Nmls study guide - Study guides, Class notes & Summaries

A lender has how many days to refund excessive variances on a Closing Disclosure? correct answers 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance correct answers 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage correct answers 3 business days Truth in lending disclosure must be delivered within how many busine...

What does TILA stand for? - Truth-In-Lending Act, Regulation Z What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - LTV stands for - Loan to Value Define PMI and state what the acronym stands for. - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Disabled veterans and surviving spouses. USDA loans are also calle...

NMLS Study Guide- FEDERAL MORTGAGE-RELATED LAWS fully solved 2023 updatedDodd-Frank Act - correct answer Which federal act created the Consumer Financial Protection Bureau? QUESTION RATIONALE Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (CFPB) as an independent entity with rule-making and enforcement authority over many consumer financial laws. RESPA (Real Estate Settlement Procedures Act) - correct answer The Consumer Financial Protection Bureau on Octob...

NMLS SAFE Exam Study Guide Regulation Z - ANSWER-Enforced by Consumer Financial Protection Bureau (CFPB), covers the Consumer Protection Act and the Truth in Lending Act (TILA) Consumer Protection Act - ANSWER-Disclosures of terms of credit Truth in Lending Act (TILA) - ANSWER-Enforced by the Federal Reserve System, must contain nominal interest rates, loan points and discount points, finance charges, amount financed, annual percentage rate (APR) Nominal Interest Rate - ANSWER-Inte...

NMLS EXAM STUDY GUIDE

mortgage loan origination - the process of making/originating the loan with the customer the process has to include financing, if there is no financing it is not a mortgage loan origination role of the loan originator - individual who for compensation or gain: take a residential mortgage loan application offers or negotiates terms of the loan assists the borrower in completing the loan application and collects the necessary documentation to validate info provided on the application always...

NMLS Exam Set Study Guide (100% Correct Elaborations).

Dodd-Frank Act correct answers Which federal act created the Consumer Financial Protection Bureau? QUESTION RATIONALE Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (CFPB) as an independent entity with rule-making and enforcement authority over many consumer financial laws. RESPA (Real Estate Settlement Procedures Act) correct answers The Consumer Financial Protection Bureau on October 3, 2015, implemented the newly combined disclosure that meets the disclo...

NMLS Study Guide Question with complete solution 2023The purposes of RESPA are To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services The origins of RESPA Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. Define "mortgage brok...