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Prequalification correct answers an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio correct answers 29/41 FHA ratio correct answers 31/43 Asset based loan correct answers -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan correct answers Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - ...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content with complete solution

What does UST stand for? - Uniform State Test Who does the CFPB protect? - The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and paying off mortgages. What is the purpose of RESPA? (3 things) - a.Protect consumers from excessive settlement costs and unea...

requalification - an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - 29/41 FHA ratio - 31/43 Asset based loan - -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime offer rate 1. 5% 2. 6.5% 3. 8.5% RESPA - Section 8 - Nothing...

The SAFE Mortgage Loan Originator National Exam Study Guide | With Questions & Answers (100% Correct) The SAFE Mortgage Loan Originator National Exam Study Guide | With Questions & Answers (100% Correct) 1. A discount point is BEST described as a charge the borrower pays to: - ANSWER - A. A lender to decrease the interest rate on the mortgage loan 2. A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on a prop...

MLO SAFE NMLS | Test Questions & Answers (Graded A+) MLO SAFE NMLS | Test Questions & Answers (Graded A+) Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER - The Federal Statute that deals with the settlement of residential mortgage loans....

SAFE Mortgage Loan Originator Test – With Questions & Answers (100% Verified) SAFE Mortgage Loan Originator Test – With Questions & Answers (100% Verified) An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant .Which of the following is not included on the Adverse Action Notice? - ANSWER - C. The right to dispute the credit denial Under the Home Ownership Equity Protection act which loan would ...

Mortgage Loan Originator Safe Exam Prep Questions & Answers (100% Verified) Mortgage Loan Originator Safe Exam Prep Questions & Answers (100% Verified) An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant. Which of the following is not included on the Adverse Action Notice? a. Disclosure of the applicant's credit score b. Statement of reasons for credit denial c. The right to dispute the credit d...

NMLS SAFE MORTGAGE ORIGINATOR EXAM (2023) | With Questions & All Correct Answers NMLS SAFE MORTGAGE ORIGINATOR EXAM (2023) | With Questions & All Correct Answers Where credit institutions originate loans - 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 ...