NMLS SAFE Exam 2024 with Guaranteed Accurate Answers

Primary Mortgage Market - correct answer Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - correct answer When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - correct answer When utilizing a temporary buydown to lower the interest rate on a FHA loan, which of the following are correct A. The borrower qualified at the note rate B. The borrower qualified at the buydown rate C. The rate cannot be more than 2% below the note rate D. Seller or builder can pay the discount points to buydown the rate A. Age - correct answer All of the following are violations of the Fair Housing Act EXCEPT A. Age B. National Origin C. Disability D.Religion Encrumbrance - correct answer Claim against property held by one who is not the legal owner Trigger Term - correct answer Advertised term that requires additional disclosures Advertising Disclosure - correct answer An advertisement must be presented "clearly and conspicuously" to keep from being deceptive, unfair, or otherwise violate a Commission rule Waving Right of Rescission - correct answer Extenuating circumstances such as "bona fide personal financial emergency Right of Rescission - correct answer Right that borrowers have to cancel a loan or line of credit with a lender within three days of closing Business Day - correct answer When creditors office is open to the public, a calendar working day except Sunday or a federal holiday Application - correct answer Financial information used for purposes of obtaining an extension of credit Disclosure - correct answer The act of making new information known FTC Federal Trade Commission - correct answer Mission is to promote consumer protection and eliminate and prevent anticompetitive business practices CFPB Consumer Financial Protection Bureau - correct answer Regulatory agency charged with overseeing