Nmls tila Study guides, Class notes & Summaries
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NMLS SAFE EXAM STUDY GUIDE
- Exam (elaborations) • 29 pages • 2024
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NMLS SAFE EXAM STUDY GUIDE 
 
What does TILA stand for? - Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has 
been built in your house 
 
What is a REFI loan? - 
 
LTV stands for - Loan to Value 
 
Define PMI and state what the acronym stands for. - Private mortgage insurance- on 
conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for? - 
Disabled veterans and survi...
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NMLS Practice Test Hard Questions and Answers, Graded A+
- Exam (elaborations) • 18 pages • 2024
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NMLS Practice Test Hard Questions and 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 
D.) A lender to ensure against foreclosure 
A.) A lender to decrease the interest rate on the mortgage loan 
 
 
 
A buyer has made an earnest money payment of $5,000. The b...
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NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS.
- Exam (elaborations) • 21 pages • 2024
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NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS. 
What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable fun...
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NMLS Test Questions and Answers Graded A+
- Exam (elaborations) • 28 pages • 2024
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NMLS Test Questions and Answers Graded A+ 
What is the pass rate for the NMLS Test and how long is it? 
75% of 115 questions, 125 questions long with 10 ungraded 
 
 
 
What is the biggest thing to remember about taking the test? 
Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. 
 
 
 
 
Brainpower 
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What is the requirement under Fa...
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NMLS Practice Test Exam Questions And Answers (Verified And Updated)
- Exam (elaborations) • 25 pages • 2024
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NMLS Practice Test Exam Questions And 
Answers (Verified And Updated) 
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 foreclosure - answerA.) A lender to decrease the interest rate 
on the mortgage loan 
A buyer has made an earnest money payment of ...
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NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024.
- Exam (elaborations) • 39 pages • 2024
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NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024. 
Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - correct answer TILA 
 
What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - correct answer Loan flipping or churning 
 
After a loan closing, funds are disbursed. When are the funds disbursed...
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NMLS SAFE EXAM 2022 WITH COMPLETE SOLUTION
- Exam (elaborations) • 15 pages • 2022
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NMLS SAFE EXAM 2022 WITH COMPLETE SOLUTION
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NMLS Study Guide- FEDERAL MORTGAGE-RELATED LAWS fully solved 2023 updated
- Exam (elaborations) • 35 pages • 2023
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NMLS Study Guide- FEDERAL MORTGAGE-RELATED LAWS fully solved 2023 updatedDodd-Frank Act - correct answer Which federal act created the Consumer Financial Protection Bureau? 
 
QUESTION RATIONALE 
Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (CFPB) as an independent entity with rule-making and enforcement authority over many consumer financial laws. 
 
RESPA (Real Estate Settlement Procedures Act) - correct answer The Consumer Financial Protection Bureau on Octob...
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NMLS STUDY GUIDE QUESTIONS 2024.
- Exam (elaborations) • 42 pages • 2024
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NMLS STUDY GUIDE QUESTIONS 2024. 
Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
 
Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) 
 
Appraiser Independance Requirements replaced HVCC - correct answer home valuation code of conduct 
 
Due on Demand Clause - correct answer (Considered a ...
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NMLS SAFE EXAM 2023-2024 QUESTIONS WITH SOLUTIONS
- Exam (elaborations) • 15 pages • 2024
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NMLS SAFE EXAM QUESTIONS WITH SOLUTIONS 
 What does TILA stand for? 
Truth-In-Lending Act, Regulation Z 
 
 
 
What is a HELOC loan? 
a secured loan in that you are borrowing against the equity that has been built in your house 
 
 
 
 
What is a REFI loan? 
 
 
 
LTV stands for 
Loan to Value 
 
 
 
Define PMI and state what the acronym stands for. 
Private mortgage insurance- on conventional loans 
 
 
 
Define one time variable funding fee and people in what situations is it waived for? 
Dis...
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