Nmls safe exam Study guides, Class notes & Summaries
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![NMLS SAFE EXAM PREP 2023 WITH 100% CORRECT ANSWERS](/docpics/3406363/64fc75d299a49_3406363_121_171.jpeg)
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NMLS SAFE EXAM PREP 2023 WITH 100% CORRECT ANSWERS
- Exam (elaborations) • 41 pages • 2023
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ECOA - Reg B - correct answer -Equal Credit Opportunity Act 
 
HMDA - Reg C - correct answer -Home Mortgage Disclosure Act 
 
RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act 
 
TILA - Reg Z - correct answer -Truth In Lending Act 
 
HPA - correct answer -Home-owner Protection Act 
 
PMI is required when - correct answer -Borrower puts less than 20% down 
 
ECOA deals with - correct answer -credit applications 
 
HMDA al
![MLO SAFE NMLS safe practice Exam questions with Complete Solutions | A+ Grade](/docpics/4219247/65a2f0f1c13f9_4219247_121_171.jpeg)
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MLO SAFE NMLS safe practice Exam questions with Complete Solutions | A+ Grade
- Exam (elaborations) • 48 pages • 2024
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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 
__________________________. - Predatory Lending. 
RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of 
residential mortgage loans. 
RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance 
from a particular company...
![NMLS SAFE EXAM QUESTIONS AND ANSWERS GRADED A+](/docpics/4235060/65a55e44793f3_4235060_121_171.jpeg)
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NMLS SAFE EXAM QUESTIONS AND ANSWERS GRADED A+
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NMLS SAFE EXAM QUESTIONS AND ANSWERS GRADED A+ 
Primary Mortgage Market 
Where credit institutions originate loans 
 
 
 
C. The maximum the rate can increase over the life of the loan 
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 over the life of the loan 
 
 
 
 
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![NMLS SAFE EXAM 2023-2024 WITH COMPLETE SOLUTIONS](/docpics/3635868/652ddd1d67e04_3635868_121_171.jpeg)
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NMLS SAFE EXAM 2023-2024 WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 15 pages • 2023
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NMLS SAFE EXAM WITH COMPLETE SOLUTIONS 
 
NMLS SAFE EXAM WITH COMPLETE SOLUTIONS 
 
NMLS SAFE EXAM WITH COMPLETE SOLUTIONS 
 
What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - ANSWER- 
 
LTV stands for - ANSWER-Loan to Value 
 
Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conve...
![NMLS Safe Test Mortgage Licensing Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version](/docpics/4698997/65eb4db724d52_4698997_121_171.jpeg)
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NMLS Safe Test Mortgage Licensing Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version
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Which federal law requires that the Loan Estimate be provided to the borrower within three business 
days of the time of loan application is taken? - TILA 
What type of scam entails homeowners who are encouraged to refinance their property over and over 
until little or no equity remains? - Loan flipping or churning 
After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, 
residential refinance? - After 3 business-day rescission period 
What is the adjustab...
NMLS SAFE Exam Questions and Answers 2024
![NMLS SAFE EXAM 2023 WITH 100% CORRECT ANSWERS](/docpics/3406343/64fc749c3252c_3406343_121_171.jpeg)
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NMLS SAFE EXAM 2023 WITH 100% CORRECT ANSWERS
- Exam (elaborations) • 85 pages • 2023
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Primary Mortgage Market - correct answer -Where credit institutions originate loans 
 
C. The maximum the rate can increase over the life of the loan - correct answer -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 over the life of the loan 
 
B. The borrower qualified at the buydown rate - c...
![Nmls Safe Exam Questions and answers latest update](/docpics/5340730/6647bb83ac7b3_5340730_121_171.jpeg)
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Nmls Safe Exam Questions and answers latest update
- Exam (elaborations) • 125 pages • 2024
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Nmls Safe Exam Questions and answers latest update
![NMLS SAFE EXAM 2022](/docpics/3626072/652c6a9c82f29_3626072_121_171.jpeg)
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NMLS SAFE EXAM 2022
- Exam (elaborations) • 20 pages • 2023
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NMLS SAFE EXAM 2022 
 
 
What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - ANSWER- 
 
LTV stands for - ANSWER-Loan to Value 
 
Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for? - ...
NMLS SAFE EXAM STUDY GUIDE | Questions with 100% Correct Answers | Latest Update 2024 | Verified
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