Respa reg x - Study guides, Class notes & Summaries

Sales General Exam (Stringham) Questions With 100% Verified Answers. Under the law of emblements, which of the following situations is true? (a) The seller deeds the property to the buyer but has rights to the crop. (b) The buyer gets the land, the seller gets the farm house. (c) The buyer gets everything, and after harvesting the crop, gets the profits from it. (d) Everything goes to the buyer and the seller has no further rights to anything on the property. - answerThe seller deeds the ...

__________ 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...

PMI (Private Mortgage Insurance) - ️️Insurance that protects the lender in case the borrower defaults -equity less than 20% of the home's value -varies in cost by length of time required Form 1008 form - ️️Transmittal Summary (details, terms, specifics of loan transaction) Mortgage Call Reports (MCR) are filed: - ️️Quarterly Self-Testing Violations - ️️Mandated by ECOA when it is more likely than not a violation occurred appraisal approaches - ️️Sales, Cost and...

NMLS Test 100% Correct Solved If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Correct Answer️️ -Value What law allows the borrower to challenge the value stated in the appraisal? - Correct Answer️️ -ECOA (Reg B), Equal Credit Opport...

Which of the following is NOT true about a sale and leaseback of a commercial property? (a) Seller frees up funds (b) Ownership does not actually transfer (c) Buyer can deduct depreciation from his taxes (d) Seller is able to deduct rent payments from his gross income - Ownership does not actually transfer Which is not correct about PMI? (a) To request cancellation of PMI, you must be current on your loan. (b) For "high-risk loans" lenders are required to automatically remove PMI when ...

ECOA - Reg B - correct answer Equal Credit Opportunity Act HMDA - Reg C - correct answer Home Mortgage Disclosure Act RESPA - Reg X - correct answer Real Estate Settlement Procedures Act TILA - Reg Z - correct answer Truth In Lending Act HPA - correct answer Home-owner Protection Act PMI is required when - correct answer Borrower puts less than 20% down ECOA deals with - correct answer credit applications HMDA allows to see - correct answer where possible discriminat...

NMLS Exam Questions with Correct A Acceleration Clause - Answer-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) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...

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) Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:03 / 0:15 Full screen Appraiser Independance Requirements replace...

NMLS Laws and Regulations Question and answer already solved 2023CFPB Consumer Financial Protection Bureau What does the CFPB do? Regulates RESPA, TILA, ECOA, and HMDA FTC Federal Trade Commission What does the FTC do? Monitors Red Flag Rules RESPA Real Estate Settlement Procedures Act What does RESPA do? •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates kickba...

NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS HMDA allows to see - Answer-where possible discrimination takes place Where is HMDA found - Answer-Section 10 of the 1003 loan app PMI - Answer-Private mortgage insurance TILA deals with - Answer-advertising of loans, cerdit, APR PMI protects who - Answer-The Lender SAFE - Answer-Secure And Fair Enforcement Act HERA - Answer-Housing and Economic Recovery Act HERA created what act - Answer-SAFE Act FCRA - Reg V - Answer-Fair Cre...