Nmls test Study guides, Class notes & Summaries

What law deals with credit, APR & Advertising of consumer loans? - correct answer TILA Which regulation prohibits kickbacks? - correct answer RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - correct answer HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - correct answer RESPA Regulation X is the letter used to describe which law? - correct answer RESPA RESPA is the acronym used to describe which law? - correct answer Real Est...

Payments for qualified mortgages must be based on - Answer the maximum interest rate that will apply during the first five years after the date of the first payment. Which of the following fees is not included in the calculation of the finance charge for a mortgage? - Answer fees charged by an unaffiliated appraiser. Finance charges always include fees charged by the creditor, charges by an affiliate of the creditor, and fees charged by a third-party provider required by the creditor. Fees ...

NMLS Test Prep CompuCram Test Questions with correct answers.

NMLS Word Problems Test Questions and Answers A buyer offers $150,000 for a home. The property is appraised at $145,000. If he gets a conforming loan, he will need private mortgage insurance if the loan exceeds ________. - Answer-$116,000 If a mortgagor pays $794.62 monthly to the mortgagee to be applied first to 7% interest and the balance to the principal, about how much is applied to principal when the unpaid principal balance is $83,695.47? - Answer-$306 The principal balance on Do...

NMLS TEST-Affinity Questions and Answers, Graded A+ What law deals with credit, APR & Advertising of consumer loans? TILA Which regulation prohibits kickbacks? RESPA Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? RESPA Regulation X i...

Practice NMLS test - 20 Hour Safe

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 Test Prep CompuCram Test Questions with 100% Correct Answers | Latest Update 2024 | Verified

NMLS Test Outline

Practice NMLS test - 20 Hour Safe