Subprime loan - Study guides, Class notes & Summaries
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WCC test 2 || with 100% Errorless Solutions.
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What is the Great Recession? correct answers greatest economical crash since great depression() 
 
from housing market 
 
banks collapsed, auto industry bankrupt, stock market lost 33.8 percent of value, unemployment around 10%, 2.6 mill lost jobs, 4 mill homes foreclosed, 49 mill people food insecure, 
 
what are some factors that caused the Great Recession? correct answers financial crash in 2008, elite deviance, people assumed housing prices always go up 
 
What is a flipper? correct answers ...
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NMLS Practice Exam Questions and Answers
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NMLS Practice Exam Questions and Answers 
RESP does not apply to: 
 
a) Loans secured by a lien on a principal dwelling 
b) Federally related mortgage loans 
c) Subprime mortgage loans 
d) Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes 
 
Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? 
 
a)...
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Real Estate 87 Economics Final Exam 2023/2024 Questions and Answers Latest A+ Grade.
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Real Estate 87 Economics Final Exam 2023/2024 Questions and Answers Latest A+ Grade. 
Real Estate 87 Economics 
Question 1 
. Compared to a 30-year loan, a 15-year loan usually has: 
 
B. a lower interest rate and a larger monthly payment 
 
 
Question 2 
What federal law requires lenders to disclose information that would help detect 
instances of redlining? 
 
C. Home Mortgage Disclosure Act 
 
Question 3 
Which of these types of income is least likely to be counted as part of a loan applicant...
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2024 Hud Final Exam Prep (Questions And Answers)
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2024 Hud Final Exam Prep (Questions 
And Answers) 
Types of Credit Used - CORRECT ANSWER-Student loan or credit cards only 
FAKO scores - CORRECT ANSWER-purchase score which are educational score 
Fair Credit Reporting Act FCRA - CORRECT ANSWER-what is in file/dispute/remove 
30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights 
Fair and Accurate Credit Transactions Act FACTA - CORRECT ANSWER-free 
cbrs/fraud alert/truncate cc #s 
Fair Credit Billing Act (FCBA...
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Loan Officer: NMLS. Question with 100 % correct answers | Verified | updated
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(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem 
of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the 
accuracy of consumer reports. 
(FCRA) The National Consumer Assistance Plan (NCAP) aims to... - ...improve consumer 
experience, data accuracy, and quality. 
(HMDA) In addition to originations, reportable HMDA data includes... - - Loan Applications 
- Loan Denials 
- Loan Approvals 
- Loa...
Too much month left at the end of the money?
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NMLS Test Questions and Answers Graded A+
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NMLS Test Questions and Answers Graded A+ 
What is the pass rate for the NMLS Test and how long is it? 
75% of 115 questions, 125 questions long with 10 ungraded 
 
 
 
What is the biggest thing to remember about taking the test? 
Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. 
 
 
 
 
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What is the requirement under Fa...
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MLO - Study Material Questions and Answers | Latest Update | 2024/2025 | Already Passed
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MLO - Study Material Questions and 
Answers | Latest Update | 2024/2025 | 
 
Already Passed 
 
"Application" defined by RESPA is? The submission of a borrowers information in 
anticipation of a credit decision. 
 
"Higher-priced loans" are defined by which law. TILA 
 
A "jumbo" loan is also known as a(n) nonconforming loan - A jumbo loan is also known as a 
nonconforming loan. 
 
A borrower closed a loan last week with ABC Mortgage Company. Her name is on the National 
Do Not Call Registr...
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REAL 4000 Uga test 3 Latest Updated 2024/2025 Actual Questions and Answers Fully Solved 100% Guaranteed Success.(Graded A+)
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Mortgage bankers are highly leveraged - Very sensitive to disruptions in the loan making and 
selling pipeline and can fail in days 
Alt-A loans - Conventional loans with less stringent underwriting requirements 
higher LVT 
lower credit scores 
reduced documentation of income or assets 
Somewhere in between conventional and subprime in terms of quality. 
Commercial banks - Depository lenders that typically made business-related real estate loans and 
only home loans for business clients. 
They ...
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Minnesota Exam Prep Questions and Answers Rated A+
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Minnesota Exam Prep Questions and 
 
Answers Rated A+ 
 
The state agency responsible for the business activities of Minnesota mortgage professionals 
Minnesota Department of Commerce 
 
Office that the Minnesota Dept of Commerce is located within Secretary of State 
 
With the passing of the SAFE Act DOC shares mortgage lending Licensing authority with 
whom? NMLS 
 
Who is the NMLS operated by State Regulatory Registry, LLC 
 
Who heads the DOC? Commissioner 
 
Regulates the activities of mort...
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NMLS QUESTIONS WITH SOLUTIONS, GRADED A+
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NMLS QUESTIONS WITH SOLUTIONS, GRADED A+ 
Acceleration Clause 
Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
 
 
 
Alienation Clause (Due on Sale Clause) 
Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) 
 
 
 
 
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Appraiser Independance Requirements replace...
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