Hecm practice exam - Study guides, Class notes & Summaries

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HECM Practice Exam Latest Updated
  • HECM Practice Exam Latest Updated

  • Exam (elaborations) • 17 pages • 2023
  • The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - ANSWER-b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the actual cost of repairs. c. 100% of the estimated cost of...
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HECM Practice Exam Questions With Complete Solutions
  • HECM Practice Exam Questions With Complete Solutions

  • Exam (elaborations) • 17 pages • 2023
  • The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - ANSWER b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the actual cost of repairs. c. 100% of the estimated cost of...
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HECM Practice Exam QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025
  • HECM Practice Exam QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025

  • Exam (elaborations) • 20 pages • 2024
  • QUESTIONS AND ANSWERS
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CRPC Practice Exam 1
  • CRPC Practice Exam 1

  • Exam (elaborations) • 50 pages • 2024
  • CRPC Practice Exam 1 A lump sum payment of the proceeds of a life insurance policy that is made to the beneficiary upon the insured's death - CORRECT ANSWER is generally exempt from income taxation. The lump sum proceeds of a life insurance policy (even if a MEC) paid to a beneficiary are generally exempt from income taxation. Withdrawals and loans from a MEC may be taxable. Life insurance proceeds, however, are subject to estate taxes if the deceased owned a life insurance po...
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NMLS S.A.F.E Exam Practice Exam Questions with Correct Answers
  • NMLS S.A.F.E Exam Practice Exam Questions with Correct Answers

  • Exam (elaborations) • 21 pages • 2024
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  • NMLS S.A.F.E Exam Practice Exam Questions with Correct Answers An individual who is an employee of a depository institution or a subsidiary of a depository institution meets the definition of a loan originator, defined as a(n): a. Licensed mortgage loan originator b. Exempt mortgage loan originator c. Registered mortgage loan originator d. Qualified mortgage loan originator - Answer-c. Registered mortgage loan originator Which of the following is used as a method of identifying and h...
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Prepxl Practice Test 3: Exam Review  Questions and answers/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
  • Prepxl Practice Test 3: Exam Review Questions and answers/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |

  • Exam (elaborations) • 24 pages • 2024
  • Prepxl Practice Test 3: Exam Review Questions and answers/ In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They would like to hold onto as much of their savings as they can, but they have chosen to make a down payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they can make to reach the conforming loan limit but still retain savings? - $47,900 - $35,900 - $95,800 - $54,900 - -$35,900. The down p...
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NMLS S.A.F.E Exam Practice Questions and Answers Fully solved 2024
  • NMLS S.A.F.E Exam Practice Questions and Answers Fully solved 2024

  • Exam (elaborations) • 21 pages • 2024
  • NMLS S.A.F.E Exam Practice Questions and Answers Fully solved 2024 Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators was the purpose of the federal act known as the: a. S.A.F.E. Act b. Federal Trade Act c. Consumer Financial Protection Act d. Dodd-Frank Act a. S.A.F.E. Act Loan processors and underwriters may not: a. Communicate with consumers to obtain infor...
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National and UST Mortgage Practice Exam 1 questions with correct answers
  • National and UST Mortgage Practice Exam 1 questions with correct answers

  • Exam (elaborations) • 6 pages • 2024
  • Available in package deal
  • National and UST Mortgage Practice Exam 1 questions with correct answers Which of the following is intended to ensure that consumers are provided with information on the nature and costs of the settlement process? - The answer is RESPA. The purpose of RESPA and Regulation X is to help consumers become better shoppers for settlement (closing) services by providing them with information on the nature and costs of the settlement process. RESPA and Regulation X are also intended to eliminate...
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