Nmls laws and regulations - Study guides, Class notes & Summaries

________ are non-conforming loans because they exceed the FNMA loan limit of $____________ - Jumbo loans, $417,000 ________ backs all government loans (FHA, VA, USDA) - Government National Mortgage Association (Ginnie Mae/GNMA) ________ loans are loans that 'conform' to FNMA, FHLMC standards - Conforming A borrower must make a 10% down payment on a purchase transaction to qualify for the loan. The borrower made a $1,000 good faith deposit at the time of acceptance of the offer to purchas...

NMLS Laws And Regulations Exam Questions 2024. CFPB - correct answer Consumer Financial Protection Bureau What does the CFPB do? - correct answer Regulates RESPA, TILA, ECOA, and HMDA FTC - correct answer Federal Trade Commission What does the FTC do? - correct answer Monitors Red Flag Rules RESPA - correct answer Real Estate Settlement Procedures Act What does RESPA do? - correct answer •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. ...

NMLS Laws and Regulations

NMLS Laws and Regulations Exam Questions with Complete Solutions Who oversees RESPA? - Answer-(CFPB) Consumer Financial Protection Bureau How long must records be kept under RESPA? - Answer-5 years (RESPA has 5 letters= 5 letters of record keeping) What are the penalties for violating RESPA? - Answer-$10k, 1 yr in prison OR both (5 years x 2= $10,000 fine) TILA - Answer-Truth in Lending Act What does TILA do? - Answer-• part of the Federal Consumer Protection Act and lays out...

NMLS Laws and Regulations

NMLS Laws and Regulations 2023/2024 Exam practice test Questions and Answers updated CIP - correct answer Customer Identification Program OFAC - correct answer Office of Foreign Assets Control (OFAC! my client is a terrorist) SAR - correct answer Suspicious Activity Report What does the USA Patriot Act do? - correct answer • Prevents terrorist funding • Enforces CIP • Terrorist checking done through OFAC • SAR can be submitted to FinCEN" Who oversees the USA P...

CFPB Consumer Financial Protection Bureau What does the CFPB do? Regulates RESPA, TILA, ECOA, and HMDA FTC Federal Trade Commission What does the FTC do? Monitors Red Flag Rules RESPA Real Estate Settlement Procedures Act What does RESPA do? •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates kickbacks and referral fees (section 8) • Establishes rules for escrow What Regulation is RESPA? Reg...

NMLS Laws and Regulations

NMLS Laws and Regulations