NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT

NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS EXAM QUESTIONS AND ANSWERS 100% CORRECT Fraud for money Laundering - ANSWER--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - ANSWER-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, the lender must notify the applicant in writing. If the adverse action is taken as a result of information contained on the credit report, the notice must also provide the name, address and toll-free phone number of the credit bureau that supplied the information. American Association of Residential Mortgage Regulators (AARMR): - ANSWER-A national association of individuals who are charged with administering and regulating various aspects of residential mortgage lending. It played a major role in the formation of the NMLS-R and in the drafting of the model licensing law. Annual percentage rate (APR): - ANSWER-Does NOT include...TEN ACT- (Title,Escrow,Notary,Appraisal,Credit Report,Termite)A measurement of the total cost of the credit, expressed as an annual rate. The APR includes those paid at the time of closing and those paid over the term of the loan. It includes all items that are part of the finance charge, such as interest, discount points, mortgage insurance premiums and administrative fees. Application - ANSWER-A request for a residential mortgage loan and includes the borrower-related information that lenders commonly use when considering the request. Someone who takes an application from a consumer is generally considered to be