Answer - Interest rate...

NMLS SAFE EXAM QUESTIONS AND CORRECT ANSWERS VERIFIED LATEST GRADE A + NMLS SAFE EXAM QUESTIONS AND CORRECT ANSWERS VERIFIED LATEST GRADE A +

NMLS Exam Study Guide Questions And Answers 100% Guaranteed Success.

RESPA - Correct Answer Set of rules that are applied fairly to lenders buying or selling a house Mortgage broker - Correct Answer Match borrowers to Lenders Unimproved property - Correct Answer Building in process /Construction halfway done Bridge(Swing) Loan - Correct Answer Short term loan used to purchase and pay off asap Modification - Correct Answer Making changes to original agreement Home equity Loan - Correct Answer Using value of house for purchase then pay ba...

NMLS SAFE EXAM PREP With Correct Solutions 2024

NMLS EXAM PREP With Correct Questions And Answers 2024