NMLS study guide Latest with complete solution

A lender has how many days to refund excessive variances on a Closing Disclosure? - ANSWER 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable v ...

A lender has how many days to refund excessive variances on a Closing Disclosure? - ANSWER 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclosure must be delivered within how many business days prior to closing a reverse mortgage - ANSWER 7 days The APR must be finalized at least how many days before closing? - ANSWER 3 days A company with which a consumer has an established business relationship may call for how many months after the consumers last purchase? - ANSWER 18 months If a Loan Estimate is mailed, it must be mailed how many days before loan consummation? - ANSWER 7 days How many days before loan consummation is a seller entitled to see the closing disclosure - ANSWER 0 (closing day) When the consumer request the cancellation of their escrow account the lender has how many business days prior to closing the account to deliver an escrow closing notice - ANSWER 3 days When a lender cancels an escrow account for a reason other than default or termination caused by refinancing, repayment or rescission, they have how many business days prior to closing the account to deliver an Escrow Closing Notice? - ANSWER 30 business days ECOA requires that a loan application is retained for how long after denial - ANSWER 25 months A borrower must indicate an intent to proceed within how many business days after receiving the loan estimate - ANSWER 10 days ECOA allows an applicant to have a copy of his: - ANSWER property appraisal report What government agency enforces ECOA - ANSWER CFPB The truth in lending act is administered by - ANSWER CFPB Home Mortgage Disclosure Act (HMDA) was implemented by the - ANSWER Federal Reserve Board Which of the following is not required HMDA borrower information - ANSWER Age Fair Credit Reporting Act is enforced by - ANSWER FTC The Red Flags Rule is part of the - ANSWER Fair and accurate credit transactions act Which of the following is a creditor as defined by the Red Flags Rule - ANSWER Mortgage Broker What may be true of registered loan originators? - ANSWER They are bank employees Which of the following must be a licensed loan originator - ANSWER Independent contractor who is an underwriter Which of the following is not beneficial to a developer - ANSWER Development clause How many days after settlement does the lender have to send the satisfaction of mortgage letter - ANSWER 60 days When there is no new note and the original buyer retains all the liability this is known as transferring title by - ANSWER Subject to the mortgage When there is a new note and the original borrower is released from all liability this is known as transferring title by - ANSWER novation The pledging of property as collateral for a loan - ANSWER Hypothecation The receiver of the deed is the - ANSWER Grantee Which of the following is expressed as basis points in an adjustable rate mortgage - ANSWER Margin The fluctuating economic indicator used in an ARM is the - ANSWER Index FHA maximum loan amounts - ANSWER Do not include the Up Front Mortgage Insurance Premium A VA appraisal is known as a: - ANSWER Certificate of Reasonable Value A conventional mortgage does NOT have a - ANSWER Borrower income limit A term mortgage is NOT: A) Non-amortizing B) Interest only C) Satisfied by a final lump sum payment D) Fully amortized - ANSWER Fully amortized A loan in which interest is subsidized for a stated period of time is a - ANSWER Buy-down mortgage The maximum FHA seller concession is - ANSWER 6% The Maximus VA seller concession is - ANSWER 4% + standard closing cost Credit reports for a new construction cannot be older than - ANSWER 120 days A guarantor or co-signer signs the: - ANSWER note What minimum percentage of ownership of a business is required for an individual to be considered self-employed - ANSWER 25% Which of the following is NOT an escrow impound - ANSWER Title insurance A co-borrower whose income is used to qualify must sign the: - ANSWER Mortgage and the note If a mortgage is secured by the primary residence Franie mae allows how many total properties to be financed - ANSWER No limit Which form is used to summarize the information the loan package - ANSWER 1008 Which form is used to verify employment information - ANSWER 1005 Which form is used to verify bank accounts - ANSWER 1006 Who does Fannie Mae hold responsible for the quality of an appraisal? - ANSWER lender The appraisal approach that best applies to vacant land is: - ANSWER Sales comparison approach The appraisal approach that best applies to a school is - ANSWER Cost approach Who handles complaints regarding mortgage loan rejections? - ANSWER CFPB All of the following apply to a mortgagors title insurance policy EXCEPT - ANSWER It is based on loan amount What is a clause in the deed that limits the future use of a property? - ANSWER deed restriction The principle of value that focuses on the most profitable legal use to which a property can be put is - ANSWER Principal of highest and best use A point of beginning is used in what type of survey - ANSWER Metes and bounds Under the federal fair housing law, the seven protected classes include - ANSWER Race, color, religion, sex, handicap, familial status, national origin Who can provide closed sales comparables to an appraiser - ANSWER Real estate agent The withdrawal of funds out of savings accounts and into stocks and bonds is known as - ANSWER Disintermediation The condemnation of private property for public good is - ANSWER Eminent domain Notice which is NOT recorded is known as - ANSWER Actual notice Notice which is recorded is known as - ANSWER Constructive notice The use of borrowed funds to increase yield is - ANSWER Leverage A mortgage note that does NOT limit recovery solely from the property is called a - ANSWER Note endorsed with recourse The right to use land owned by another is an - ANSWER Easement The act of lowering the priority of a mortgage lien is - ANSWER Subordination 4 disclosures given or mailed within 3 business days of signing loan application - ANSWER 1. Special info packet - required for purchase only 2. GFE for rev. Mort or LOAN ESTIMATE for purchases 3. Mortgage servicing dis