Nmls 2023 national - Study guides, Class notes & Summaries

California State NMLS Practice Test Graded A+, 2022/2023 Document Content and Description Below California State NMLS Practice Test Graded A+ "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System , and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C D. A borrower approaches a lender to refinance their existing negative a...

NMLS SAFE EXAM 2022 Questions with accurate answers, Graded A latest update 2023 Document Content and Description Below NMLS SAFE EXAM 2022 Questions with accurate answers, Graded A latest update 2023 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...

NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Document Content and Description Below NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Primary Mortgage Market - Where credit institutions originate loans C. The maximum the rate can increase over the lif e of the loan - 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 t...

NMLS Texas Exam 2023 Front End Ratio Formula (Mortgage to income/Housing expense ratio) - ANSWER-Monthly PITI/ gross monthly income Federal Housing Finance Authority - ANSWER-Ensures GSEs have adequate practices and capital to engage in mortgage business. LTV Formula - ANSWER-Loan amount/value of property LTV % required to avoid PMI - ANSWER-Less than 80% A VA loan called IRRRL stands for - ANSWER-Interest rate reduction refinance loan Underwriters Review of capital deals wit...

NMLs Practice Exam Questions with accurate answers, Graded A. 2022/2023. Document Content and Description Below NMLs Practice Exam Questions with accurate answers, Graded A. 2022/2023. A person wanting a loan originator license in four states - must pass the state component of the license test in eac h 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....

NMLS EXAM 2023 QUIZ 100% SOLVEDFraud for money Laundering -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 An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, the lender must notify...

NMLS Practice Test Hard Questions With accurate answers, Rated A. 2022/2023. Document Content and Description Below NMLS Practice Test Hard Questions With accurate answers, Rated A. 2022/2023. A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s 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) Appraiser Independance Requirements replaced HVC...

MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Document Content and Description Below MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, f requent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Proce...