Nmls exam stuvia - Study guides, Class notes & Summaries

NMLS SAFE EXAM WITH COMPLETE SOLUTIONS NMLS SAFE EXAM WITH COMPLETE SOLUTIONS NMLS SAFE EXAM WITH COMPLETE SOLUTIONS What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER- LTV stands for - ANSWER-Loan to Value Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conve...

NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT 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. Adverse Action - ANSWER-An unfavorable credit decision ...

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...

Mortgage NMLS Exam Questions and Answers 100% Correct Mortgage NMLS Exam Questions and Answers 100% Correct Mortgage NMLS Exam Questions and Answers 100% Correct Mortgage NMLS Exam Questions and Answers 100% Correct Annual Percentage Rate (APR) - ANSWER-Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - ANSWER-Pro...

NMLS EXAM 1 QUESTIONS AND ANSWERS 100% ACCURATENMLS EXAM 1 QUESTIONS AND ANSWERS 100% ACCURATENMLS EXAM 1 QUESTIONS AND ANSWERS 100% ACCURATENMLS EXAM 1 QUESTIONS AND ANSWERS 100% ACCURATE 1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - ANSWER-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) Titl...

Nmls Exam 2 Questions and Answers 100% CorrectNmls Exam 2 Questions and Answers 100% CorrectNmls Exam 2 Questions and Answers 100% CorrectNmls Exam 2 Questions and Answers 100% Correct Yes as long as the title company is legitimate and the arrangement is disclosed - ANSWER-A mortgage broker also owns a title conpany is this arrangement allowed by respa TILA - ANSWER-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about Home equit...

CSBS and AARMR - ANSWERwho established the NMLS & got together to write the SAFE act before sending it to HUD. they got together and wrote HERA which then led too creation of SAFE act Aunt - ANSWERall of the following are considered immediate family members and there fore an MLO may ne gotiate mortgage terms on their behalf

NMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% AccurateNMLS Exam Questions and Answers 100% Accurate Housing & Economic Recovery Act 2008 - Title V - ANSWER-Entitled the S.A.F.E Mortgage Licensing Act S.A.F.E. - ANSWER-Secure and Fair Enforcement NMLS - ANSWER-Nationwide Mortgage Licensing System & Registry MLO - ANSWER-Mortgage Loan Originator S.A.F.E. Mortga...

NMLS License Exam Questions and Answers (Graded A) NMLS License Exam Questions and Answers (Graded A) NMLS License Exam Questions and Answers (Graded A) As defined in Regulation X, which implements RESPA, ____ means a person (other than an employee of a lender) that renders origination services and serves as an intermediary between a borrower and a lender in a transaction involving a federally related mortgage loan. - ANSWER-mortgage broker If applicable, an Affiliated Business Arran...

NMLS Practice Exam Questions and Answers 100% Correct NMLS Practice Exam Questions and Answers 100% Correct NMLS Practice Exam Questions and Answers 100% Correct A person wanting a loan originator license in four states - ANSWER-must pass the state component of the license test in each state. The correct answer is B. A person can be licensed in all of the states, provided he is employed by the same employer in all the state. His NMLS-approved education need only be taken once. The test...