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NMLS SAFE EXAM 2023/2024 Latest Update Correct Questions And Answers What

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What does TILA stand for? - ANSWER Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER LTV stands for - ANSWER Loan to Value Define PMI and state what the acronym stands for. - ANSWER Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - ANSWER Disabled veterans and surviving spouses. USDA loans are also called what? - ANSWER 502 loans Define MIP - ANSWER Can be paid up front or in installments. Mortgage insurance premium used by FHA to protect themselves against higher-risk borrowers who are more likely to default on loans Define APR - ANSWER annual percentage rate Define APOR - ANSWER average prime offer rate

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