NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024.

NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024. Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - correct answer TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - correct answer Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance? - correct answer After 3 business-day rescission period What is the adjustable number used to compute the interest rate on an ARM called? - correct answer Index A borrower is buying a house for $180,000. He provides a down payment of $40,000. If he pays three discount points, what is the total cost of the points? - correct answer $4200 Which day is counted as part of the CD three business day delivery period? - correct answer Monday-Saturday A Latina applies to a mortgage company for a home loan. She is refused based on the reputation of the neighborhood for a high number of foreclosures. This is an example of what illegal practice? - correct answer Redlining Which Act amended the Truth in Lending Act, establishing disclosure requirements and prohibiting equity stripping and other abusive practices in connection with "high cost" mortgages? - correct answer Home Ownership and Equity Protection Act (HOEPA) The type of mortgage that can provide the borrower with a monthly check instead of the borrower paying a monthly payments is known as - correct answer Reverse mortgage