Mortgage loan originator - Study guides, Class notes & Summaries

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Questions and Answers Already Passed What does UST stand for? Uniform State Test Who does the CFPB protect? The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? 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 shopping for, securing, and p...

SAFE Mortgage Loan Originator Test 2024...

A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae ...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

Mortgage loan originator Exam 2024...

SAFE Mortgage Loan Originator Test Latest Update Graded A+ Prequalification an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio 29/41 FHA ratio 31/43 Asset based loan -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime ...

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW 100% Pass Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-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 approac...

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