NMLS

"E-Sign Act" is short for: A. The Electronic Signatures Legitimization Act B. The Electronic Signatures in Global and National Commerce Act C. The Electronic Safety of Giving Net Authorization Act D. The Electronic Safety in Global and National Transactions Act - B. The Electronic Signatures in Global and National Commerce Act "Equity" is defined as: A. The difference between the fair market value of a property and the current balances of any liens B. The difference between the appra...

"Integration" is - depositing cahs and then using that cahs to purchase real estate folowed by using that real estate as collateral on a loan which is paid back with large cash payments "Placement" is - the process of introducing unlawful proceeds into the financial system a 100k loan has a 7.5% payment cap and a current monthly payment of 1k At the next adjustment payment could not be increased more than - 1075% bc the 7.5% cap is on the payment not the mortgage a 2/1 buydown - reduce...

5 rights under FACRA - 1. Right to adverse action notice 2. Free copy of credit report 3. Request credit score 4. The right to dispute incomplete or inaccurate information 5. Limit prescreened offers A registered LO means any individual who is an employee of ... - *a depository institution *A subsidiary that is- *owned and controlled by a depository institution and *regulated by a Federal Banking agency;or *An institution regulated by the Farm Credit Administration *And is registered and ...

A buyer wants an FHA loan. All of the following would be true of the transaction EXCEPT - the borrower may obtain an unsecured loan from a lender to pay part of his required cash investment. If the home requires flood insurance and is not located in an area where the National Flood Insurance Program is in force, it is not eligible for FHA financing. Prior to agreeing to insure the loan, FHA may require repairs or alterations be made to bring the property up to FHA standards. The borrower can...

1. bank 2. commercial bank 3. savings & loans 4. credit union 5. mortgage broker 6. mortgage banker - 1. bank - full service 2. commercial bank - originate largest amount of loans without using depositor's funds. 3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. AKA savings bank or thrift 4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors and low loan rates to borrowers. 5....

MLO SAFE NMLS safe test practice questions with 100% correct answers Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Correct Answer️️ - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - Correct Answer️️ -The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's...

NMLS PRACTICE QUESTIONS WITH 100% CORRECT ANSWERS which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Correct Answer️️ - FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Correct Answer️️ -Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - Correct Answer️️ -TAXES AND INSU...

NMLS Practice Test Hard Questions with 100% Correct 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 - Correct Answer️️ -A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5...

NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS 100% PASS What does TILA stand for? - Correct Answer️️ -Truth-In-Lending Act, Regulation Z What is a HELOC loan? - Correct Answer️️ -a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - Correct Answer️️ - LTV stands for - Correct Answer️️ -Loan to Value Define PMI and state what the acronym stands for. - Correct Answer️️ -Private mortgage insurance- on conventiona...

NMLS SAFE EXAM QUESTIONS AND ANSWERS 100% PASS Primary Mortgage Market - Correct Answer️️ -Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - Correct Answer️️ - When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of t...