NMLS License Exam Questions and Answers Latest 2024

NMLS License Exam Questions and Answers Latest 2024 As defined in Regulation X, which implements RESPA, ____ means a person (other than an employee of a lender) that renders origination services and serves as an intermediary between a borrower and a lender in a transaction involving a federally related mortgage loan. mortgage broker If applicable, an Affiliated Business Arrangement Disclosure form must be provided to a consumer at the time of the referral or before Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:03 / 0:15 Full screen Magnum Title Abstract is a settlement agent providing settlement services in five states. Three of the five directors of the company also sit on the Board of Directors of Dove Title Insurance Company. In the last two years, Magnum referred 90% of its title insurance business to Dove. At no time did Magnum advise borrowers that it provided services represented within this relationship. What did Magnum do that was unlawful? Magnum did not properly disclose its affiliated business arrangement with Dove The ____ became effective June 20, 1975, with the purpose of helping eliminate unnecessary increases in the costs of certain settlement services due to kickbacks and referral fees. Real Estate Settlement Procedures Act (RESPA) The rules and regulations of RESPA apply to reverse mortgages The provisions of the Real Estate Settlement Procedures Act are designed to do all of the following EXCEPT remove limits on amounts that lenders can require borrowers to place into an escrow account. Who is in violation of the Section 8 provisions of RESPA? a title company who allows a mortgage broker to lease office space at below market rent As set forth by Regulation X, when an MLO is also licensed as a real estate broker and may perform the services of both, which of the following is NOT a required condition? The MLO must provide a bundled services discount to the borrower for the services. The Real Estate Settlement Procedures Act does NOT apply to business purpose loans. ______ a sale to be conditioned on the use of a particular title company chosen by the seller. Under no circumstances does RESPA allow