NMLS TEST-Affinity Study Practice Questions 2024.
NMLS TEST-Affinity Study Practice Questions 2024.What law deals with credit, APR & Advertising of consumer loans? - correct answer TILA Which regulation prohibits kickbacks? - correct answer RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - correct answer HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - correct answer RESPA Regulation X is the letter used to describe which law? - correct answer RESPA RESPA is the acronym used to describe which law? - correct answer Real Estate Settlement Procedures Act What type of mortgage requires a non-refundable funding fee? - correct answer VA Loan What is the provision in a mortgage enabling a lender to demand full repayment if the borrower DEFAULTS on the loan? - correct answer Acceleration Clause What is the provision in a mortgage enabling a lender to demand full repayment if the borrower TRANSFERS the loan? - correct answer Alienation Clause What does CFPB stand for? - correct answer Consumer Financial Protection Bureau What two laws created the CFBP? - correct answer Dodd Frank Act and Consumer Finance Protection Act
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