Nmls 20 hour safe - Study guides, Class notes & Summaries

The Mortgage Lending Industry - ANSWER-Segment 1 Which one of the following is NOT an alternative term used to refer to a savings and loan institution? -Mutual savings bank -Thrift institution -Mortgage banker -Savings and loan association - ANSWER-Mortgage banker A non-institutional lender would be: -a seller of collateralized mortgage obligations -a seller offering a purchase money mortgage to a buyer -an insurance company -a mutual savings bank - ANSWER-a seller offering a purc...

Practice NMLS test - 20 Hour Safe, Exam Review Questions and answers, VERIFIED/ An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - -d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end...

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers Which of the following would be ways that Fannie Mae impacts the primary mortgage market? a. it ultimately serves to provide additional funds for the primary market b. it influences lenders' standards for making mortgage loans c. both d. none - Answer-c. Fannie Mae buys mortgages in the secondary mortgage market which makes more funds available to lenders to make loans in the primary market. It also sets standards for th...

PRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAMPRACTICE NMLS (20 HOUR SAFE) EXAM

Practice NMLS test - 20 Hour Safe

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...

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO -ANSWER d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter -ANSWER c. within45 days of the end of the calendar q...

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - Answer-d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter - Answer-c. within45 days of the end of the calendar q...

Practice NMLS test - 20 Hour Safe Test with Solutions

Regulatory power - ANSWER-The SAFE Act gave the power to each state to license companies and MLO's as well as audit, investigate, fine, or suspend if the state feels the consumer is at risk Creation and purpose of the NMLS Registry - ANSWER-Nationwide Multistate Licensing System & RegistryThe NMLS is a registration system that was developed and maintained by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The CSBS and t...