Safe mortgage Study guides, Class notes & Summaries

SAFE Mortgage Loan Originator Test 2024...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content

A loan whose payments do not fully liquidate the loan and thus requires a large final payment, is known as 1. Partially amortized loan 2. Term loan 3. Growing equity mortgage 4. Graduated payment mortgage correct answers 1. Partially amortized loan - Repays partially, the part of the loan that hasn't been repaid yet is called a balloon payment Graduated/Growing - accelerate repayment of their fixed-rate mortgage by scheduling additional principal payments that increase over time Re...

NMLS SAFE Mortgage Loan Originator Exam UPDATED Exam Questions and CORRECT Answers 190 Minutes - CORRECT ANSWER- How long is the NMLS Exam in minutes? 125 Questions - CORRECT ANSWER- How many questions are on the NMLS Exam? 75% correct - CORRECT ANSWER- What is the passing score for the NMLS Exam

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content

SAFE Mortgage Loan Originator Test - National Component UPDATED Exam Questions and CORRECT Answers What does UST stand for? - Correct Answer- Uniform State Test Who does the CFPB protect? - Correct Answer- The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - Correct Answer- CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are s...

Mortgage loan originators who make cold calls must comply with the requirements of the National DoNot-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market data approach Neighborhood value approach - Market data approach The Truth in Lending Act is contain...

SAFE Mortgage Loan Originator Test - National Component With Uniform State Content Latest Updates

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant .Which of the following is not included on the Adverse Action Notice? - C. The right to dispute the credit denial Under the Home Ownership Equity Protection act which loan would be identified as a high cost mortgage? - B. A $95,000 loan with $6175 in fees. Which of the following is not considered a "prohibited basis." under Regulation B? - C. Ge...