NMLS

NMLS Practice Test Hard Questions With Correct Answers 2024.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 - correct answer A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of...

NMLS 2023/2024 Exam Questions with Correct Answers Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. Business day: - Answer-Monday through Saturday except holidays.For the LE, when creditor is open to the public for carrying on substantially all of the creditor's business funct...

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - FCRA Which agency manages the National Do Not Call Registry? - Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? - The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Acceptable Which law s...

NMLS exam 2024 with 100% correct answers 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 - correct answer A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The ...

What must a borrower do to avoid having late payments reported to a credit bureau? - Answer-Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Answer-3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Answer-Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - Answer-3% What must condominium associations do with respect to pr...

5/1 Adjustable Rate Mortgage - Answer-A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where "5" is the number of years your initial interest rate will stay fixed. The "1" represents how often your interest rate will adjust after the initial five-year period ends. The most common fixed periods are 3, 5, 7, and 10 years and "1," is the most common adjustment period. It's important to carefully read the contract and ask questions if you're considering an ARM. Abilit...

Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - Answer-C. Gramm-Leach-Bliley Act Which document actually contains the borrower's pro...

Under TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: a. The index used to determine rate adjustments b. Statement that the interest rate will be offered for the duration of the loan c. Possibility of changes in the payment amount over time d.Frequency of changes in the annual percentage rate - Answer-Statement that the interest rate will be offered for the duration of the loan According to federal fair lending laws, which of the followin...

The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. - Answer- According the Mortgage Disclosure Improvement Act, a higher-priced loan is a loan secured by the borrower's principal dwelling where the APR exceeds the applicable average prime offer rate by at least - Answer-1.5 percentage points for...

Real Estate Settlement Procedures Act (RESPA) - Answer-This act provides consumer protection for loans on residential properties of 1-4 units. Nothing of Value - Answer-__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. Thing of Value - Answer-A __________ may include gift cards, sports tickets, advertising space, marketing material bearing a real etate agent's inform...