Nmls respa - Study guides, Class notes & Summaries
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NMLS Exam Study Guide Exam Questions and Answers
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NMLS Exam Study Guide Exam Questions and Answers 
 
According to RESPA, when would fee splitting be allowed? - Answer-If all parties render a service 
 
A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring in to closing, and the sales price. Which of the following best identifies this document? - Answer-Loan Estimate 
 
Which of the following circumstances i...
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MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS WITH VERIFIED ANSWERS
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MLO SAFE NMLS SAFE TEST PRACTICE 
QUESTIONS WITH VERIFIED ANSWERS 
 
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 
__________________________. Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the 
settlement of residential mortgage loans. 
 
RESPA's section 9 Prohibits Home sellers from requiring...
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NMLS Study Guide Questions with Correct Answers.docx
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NMLS Study Guide Questions with Correct A 
 
The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services 
 
The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. 
 
Define "mortgage broke...
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NMLS Exam Study Guide: RESPA Exam Questions with Correct Answers
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NMLS Exam Study Guide: RESPA Exam Questions with Correct Answers 
 
True (Promotional items with the company logo are permitted to be given) - Answer-True or False: Promotional items with the company logo are permitted to be given. 
 
Regulation X - Answer-What regulation is RESPA? 
 
RESPA (Regulation X) - Answer-Primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the closing costs to the consumer: 
 
Consumer Financial Protection Bureau - An...
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NMLS 2023 Exam Questions and Answers All Correct
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NMLS 2023 Exam Questions and Answers All Correct 
 
An annual escrow analysis is used to do which of the following? 
 
A. Ensure the loan is properly amortized 
B. Prevent escrow overages 
C. Reduce burden on the servicer 
D. Report underwriting errors - Answer-B. Prevent escrow overages 
 
The disclosure requirements of RESPA would apply to which of the following loans? 
 
A. A loan to purchase 75 acres of land 
B. A farm loan 
C. A loan to purchase a property that includes a gas statio...
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NMLS QUESTIONS WITH SOLUTIONS, GRADED A+
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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) 
 
 
 
 
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Appraiser Independance Requirements replace...
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NMLS Exam Questions with Correct Answers.docx
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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 ...
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NMLS Flashcards 2024 Questions and Answers Graded A+
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NMLS Flashcards 2024 Questions and Answers Graded A+ 
-AfBA/ABA stands for? 
-What is it? 
-Affiliated Business Arrangement 
-If referring client to another business of yours (1%) then you must disclose ASAP 
 
 
 
Other ways to say "Doc Signing" 
-Loan consummation 
-Loan Settlement 
-Loan Closing 
 
 
 
 
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What is an escrow account? 
-account holding money for insurance...
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NMLS Exam Review Questions with Correct Answers
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NMLS Exam Review Questions with Correct Answers 
 
Fine up to $10,000 and/or prison for one year - Answer-Violation of kickback policies can result in 
 
Title insurance - Answer-Protects against defects in title that were not listed on title report 
 
Title Insurance - Answer-Protects from claims against his/her ownership interest 
 
Treble Damages - Answer-Maximum penalty allowed under RESPA for requiring borrower to use specific title company: 3x the amount of the title fees assessed to buyer...
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MLO SAFE NMLS EXAM GUDE TEST 2024.
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MLO SAFE NMLS EXAM GUDE TEST 2024. 
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 __________________________. - correct answer Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures Act - correct answer The Federal Statute that deals with the settlement of residential mortgage loans. 
 
RESPA's section 9 Prohibits - correct answer Home sellers...
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