NMLS

NMLS Practice Test Hard Questions With Correct Answers 2024.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 answer A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of...

NMLS 2023/2024 Exam Questions with Correct Answers Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. Business day: - Answer-Monday through Saturday except holidays.For the LE, when creditor is open to the public for carrying on substantially all of the creditor's business funct...

NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - answerTILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - answerLoan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - answer LTV stands for - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

NMLS SAFE EXAM Questions And Answers (Verified And Updated) Where credit institutions originate loans - answerPrimary Mortgage Market When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan - answerC. The maximum the rate can increase over the life of the loan When utiliz...

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