NMLS SAFE EXAM questions with correct answers

What does TILA stand for? Answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? Answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? Answer LTV stands for Answer Loan to Value Define PMI and state what the acronym stands for. Answer Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Answer Disabled veterans and surviving spouses. USDA loans are also called what? Answer 502 loans Define MIP Answer Can be paid up front or in installments. Mortgage insurance premium used by FHA to protect themselves against higher-risk borrowers who are more likely to default on loans Define APR Answer annual percentage rate Define APOR Answer average prime offer