NMLS PRACTICE QUESTIONS & ANSWERS(GRADED A+)
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - ANSWER TAXES AND INSURANCE in a qualification of an applicant who receives child support and alimony - ANSWER CHILD SUPPORT INCOME CAN BE GROSSED UP a homeowner had a home worth 200k. he has an outstanding loan of 165k and a HELOC with a limit of 30k which he has drawn 12k. Which of the following is not true? - ANSWER His TLTV is 94% you must calculate LTV, CLTV, and TLTV TLTV is higher than CLTV and LTV test mortgage transferred servicing rights of some of its mortgage loans to answer mortgage, Lender must send a servicing transfer statement to the affected borrowers how many days before the effective date of transfer? - ANSWER 15 days before the effective date of transfer a Lender must send the servicing transfer statement to the affected borrowers following
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