NMLS Final Exam Questions and Answers Latest

NMLS Final Exam Questions and Answers Latest Which of the following is one of the stated reasons for implementing the integrated mortgage disclosure forms? a. To reduce identity theft b. To permit lenders to collect fees earlier c. To lower borrowers' costs d. To use clear language that borrowers can understand - Answer-To use clear language that borrowers can understand Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject to rescission, how many of these individuals must submit a rescission order to void the loan? a. Any one of the five b. A majority of the five c. All five d. At least two of the five - Answer-Any one of the five It is legal for settlement service provider A to pay settlement service provider B a portion of fees charged to a borrower only when a. Both service providers have a written agreement in place to split fees b. Service provider B has performed bona fide services to earn the fee c. The consumer is aware the service providers are splitting the fees d. The service providers are separate entities and not affiliated in any way - Answer-Service provider B has performed bona fide services to earn the fee All of the following features are prohibited for a qualified mortgage, except a. 40 year terms b. Negative amortization c. Interest-only payments d.Adjustable interest rates - Answer-Adjustable interest rates Which of the following is defined as the cost of credit expressed as a dollar amount? a. Loan-to-value b. Finance charge c. APR d. Debt ratios - Answer-Finance charge The rule that established requirements for ensuring that a borrower can afford to take on a mortgage loan is known as the