Nmls safe exam Study guides, Class notes & Summaries

Primary Mortgage Market - ANSWER-Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - 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

NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS. What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - correct answer LTV stands for - correct answer Loan to Value Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans Define one time variable fun...

Nmls Safe Exam Prep With 100% Correct And Verified Answers 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 allow...

NMLS Safe Test Mortgage Licensing Practice Exam Q's

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 Exam With 100% Correct And Verified Answers Mortgage Loan Originator - Correct Answer--takes a residential mortgage loan application and offers or *negotiates rates and terms* of a residential mortgage loan *for compensation or gain* -can describe a company, branch office, an individual or a mortgage broker. Loan Origination Companies - Correct Answer-(employ individuals who serve as individual loan originators) -*both* the company and the people who work directly with consum...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera 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 - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

NMLS SAFE EXAM questions with correct answers.

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 Test Mortgage Licensing Practice Exam Questions with correct answers.