NMLS Exam Review Questions and answers, VERIFIED// LATEST UPDATE [ EXAM PREDICTION QUIZZES]

NMLS Exam Review Questions and answers, VERIFIED/ -AfBA/ABA stands for? -What is it? - --Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - --Loan consummation -Loan Settlement -Loan Closing What is an escrow account? - --account holding money for insurance/taxes -AKA "impound account" or "reverse account" -What's an MU4? -What are requirements? - --Individual application after NMLS exam -finger printing and credit report -What does RESPA stand for? -Regulation___? -Deals with? -Penalties - --Real Estate Settlement Procedures Act -Regulation X -Allows customers to be better shoppers for settlements (reduce unnecessarily high settlement costs) -Up to $10k and/or 1yr jail -FACT Act stands for? -Deals with? - --Fair and Accurate Credit Transactions Act -Identity theft and allows consumers to obtain a free copy of their file once every 12 months -HPA Stands for - --Homeowners Pro