Nmls exam review - Study guides, Class notes & Summaries

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Answer-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - Answer-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Answer-Home sellers from requiring home buyers to purchase title insurance from...

NMLS Exam Review Questions with Verified Answers- Latest In order to qualify for an adjustable-rate mortgage, a consumer must be able to show that he or she can: A. Make regularly scheduled payments that are calculated using the loan's introductory rate B. Make amortizing payments that are calculated using the fully indexed rate for the ARM C. Make amortizing payments that are calculated using the loan's rate after the first interest rate adjustment occurs D. Make regularly scheduled p...

NMLS Exam Review Questions with Correct Answers RESPA - Answer-Borrowers receive disclosure regarding nature and costs of the real estate settlement (closing) process RESPA - Answer-Protects consumers against abusive practices and the use of reserve accounts Regulation X - Answer-The rules for complying with RESPA are found in? something of value - Answer-A kickback is generally defined as providing ____________ ____ ________ to a third-party in return for a referral, customer, or bu...

NMLS Exam Review 2023 Latest Updated with Complete Solutions

NMLS EXAM 2021 Questions with Correct A Fraud for money Laundering - Answer--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - Answer-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant,...

NMLS SAFE EXAM REVIEW 2022/2023.

Regulatory power - ANSWER-The SAFE Act gave the power to each state to license companies and MLO's as well as audit, investigate, fine, or suspend if the state feels the consumer is at risk Creation and purpose of the NMLS Registry - ANSWER-Nationwide Multistate Licensing System & RegistryThe NMLS is a registration system that was developed and maintained by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The CSBS and t...

An application must be accompanied by fingerprints when applying for a. Licensed MLO b. Registered MLO c. not required d. required for both licensed and registered MLO - Answer-d Quarterly mortgage call reports must be filed a. within 30 days of the end of the calendar quarter b. within 30 days of the end of the fiscal quarter c. within 45 days of the end of the calendar quarter d. within 45 days of the end of the fiscal quarter - Answer-c. within45 days of the end of the calendar q...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Answer-D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - Answer-B. If a licensee fails to request a hearing with the state regul...