NMLS PRACTICE QUESTIONS with complete solutions 2023

NMLS PRACTICE QUESTIONS with complete solutions 2023which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? TAXES AND INSURANCE in a qualification of an applicant who receives child support and alimony 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? 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? 15 days before the effective date of transfer a Lender must send the servicing transfer statement to the affected borrowers following section IX (acknowledgements) in the 1003 loan application, the form is to be signed to signify that the applicant represents that all information contained in the form is truthfully represented As the deadline approaches for the closing date established in the buyer's sale agreement, the buyer's loan application has not yet been approved but seems to be headed for approval. the loan originator should... Notify the real estate broker to try to get an extension of closing deadline The lowest payment option for an option ARM is minumum payment Fannie Mae requires occupancy with in 60 days The purpose of a Market Conditions Addendum is to Provide the Lender with a clear understanding of the market trends and conditions in a subject neighborhood The ECOA prevents discvrimination against which of the following? DISABILITIES a 240/60, 20k loan is made with interest at 9% per year. Which is true? this is a ballon loan with a loan term of five years 240/12= number of years in loan 60/12= number of years until fully amortized and needs to be paid off or refinance the acronym PFC stands for PREPAID FINANCE CHARGES the rules relating to the Federal Trade Commission's "no call" registry allows calls to persons on the "no call" list for up to 18 months after business transaction has been completed with them and up to 3 months after they inquiry a copy of the appraisal is provided at close of escrow the risk that an agent may not have his clients best interest at heart is called Principal-Agent risk the federal regulation that implements the Real Estate Settlement Procedures Act (RESPA) is Regulation X a loan applicnats employment is usually verified by a VEO (VERIFICATION OF EMPLOYMENT)