Nmls exam questions Study guides, Class notes & Summaries

NMLS Exam Study Guide Exam Questions and Answers According to RESPA, when would fee splitting be allowed? - Answer-If all parties render a service A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring in to closing, and the sales price. Which of the following best identifies this document? - Answer-Loan Estimate Which of the following circumstances i...

NMLS Exam Questions with Complete Solutions Latest Update c) Loan servicing - Answer-Section 6 of RESPA pertains to: a) Annual escrow settlement b) kickbacks c) loan servicing c) 3 business days of loan application - Answer-The mortgage servicing disclosure statement or ISDS must be provided within: a) prior to settlement b) at settlement c) 3 business days of loan application 1) appraisal report changes 2) expiration of original LE 3) customer request changes - Answ...

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 Laws and Regulations Exam Questions with Complete Solutions Who oversees RESPA? - Answer-(CFPB) Consumer Financial Protection Bureau How long must records be kept under RESPA? - Answer-5 years (RESPA has 5 letters= 5 letters of record keeping) What are the penalties for violating RESPA? - Answer-$10k, 1 yr in prison OR both (5 years x 2= $10,000 fine) TILA - Answer-Truth in Lending Act What does TILA do? - Answer-• part of the Federal Consumer Protection Act and lays out...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% Answer D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation Answer B. If a licensee fails to request a hearing with the state regulator...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% Answer D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation Answer B. If a licensee fails to request a hearing with the state regulator...

NMLS Exam Questions

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - ANSWER D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - ANSWER B. If a licensee fails to request a hearing with the state regul...

Mortgage NMLS Exam Questions and Answers Latest (2023 / 2024) (Verified Answers)

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 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 the applicant in writi...