Nmls Study guides, Class notes & Summaries

NMLS Exam Study Questions with Correct Answers Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. - Requires verification/documentation of the borrower's ability to repay the loan. - Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad auth...

NMLS Practice Test Hard Questions

NMLS SAFE ACT MLO Exam - Federal Law Questions and Answers 100% Correct NMLS SAFE ACT MLO Exam - Federal Law Questions and Answers 100% Correct NMLS SAFE ACT MLO Exam - Federal Law Questions and Answers 100% Correct NMLS SAFE ACT MLO Exam - Federal Law Questions and Answers 100% Correct If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 mo...

MLO SAFE NMLS safe test practice questions

A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosureAnswer - A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be c...

NMLS SAFE EXAM Questions and Answers 100% CorrectNMLS SAFE EXAM Questions and Answers 100% CorrectNMLS SAFE EXAM Questions and Answers 100% CorrectNMLS SAFE EXAM Questions and Answers 100% Correct Mortgage Loan Originator - 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 - ANSWE...

NMLS SAFE EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS SAFE EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS SAFE EXAM QUESTIONS AND ANSWERS 100% CORRECT NMLS SAFE EXAM QUESTIONS AND ANSWERS 100% CORRECT Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER-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 ...

NMLS Practice Questions with Correct Answers A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of _______________ under TILA. - Answer-Trigger Terms...

NMLS Final Exam Questions with Correct Answers Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - Answer-C. Gramm-Leach-Bliley Act Whi...

NMLS Practice Test Hard Questions with Answers (Graded A)NMLS Practice Test Hard Questions with Answers (Graded A)NMLS Practice Test Hard Questions with Answers (Graded A)NMLS Practice Test Hard Questions with Answers (Graded A) A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan ...