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NMLS Vocabulary 2023/2024 Prerequisite pretest Exam training Questions with Rated A + Marking Scheme Cost of Funds Index (COFI) - correct answer A regional average of interest expenses incurred by financial institutions, which in turn is used as a base for calculating variable rate loans Credit - correct answer Sum of money to be received Credit Freeze - correct answer A consumer request that requires the credit bureaus to deny all access to a consumer's credit information or f...

NMLS UST 2023/2024 Home Study Thorough Review and Complete Answers Ace your first Attempt Which of the following is not considered "prohibited conduct"? - correct answer Making a costly error Background checks performed by the Regulatory Authority cannot include - correct answer Personal checking account information The Unique Identifier, issued by NMLS, of any person originating a residential mortgage loan shall be clearly shown on all of the following except - correct answer...

NMLS 2023/2024 Essential Test Toolkit Exam Questions and Approved with Distinction Marking Scheme How often must lenders perform an escrow account analysis under Section 10 of RESPA? - correct answer Once a year. What are the three CRA (credit reporting agencies)? - correct answer Equifax, Transunion, and Experian What regulation is FCRA? - correct answer You want to have a Very good report. (Reg V) FCRA (Fair Credit Reporting Act) does what? - correct answer Requires reporti...

NMLS 2023//2024 Pre course Study Guide Exam Questions and Verified for Accuracy Answers The HUD-1/CD is not required if - correct answer the borrower has no closing costs Initial Escrow Statement - correct answer the borrower receives an Initial Escrow Statement at closing or within 45 days after closing that estimates the first-year escrow payment for property taxes and homeowner's insurance The initial escrow account statement must include the monthly mortgage payment, the port...

NMLS SAFE Exam preparation 2023/2024 Questions and Must have marking scheme Amortization - correct answer the process of paying off a loan by gradually reducing the balance through a series of installment payments Partially amortized loans - correct answer otherwise known as a balloon mortgage: provides for some, but not total, amortization during the mortgage term. -at the end of the loan term a large balloon payment is needed to pay off the remaining balance Negative Amortization...

NMLS SAFE EXAM 2023/2024 Post Assessment Actual Final Exam Questions with all Questions Accurately Answered A Mortgage Loan Originator is - correct answer any person who for compensation places a loan within this state for others Which of the following are powers/duties of the Regulatory Authority? - correct answer Conduct examinations of licensee's books and records In order to renew your license, you must annually complete which of the minimum requirements pertaining to Continuing ...

NMLS SAFE EXAM KEY WORDS 2023/2024 Retest Placement test Exam Questions with complete solutions Equity - correct answer Equity is the amount your property is currently worth minus the amount of any existing mortgage on your property. Escrow - correct answer An escrow account is set up by your mortgage lender to pay certain property-related expenses, like property taxes and homeowner's insurance. A portion of your monthly payment goes into the account. If your mortgage doesn't hav...

NMLS SAFE EXAM 2023/2024 Test Exam Review Questions with all Answers verified for accuracy What is the penalty for violating GLB? - correct answer Up to 5 years and a fine What is the penalty for violating RESPA? - correct answer up to $10,000 and/or 1 year What is the penalty for sending an unauthorized fax? - correct answer $500 What is the penalty for violating ECOA? - correct answer Up to $10,000 What is the penalty for violating TILA? - correct answer $5K for single...

NMLS SAFE ACT MLO Exam Federal Law 2023/2024 Problem set study Exam Questions and Correct Answers What does HCFP stand for? A. Housing and Commonality Facilities Programs B. Housing and Community Facilities Programs C. Health and Community Facilities Programs D. Housing and Community Facilities Projects - correct answer B. Housing and Community Facilities Programs Identify which attribute is NOT considered discrimination in granting credit under the Equal Credit Opportunity Act. ...

NMLS SAFE ACT MLO - Ethics and Fraud 2023/2024 Practice Study Guide Questions with Distinction level Marking scheme The APR (annual percentage rate) is the cost of credit that consumers pay, expressed as a simple annual percentage. If the ad only states the APR, then other disclosures are not necessary. Some common types of legal transactions that require appraisals are: A. All of the other options require appraisals B. Income tax casualty losses, estate or inheritance tax, and propert...