NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED

NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED Where credit institutions originate loans Primary Mortgage Market When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan C. The maximum the rate can increase over the life of the loan When utilizing a temporary buydown to lower the interest rate on a FHA loan, which of the following are correct A. The borrower qualified at the note rate B. The borrower qualified at the buydown rate C. The rate cannot be more than 2% below the note rate D. Seller or builder can pay the discount points to buydown the rate B. The borrower qualified at the buydown rate All of the following are violations of the Fair Housing Act EXCEPT A. Age B. National Origin C. Disability D.Religion A. Age Claim against property held by one who is not the legal owner Encrumbrance Advertised term that requires additional disclosures Trigger Term An advertisement must be presented "clearly and conspicuously" to keep from being deceptive, unfair, or otherwise violate a Commission rule Advertising Disclosure Extenuating circumstances such as "bona fide personal financial emergency Waving Right of Rescission Right that borrowers have to cancel a loan or line of credit with a lender within three days of closing Right of Rescission When creditors office is open to the public, a calendar working day except Sunday or a federal holiday Business Day Financial information used for purposes of obtaining an extension of credit Application The act of making new information known Disclosure Mission is to promote consumer protection and eliminate and prevent anticompetitive business practices FTC Federal Trade Commission Regulatory agency charged with overseeing financial products and services offered to consumers CFPB Consumer Financial Protection Bureau Enacted 1968 promotes the informed use of consumer credit by requiring disclosures about terms and costs and standardizes the manner in which costs with borrowing are calculated and disclosed TILA Truth in Lending Act