NMLS VERIFIED COMPLETE PRACTICE QUESTIONS 2024.

NMLS VERIFIED COMPLETE PRACTICE QUESTIONS 2024. which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - correct answer FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - correct answer Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - correct answer TAXES AND INSURANCE in a qualification of an applicant who receives child support and alimony - correct answer CHILD SUPPORT INCOME CAN BE GROSSED UP a homeowner had a home worth 200k. he has an outstanding loan of 165k and a HELOC with a limit of 30k which he has drawn 12k. Which of the following is not true? - correct answer His TLTV is 94% you must calculate LTV, CLTV, and TLTV TLTV is higher than CLTV and LTV test mortgage transferred servicing rights of some of its mortgage loans to answer mortgage, Lender must send a servicing transfer statement to the affected borrowers how many days before the effective date of transfer? - correct answer 15 days before the effective date of transfer a Lender must send the servicing transfer statement to the affected borrowers following section IX (acknowledgements) in the 1003 loan application, the form is to be signed to signify that - correct answer the applicant represents that all information contained in the form is truthfully represented As the deadline approaches for the closing date established in the buyer's sale agreement, the buyer's loan application has not yet been approved but seems to be headed for approval. the loan originator should... - correct answer Notify the real estate broker to try to get an extension of closing deadline