Nmls practice test 1 Study guides, Class notes & Summaries

NMLS Practice Test Exam Questions with Complete Answers 9) When a telemarketer calls a person on the do not call list in violation of the do not call regulations, he is subject to a fine of $5,000. •$7,500. •$12,000. •$16,000 - Answer-16,000 10) An escrow account is set up to assure the borrower's loan payments are made promptly. •is intended to ensure timely payment of taxes and other charges related to the property. •does not necessitate sending out any statements...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

NMLS Practice Test Hard Questions with 100% Correct 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 Answer️️ -A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5...

NMLS Practice Test Questions and Answers 2023 Graded A+. Which of the following documents itemizes all settlement costs including lender charges? A.) Agreement of sale B.) HUD-1/closing Disclosure C.) Form 1003 D.) Forbearance agreement - ANSWER-B.) HUD-1/closing Disclosure According to the Truth-in-Lending Act (TILA), the term "refinance" applies to A.) A change in a payment schedule B.) A reduction in annual percentage rate C.) The renewal of a single payment obligation with no cha...

NMLS Practice with Actual Test Hard Questions and answers | updated 2023/24 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 - A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money paymen...

MLO SAFE NMLS safe test practice questions with complete solution 2023Taking 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 ...

NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - Answer-TAXES AND INSURANCE in a qualification of an applica...

MLO SAFE NMLS safe test practice questions with 100% 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 __________________________. - Correct Answer️️ - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - Correct Answer️️ -The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's...

MLO SAFE NMLS safe test practice exam questions and answers A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years Per the Dodd-Frank Act an abusive act would include which of the following: 1. One that materially interferes with the consumers ability to understand the product or service. 2. One that take unreasonable advantage of a consumers' lack of understanding. 3. One that takes unreasonable advantage of the consumer's...

NMLS Practice Test Questions and Answers Rated A Document Content and Description Below NMLS Practice Test Questions and Answers Rated A 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days •90 days 2) A COFI index i s defined as? Cost of funds index •Cost of financial index •Cost of funding insurance cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mort...