Nmls exam review Study guides, Class notes & Summaries

NMLS EXAM Review Questions and answers, rated A+ Fraud for money Laundering - --Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - -An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, t...

NMLS Exam Review Questions with Verified Answers- Latest Money paid by a buyer to a seller at the time of entering into a contract to indicate intent and ability to carry out the contract is called: A. Down payment B. Earnest money C. Escrow funds D. Service release premium - Answer-B. Earnest money The Pois have just closed on their mortgage loan at a formal settlement meeting. What is mortgage loan originator Leilani Luau's responsibility after loan closing? A. She must provide an...

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 NM...

NMLS Study Questions with All Correct A State mortgage regulatory agencies - Answer-- Each state has a state regulatory authority that is responsible for the supervision and enforcement of the state laws regarding the mortgage industry. -In Illinois, The Bureau of Residential Finance, Mortgage Banking is responsible for the supervision, regulation and examination Regulatory power - Answer-- Requirement of state licensing and registration. -Investigatory authority. -State regulator gra...

Ohio Mortgage Law Review Questions with Complete Solutions Which of the following is NOT a factor listed under the Ohio Administrative Code for determining repayment ability? Current equity in the property An Ohio mortgage broker is required to keep its records for: Four years minimum The NMLS unique identifier for mortgage loan originators must be clearly shown: In advertisements The Superintendent may impose a fine of up to ______ per violation that is committed by an unlicen...

PrepXL Exam Review Questions & Answers, rated A+ ECOA applies to the extension of credit for: A. Loans secured by a first or subordinate lien on residential property B. Residential, business, commercial, and agricultural loans C. Business, commercial, and agricultural loans D. All credit other than government loans - -B. Residential, business, commercial, and agricultural loans A state-licensed loan originator is: A. Licensed by the NMLS B. An employee of a non-depository institution...

NMLS Exam Review Questions and answers. Rated A+ Which of the following must be disclosed by estimated assumption example on the Truth in Lending Act disclosure on an Adjustable Rate Mortgage loan? - -The index rate, the adjusted interest rate, and the resulting payment The requirement of disclosure of the annual percentage rate is featured in: - -TILA What is the purpose of the Truth in Lending Act? - -To promote the informed use of consumer credit by requiring disclosures about its ...

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