Nmls 6 - Study guides, Class notes & Summaries

NMLS MLO Exam Questions and Answers 100% Correct NMLS MLO Exam Questions and Answers 100% Correct NMLS MLO Exam Questions and Answers 100% Correct NMLS MLO Exam Questions and Answers 100% Correct What must a borrower do to avoid having late payments reported to a credit bureau? - ANSWER-Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - ANSWER-3 times the fee What should not be over-weighted in an analysis...

NMLS S.A.F.E. Exam 6 Questions & Answers 2023/2024 _____ are responsible for ensuring that loan applicants meet the requirements established by lenders and investors for loan programs. A. Loan processors B. Loan originators C. Investors D. Underwriters - ANSWER-D. Underwriters Which of the following is considered "reasonably reliable" evidence to verify the repayment ability of a borrower? A. IRS W-2s, tax returns, and payroll receipts B. IRS W-2s, tax receipts, and bank depo...

The SAFE Act Chapter 6 Latest Update Graded A+ Nontraditional Mortgage Product Defined by the SAFE Act as any mortgage product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, interest. Registered Loan Originator A natural person who is employed by a depository institution that is regulated by a federal banking agency and is exempt from state licensing regulat...

NMLS SAFE EXAM QUESTIONS WITH VERIFIED ANSWERS Where credit institutions originate loans When an ARM has rate caps of 5/2/6, the 6 refers to what? When utilizing a temporary buydown to lower the interest rate on a FHA loan, which of the following are correct All of the following are violations of the Fair Housing Act EXCEPT Claim against property held by one who is not the legal owner Advertised term that requires additional disclosures An advertisement must be presented ...

NMLS Exam Questions with All Correct Answers Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. EXPA (RESPA) - Answer-Applies to federally related mortgage loans Funds insured by the government Funds from a lender REGULATED by the government Intended for sale to Fannie or Freddie Made by a creditor regulated under TILA RESPA - Answer-Real Estate Settlement Proced...

NMLS SAFE EXAM QUESTIONS WITH CORRECT ANSWERS 2024. Primary Mortgage Market - correct answer Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - correct answer 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 the loan...

Cindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for the remainder of the loan. What type of loan is this? - Variable - ARM - Option ARM - Fixed rate - Answer-Fixed rate. This loan is a fixed-rate loan (at 6% for 30 years). The payment example shows an interest-only feature for the first five years and then a fully-amortized payment for the ...

NMLS MLO FINAL EXAM QUESTIONS 2024. What must a borrower do to avoid having late payments reported to a credit bureau? - correct answer Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - correct answer 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - correct answer Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - correc...

NMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED ANMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED ANMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED ANMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED ANMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED ANMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED ANMLS SAFE PRACTICE MULTIPLE EXAM 6 ALREADY PASSED RATED A

NMLS EXAM 1: Questions and answers, VERIFIED/ 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 comple...