Prime mortgage - Study guides, Class notes & Summaries

NMLS SAFE EXAM STUDY GUIDE 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 survi...

Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed? Correct Answer: Regulation Z While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application? Correct ...

When a buyer of a property with an existing mortgage loan acquires the property and signs the note for an existing loan, the buyer is acquiring the property: Correct Answer-by assumption. Which of these points in a mortgage loan would be addressed in the mortgage (possibly in the note as well)? Correct Answer-Escrows The Real Estate Settlement Procedures Act does which of these: Correct Answer-All of these statements are correct. ( Requires that the borrower be able to inspect the closing...

SAFE Mortgage Loan Originator Test Latest Update Graded A+ Prequalification an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio 29/41 FHA ratio 31/43 Asset based loan -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime ...

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS WITH VERIFIED ANSWERS Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring...

Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements that are unanticipated or disbursements made before the borrower's monthly payments are available in the account, a cushion or reserve that must be no greater than _____ of the estimated total annual disbursements from the escrow account. - One half - One third - One sixth - One twelfth - One sixth. Under RESPA, a lender may require the borrower to establish an escrow account at closing...

SAFE MORTGAGE LOAN ORIGINATOR EXAM 2024 WITH 100% CORRECT ANSWERS Prequalification - correct answer an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - correct answer 29/41 FHA ratio - correct answer 31/43 Asset based loan - correct answer -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - correct answer Reg Z - Sec. 1026.32 -APR will exceed by more t...

SAFE Exam Test With 100% Correct And Verified Answers Title X - Correct Answer-Created the CFPB IN 2011 A part of the Dodd Frank Act Dodd-Frank Wall Street Reform Act - Correct Answer-July 2010 Created to promote financial stability Created two titles- Title X and Title XIV CFPB - Correct Answer-Consumer financial protection bureau Created by Title X, under the Dodd Frank act Government entity that regulates laws and regulations 2010 Protects consumers from abusive practices ...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera 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 - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera 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 - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...