NMLS (NMLS)

NMLS Practice Test Questions 2022/2023 | Consisting Of 100 Hard Questions With Verified Answers From Experts

1. What does TILA stand for?: Truth-In-Lending Act, Regulation Z 2. What is a HELOC loan?: a secured loan in that you are borrowing against the equity that has been built in your house 3. What is a REFI loan?: 4. LTV stands for: Loan to Value 5. Define PMI and state what the acronym stands for.: Private mortgage insur- ance- on conventional loans 6. Define one time variable funding fee and people in what situations is it waived for?: Disabled veterans and surviving spouses. 7. USDA loans a...

Where credit institutions originate loans correct answer: 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 correct answer: C. The maximum the rate can increase over the life of the loan When utilizing a temporary buydown to lower the int...

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