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As defined in regulation X, which implements respa, _____ means a person (other than an employee of a lender) That renders origination services and serves as an intermediary Between and a lender in a transaction involving a federally related mortgage loan. Answer Mortgage broker The _____ Became effective June 20, 1975, what's the purpose of helping illuminate unnecessary increases in the cost of certain settlement services due to kick backs and referral fees. Answer Real estate settlement p...

The loan estimate and closing disclosure must be used for most _____________mortgages? Answer Closed end Identify the statement that is TRUE about the UST section of the SAFE MLO National Test component. Answer All applicants after April 2013 will be required to take and pass the UST section of the test. A loan originator who does not include a borrower's receipt of disability income on a loan application is Answer committing an act of fraud by omission. The Home Mortgage Disclosure Ac...

CompuCram Exam 2024 Questions With Completed Answers To Score A+!!

According to the Fair Credit Reporting Act, which of these would NOT have a valid need to information from a consumer credit reporting agency? Answer : a man who wants to know his fiancee's credit score.FCRA After the collection of statistical data, lenders are required to forward that information to the regulator by what date under the Home Mortgage Disclosure Act? Answer The Home Mortgage Disclosure Act requires that all data collected the prior year be forwarded to the regulator by March ...

NMLS Test Prep CompuCram Test Questions with correct answers.

CompuCram Questions and answers graded A+ 2023 updated which of the following deeds is most preferred by the seller? - correct answer quitclaim deed The legal description of a property based upon points of beginnings, distances, directions and degrees is a/an: - correct answer metes and bounds description The taking of private property for public use is called: - correct answer condemnation The owner of a undivided interest in land with no rights of survivorship owns it by: - correct an...

Compucram Questions, Answers, and Rationalities fully solved rated A+ 2023In some states, the common law legal rights that a wife has in property owned by her husband during their marriage are best known as - correct answer dower What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public? - correct answer conditional use What is market value? - correct answer price a property is likely to bring in an arm's length tra...

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