NMLS Test Outline| 172 QUESTIONS| WITH COMPLETE SOLUTIONS

RESPA disclosures? due dates? Correct Answer: 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sent 15 days before transfer) RESPA covers which loan types? exempt loan types? Correct Answer: FHA,VA,conventional, USDA,purchase loans, REFI, HELOC all cash sales RESPA 4 sections Correct Answer: Section 6: Mortgage Servicing Disclosure Statement: mortgage servicers are required to correct errors and work with home buyers if payments aren't being made. Section 8: No kickbacks/referral fees Section 9: Seller cannot require borrower use a specific title insurance company Section 10: limits amounts a lender can require a borrower to put into escrow account to 1/12 disbursement and 2 reserves. Requires annual escrow analysis. RESPA properties types? exempt? Correct Answer: owner occupied 1-4 unit residential property Agricultural 25+ acres Businesses Commercial Temporary Financing