NMLS

Real Estate Settlement Procedures Act (RESPA) - Answer-This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value - Answer-__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. Thing of Value - Answer-A __________ may include gift cards, sports tickets, advertising space, marketing material bearing a real etate agent's inform...

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 ...

Which of the following is NOT true about an Affiliated Business Arrangement Disclosure Statement? - Answer-The disclosure may be provided instead of the list of third-party service providers from which the borrower can shop for services Which of the following would most likely not be considered a federally-related mortgage loan as defined by RESPA? - Answer-Hard money, privately-placed loan The rule dealing with the accurate disclosure of the cost and terms of credit is: - Answer-Regulatio...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Answer-D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - Answer-B. If a licensee fails to request a hearing with the state regul...

RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something of value - Answer-A kickback is generally defined as providing ____________ ____ ________ to a third-party in return for a referral, customer, or business. Fine up to $10,000 and/or prison for one...

TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? - Answer-two (2) A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? - Answer-$16,000 The appraiser determines the home's value based on differences between the home and recent - Answer-sold homes in the area One of the many tasks of the Consumer Financial Protection Bureau (CFPB) is to - Answer-ensure bor...

What is Freddie Mac's automated underwriting system called? - Answer-Loan Product Advisor Which of the following contains only items which should be used in calculating a borrower's debt-to-income ratio? - Answer-car payment boat payment child support obligations Under the S.A.F.E. Act, a licensed loan originator's responsibilities with regard to recordkeeping include all of the following, except: - Answer-Making all of the licensee's records available to borrowers upon demand Wh...

In the absence of caps, adjustments on an ARM loan would be determined solely by: The index The margin The fully-indexed rate The lifetime rate - Answer-the fully-indexed rate A consumer signs a closed-end lending agreement on Wednesday. What is the latest that he/she may wait to exercise the right to rescind? Midnight on Friday Midnight on Saturday Midnight on Monday Midnight on Tuesday - Answer-midnight on Saturday. All of the following types of information must be reported for g...

3 - Answer-Most RESPA disclosures must be sent within ___ days from application Initial Escrow Statement - Answer-What document is typically delivered at settlement, yet a lender has 45 days from settlement to deliver it? X - Answer-RESPA is also known as Regulation ___ 1. Loan Terms 2. Projected Payments 3. Costs at Closing - Answer-List the 3 main sections on page 1 of the Loan Estimate 15 - Answer-The Notice of Transfer of Servicing Rights is due within ___ days prior to trans...

standard index - Answer-Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of Par Rate - Answer-when the borrower neither pays discount points nor receives a premium for the rate received from the creditor servicing a mortgage loan - Answer-collecting payments and maintaining a payment schedule and escrows, which can be optional, for a mortgage loan. loan to value ratio - Answer-The am...