Prime mortgage - Study guides, Class notes & Summaries
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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...
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NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS.
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NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS. 
What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable fun...
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MNM2615 - Marketing In Africa Portfolio 1st semester- Assignments 1,2 and 3 2022 (85%).
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MNM2615 - Marketing In Africa Portfolio 1st semester- Assignments 1,2 and 3 2022 (85%). INTRODUCTION 
The world of E-Commerce is significantly pronounced in Africa than it is in other territories, 
and we are seeing a dramatic increase in the number of people accessing the internet and 
making payments via the internet and how the internet can be leveraged to target a brand’s 
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NMLS SAFE EXAM 2024 with Guaranteed Accurate Answers
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What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable funding fee and people in what situations is it...
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Real Estate Finance 1 - Texas, Champions School of Real Estate – Finance Latest Update 100% Pass
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Real Estate Finance 1 - Texas, 
Champions School of Real Estate – 
Finance Latest Update 100% Pass 
 
Loan Processing The process of collecting information about a borrower in order to build a 
loan file that will be used to make an underwriting decision. 
 
Underwriting The process of evaluating a borrowers loan application to determine the risk 
involved for the lender. 
 
Funding The process of transferring funds to a title or escrow company for disbursement. 
 
Servicing Sending monthly pa...
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NMLS SAFE EXAM 2023-2024 WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 15 pages • 2023
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NMLS SAFE EXAM WITH COMPLETE SOLUTIONS 
 
NMLS SAFE EXAM WITH COMPLETE SOLUTIONS 
 
NMLS SAFE EXAM WITH COMPLETE SOLUTIONS 
 
What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - ANSWER-a 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 - ANSWER-Loan to Value 
 
Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conve...
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NMLS Test Questions and Answers Graded A+
- Exam (elaborations) • 28 pages • 2024
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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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NMLS TEST-Affinity Questions And Answers
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__________ occurs if the lender chooses the hazard insurance company when the borrower allows the 
policy to lapse. - Forced-placed insurance 
"APR" means? - Annual percentage rate. This is the cost of credit expressed as a percentage. 
A borrower is refinancing his home. How much time does Reg Z give him to change his mind? - 3 
days 
A co-borrower whose income is used to qualify must sign the: - Mortgage and the note 
A deed is: - A legal instrument that conveys title to real property. 
A fu...
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Champions School of Real Estate - Real Estate Finance Latest Update Rated A+
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Champions School of Real Estate - Real 
Estate Finance Latest Update Rated A+ 
 
A loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) Non- 
Conforming Loan 
 
VA Veteran's administration - assists veterans in the purchase of housing by guaranteeing 
loans) 
 
Seller's equity Cash price minus the loan balance 
 
A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific 
lots by making required lump sum payments. Release Clause 
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NMLS - Champion Test Questions and Answers Graded A 2024
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Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - FCRA 
 
Which agency manages the National Do Not Call Registry? - Federal Trade Commission 
 
Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? - The SAFE Act 
 
Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Acceptable 
 
Which law s...
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