Nmls exam 2024 - Study guides, Class notes & Summaries

NMLS 2023/2024 Exam Questions with Correct Answers Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. Business day: - Answer-Monday through Saturday except holidays.For the LE, when creditor is open to the public for carrying on substantially all of the creditor's business funct...

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE

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 f...

NMLS EXAM 2024 Questions And Answers Latest Update

Acceleration Clause - correct 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) - correct 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 - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

Fraud for money Laundering - correct 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 - correct 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, the lender must notify th...

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 - answerAn 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, the lender must notify the applicant in writ...

The practice of a lender not requiring a nontraditional loan borrower to thoroughly document income or assets is known as? correct answersLow-Doc or No-Doc Loans While a creditor/ broker does not have to advertise every single plan offered, it is unlawful to conceal what from consumers? correct answersMore consumer- friendly plans This type of notice is given to consumers who are not customers, in lieu of full initial notice, when the lender has no plans to Under ECOA share nonpublic perso...

NMLS EXAM 2024 GUIDE