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Exam (elaborations)

NMLS Exam Correct Questions And Answers(Latest Update 2023/2024)!!

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Institution NMLS
Module NMLS
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Acceleration Clause - 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) - 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 - ANSWER home valuation code of conduct Due on Demand Clause - ANSWER (Considered a predatory practice) The lender can demand repayment of the loan in full at anytime for any reason HOEPA - ANSWER Home Ownership and Equity Protection Act (Reg Z Sec 32) Amends TILA Nonrecourse Agreement - ANSWER Loan agreement under which the collateral securing a loan is the unltimate source of repayment, and the lender cannot hold the borrower personably liable in the event of default. Lender can seize (and sell) the collateral but cannot seize non-pledged asset or property. ReConveyance

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