Nmls Safe Exam With 100% Correct And Verified Answers

Nmls Safe Exam With 100% Correct And Verified Answers Mortgage Loan Originator - Correct Answer--takes a residential mortgage loan application and offers or *negotiates rates and terms* of a residential mortgage loan *for compensation or gain* -can describe a company, branch office, an individual or a mortgage broker. Loan Origination Companies - Correct Answer-(employ individuals who serve as individual loan originators) -*both* the company and the people who work directly with consumers negotiating loans must be licensed if the company is a non-depository institution Individual Loan Originators - Correct Answer-(us after we take this course, prepare for exam and pass the test) -a person who takes a residential mortgage loan application and *offers or negotiates rates and terms* of a residential mortgage loan *for compensation or gain* Mortgage Brokers - Correct Answer-Loan originators who work independently of lenders. -originate mortgages for the customer and find THEN find a lender to provide the loan. (can also be companies or individuals) -serve as a "middleman" between borrowers and companies -MLO's who sell their originated applications to companies Person - Correct Answer-company, corporation, LLC, partnership, natural person, etc. Natural Person - Correct Answer-an individual human being Processor - Correct Answer-a person who works for a mortgage loan originator and *provided clerical functions* -collecting documents -verifying information with borrowers Processor VS MLO - Correct Answer-a processor does NOT negotiate rates and terms with borrowers and no special licensing is required for this role (unless they work for a company as an independent contractor) Underwriter - Correct Answer-works for the MLO. -reviews loan applications to determine the risk associated with granting the borrower a mortgage loan. -paid by borrower as part of borrowers closing cost -also not allowed to negotiate rates and terms with the borrower (and also not required to be licensed unless they work for a company as an independent contractor) Appraiser - Correct Answer-works independently of the MLO. - provides service of determining property's value -determination can be provided in a variety of ways (physical visit to the property and by comparing the home to similar properties.) -the appraisal is often paid for by the borrower as part of the borrower's closing costs.