Nmls Safe Exam Prep With 100% Correct And Verified Answers

Nmls Safe Exam Prep With 100% Correct And Verified Answers ECOA - Reg B - Correct Answer-Equal Credit Opportunity Act HMDA - Reg C - Correct Answer-Home Mortgage Disclosure Act RESPA - Reg X - Correct Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Correct Answer-Truth In Lending Act HPA - Correct Answer-Home-owner Protection Act PMI is required when - Correct Answer-Borrower puts less than 20% down ECOA deals with - Correct Answer-credit applications HMDA allows to see - Correct Answer-where possible discrimination takes place Where is HMDA found - Correct Answer-Section 10 of the 1003 loan app PMI - Correct Answer-Private mortgage insurance TILA deals with - Correct Answer-advertising of loans, cerdit, APR PMI protects who - Correct Answer-The Lender SAFE - Correct Answer-Secure And Fair Enforcement Act HERA - Correct Answer-Housing and Economic Recovery Act HERA created what act - Correct Answer-SAFE Act FCRA - Reg V - Correct Answer-Fair Credit Reporting Act What does FCRA deal with - Correct Answer-credit report FACT - Correct Answer-Fair and Accurate Credit Transactions What does FACT deal with - Correct Answer-identify theift AfBA / ABA - Correct Answer-Affiliated business arrangement Other names for doc signing - Correct Answer-Settlement, closing, loan settlement What percent of a business must you own in order to disclose that info - Correct Answer-1% - disclose right away Civil Righs Act Deals with - Correct Answer-Race Another name for escrow account - Correct Answer-reserve or impound CFPB - Correct Answer-Consumer Financial Protection Bureau What is the purpose of CFPB - Correct Answer-promote financial stability What is a Mortgage - Correct Answer-written instrument using real property to secure repayment of a debt Primary market: - Correct Answer-Borrowers & lenders come togther to neogiate terms of a mortgage Mortgage Banker - Correct Answer-lend their own money (investor) Mortgage Broker - Correct Answer-(broke) connects you with company/person to lend you money Secondary market: - Correct Answer-Where existing mortgages are bought and sold (Frannie Mae and Freddie Mac) FNMA - Frannie Mae - Correct Answer-Federal National Mortgage Association (largest