NMLS SAFE MORTGAGE ORIGINATOR EXAM (2023) | With Questions & All Correct Answers

NMLS SAFE MORTGAGE ORIGINATOR EXAM (2023) | With Questions & All Correct Answers NMLS SAFE MORTGAGE ORIGINATOR EXAM (2023) | With Questions & All Correct Answers Where credit institutions originate loans - ANSWER - Primary Mortgage Market 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 - ANSWER - C. The maximum the rate can increase over the life of the loan 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 - ANSWER - B. The borrower qualified at the buydown rate All of the following are violations of the Fair Housing Act EXCEPT A. Age B. National Origin C. Disability D.Religion - ANSWER - A. Age Claim against property held by one who is not the legal owner - ANSWER - Encrumbrance Advertised term that requires additional disclosures - ANSWER - Trigger Term An advertisement must be presented "clearly and conspicuously" to keep from being deceptive, unfair, or otherwise violate a Commission rule - ANSWER - Advertising Disclosure Extenuating circumstances such as "bona fide personal financial emergency - ANSWER - Waving Right of Rescission Right that borrowers have to cancel a loan or line of credit with a lender within three days of closing - ANSWER - Right of Rescission