NMLS EXAM fully solved & updated (latest
version verified for accuracy)
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Terms in this set (256)
Conventional Front-End 28%
Ratio
Conventional Back-End 36%
Ratio
FHA Front-End Ratio 31%
FHA Back-End Ratio 43%
VA Front-End Ratio Not Used
VA Back-End Ratio 41%
USDA Front-End Ratio 29%
USDA Back-End Ratio 41%
Wet settlement occurs Parties meet to execute documents and funds are
when... subsequently disbursed.
Parties meet to execute documents, but funds are not
Dry settlement occurs
disbursed. Funds are not disbursed and property is
when...
not conveyed until certain conditions are met.
A "registered mortgage employed by an exempt depository institution and is
loan originator" is an therefore also exempt from licensure as a loan
individual who is... originator
, The intention of the ensure the protection of personal information through
Safeguards Rule is to... an effective security program.
The Dodd-Frank Act reverse mortgages.
broadened the scope of
HOEPA to cover almost all
mortgage types, except
for...
The Derringers have 20 Days
rescinded their loan
transaction, informing their
lender of their decision by
mail. They are entitled to a
full refund within:
If a loan originator has not not continue to conduct any loan originator activities
renewed his/her license until the license has been renewed.
by December 31st, he/she
may:
TILA allows for a rescission Principal
period on the refinance of
a borrower's ________
dwelling...
To determine the lifetime Subtract the start rate from the maximum rate
rate cap...
Does a seller pay % of the Sales Price
sales price or % of the
loan amount?
When a creditor takes foreclosure
steps legally to force the
sale of a property in an
effort to collect on a loan
in default, it is known as...
the sale of property to satisfy unpaid debt after a
Foreclosure is...
borrower's default on payments.
version verified for accuracy)
Save
Terms in this set (256)
Conventional Front-End 28%
Ratio
Conventional Back-End 36%
Ratio
FHA Front-End Ratio 31%
FHA Back-End Ratio 43%
VA Front-End Ratio Not Used
VA Back-End Ratio 41%
USDA Front-End Ratio 29%
USDA Back-End Ratio 41%
Wet settlement occurs Parties meet to execute documents and funds are
when... subsequently disbursed.
Parties meet to execute documents, but funds are not
Dry settlement occurs
disbursed. Funds are not disbursed and property is
when...
not conveyed until certain conditions are met.
A "registered mortgage employed by an exempt depository institution and is
loan originator" is an therefore also exempt from licensure as a loan
individual who is... originator
, The intention of the ensure the protection of personal information through
Safeguards Rule is to... an effective security program.
The Dodd-Frank Act reverse mortgages.
broadened the scope of
HOEPA to cover almost all
mortgage types, except
for...
The Derringers have 20 Days
rescinded their loan
transaction, informing their
lender of their decision by
mail. They are entitled to a
full refund within:
If a loan originator has not not continue to conduct any loan originator activities
renewed his/her license until the license has been renewed.
by December 31st, he/she
may:
TILA allows for a rescission Principal
period on the refinance of
a borrower's ________
dwelling...
To determine the lifetime Subtract the start rate from the maximum rate
rate cap...
Does a seller pay % of the Sales Price
sales price or % of the
loan amount?
When a creditor takes foreclosure
steps legally to force the
sale of a property in an
effort to collect on a loan
in default, it is known as...
the sale of property to satisfy unpaid debt after a
Foreclosure is...
borrower's default on payments.
