SAFE-NMLS-MLO-CA Exam Study (FULL SET) questions with correct answers

Fraud for profit is a complex scheme involving... Answer multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not service the mortgage, the lender shall... Answer provide a copy of the Closing Disclosure to the new owner or servicer of the mortgage as a part of the transfer of the loan file. Under the Home Equity Loan Consumer Protection Act of 1988, if the disclosed terms change... Answer the consumer can refuse to open the plan and is entitled to a refund of fees paid in connection with the application. The Right to Financial Privacy Act specifies that... Answer before any information is released to the federal government, certain procedures, exemptions, limitations, and requirements concerning the release of customer financial records must be met. An Appraisal Report includes the... Answer identity of the client and any intended users (by name or type), the intended use of the appraisal, the real estate involved, the real property interest appraised, the purpose of the appraisal, and dates of the appraisal and of the report. What are principles that lenders use to evaluate the risk of making real estate loans. Answer Underwriting guidelines (The guidelines are just that—guidelines. They are flexible and vary according to loan program. If a borrower makes a small down payment or has marginal credit, the