





Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
acct balance and distributions in order to bring the acct within $50 of the actual balance based on the previous 12 months disbursements? - ANSWER-RESPA Which advertising practice is prohibited by TILA? - ANSWER-using the term "counselor" in reference to a for-profit lender According to the new FHA rules effective June 2013, mortgage insurance must be paid for at least how many years prior to cancellation? - ANSWER-11 when disclosing the amount of premium for title insurance: - ANSWER-the creditor must disclose the amount of premium for lender's title coverage without any adjustment made for the owner's title policy mortgage broker Ike's customer asks him for the name of a good title company. Ike has a list of several companies with whom he has done business in the past. At what point, NMLS Exam Practice QUESTIONS AND ANSWERS RATED A+ 2025|2026 UPDATE
Typology: Exams
1 / 9
This page cannot be seen from the preview
Don't miss anything!
acct balance and distributions in order to bring the acct within $50 of the actual balance based on the previous 12 months disbursements? - ANSWER-RESPA Which advertising practice is prohibited by TILA? - ANSWER-using the term "counselor" in reference to a for-profit lender According to the new FHA rules effective June 2013, mortgage insurance must be paid for at least how many years prior to cancellation? - ANSWER- 11 when disclosing the amount of premium for title insurance: - ANSWER-the creditor must disclose the amount of premium for lender's title coverage without any adjustment made for the owner's title policy mortgage broker Ike's customer asks him for the name of a good title company. Ike has a list of several companies with whom he has done business in the past. At what point,
Which federal legislation requires that the lender perform an annual audit of the escrow
according to RESPA, must Ike give his customer the AfBA disclosure? - ANSWER-Ike is not required to give the customer an AfBA disclosure if he has no ownership or other interest in any of the title companies on his list On the loan application (form 1003), which section ensures compliance with HMDA? - ANSWER-X: Information for Government Monitoring Puroposes RESPA does NOT require the lender to disclose - ANSWER-annual percentage rate (APR) The Safeguards Rule requires companies to - ANSWER-develop a written information security plan that describes their program to ensure the security and confidentiality of customer records Generally speaking, a credit agency may not report negative credit information in a credit report that is more than how many years old? - ANSWER- 7 A mortgage loan originator must retain evidence of compliance with the truth in lending act for at least years after disclosures were required to be made - ANSWER- 2 One Purpose of the TILA is to - ANSWER-enable borrowers to compare credit costs and shop for the best credit terms
Which statement about the Federal Reserve is FALSE? - ANSWER-the Federal Reserve sets the prime rate Interest rates charged by the Federal Reserve for loans to member banks are called the
In January 2013, mortgage servicing rules were instituted by the CFPB to provide additional consumer projections related to: - ANSWER-foreclosure Susie has been on her job for five years. She typically works 45 hours a week for $ an hour. She is paid time and a half for all overtime. what is the gross monthly income used to qualify susie? - ANSWER-$3910. 194052/12=$3293. overtime: 19/2=9.5+19=$28.5 an hour for overtime $28.50552/12=$617.50 overtime pay per month $3293.33+$617.50=$3910. What is the maximum seller concession for an FHA loan? - ANSWER-6% Gross living area includes a(n) - ANSWER-finished attic, if it's heated What method would NOT be used to determine the value of a duplex being purchased as an investment property? - ANSWER-market value approach Lester's stable monthly income is $6800. every month he pays: $485 car payment, $ revolving credit payment, and $1500 alimony. What is the maximum monthly mortgage payment he would qualify for on an FHA mortgage loan? - ANSWER-$
Which government entity will make loans when no other lender is available in the area?
The unlawful act of steering is - ANSWER-channeling buyers to certain neighborhoods based on their race or ethnic background of these industry insiders, who is most likely to have been involved in preparing a fraudulent sales contract? - ANSWER-real estate agent Larry's current credit score would not qualify him for a conforming loan, but he is eager to purchase a house. Which lender would be the most likely indication of predatory lending? - ANSWER-bundling life insurance premiums into the mortgage What federal legislation requires that the Equal Housing Opportunity logo and poster be displayed in every branch where mortgage loans are made? - ANSWER-Fair Housing Act Who is typically the perpetrator in fraud for property scheme? - ANSWER-borrower Which situation is LEAST likely to be an example of predatory lending? - ANSWER- ABC mortgage Co offers a subprime loan to Mark, who is coming out of bankruptcy After investigating a charge of fraud against loan originator Mark, the state regulatory authority permanently withdraws his license. What is this known as? - ANSWER- revocation