In regard to tolerances related to settlement costs, fees related to third-party service providers and recording fees are grouped together and subject to a 10% tolerance. However, the loan term is shorter than the time needed to repay the full loan balance by making those payments. The answer is borrower who is a salesperson for a company, of which she is a 30% owner. Information held by the NMLS relating to the employment history or disciplinary actions taken against a mortgage loan originator: The answer is is not confidential and is available for public access. We currently have a 92% pass rate among student that have taken our courses. /* Content */ In this case, $80,000 + ($20,000 - $5,000)/$100,000 = 95%. Im not surprised. .ck_form.ck_vertical { Kickbacks and referral fees are also prohibited under RESPA. If a borrower's reserve account for taxes and insurance is found to be short or deficient by an amount in excess of one month's worth of deposits, which of the following is true? /* Element Queries — uses JS */ According to the Interagency Guidance on Nontraditional Mortgage Product Risks, relying on an individual's capacity to repay the loan as structured from resources other than monthly income is: The answer is considered unsafe and unsound. Loan Officer Practice Test - Mometrix Test Preparation } This is calculated by combining the amounts of the loans secured by the property, then dividing by the property value or sales price (whichever is less). In regard to obtaining property, the S.A.F.E. The Federal National Mortgage Association (FNMA), or Fannie Mae, was established in 1938 by amendments to the National Housing Act, in order to provide local banks with federal money to finance home mortgages in an attempt to raise levels of home ownership and the availability of affordable housing. MLO went on a vacation and had her LOA (Loan Originator assistant) meet with her client. It has payments that are equal and regular in nature. An individual is also not a licensed loan originatorif they only originate loans on behalf of a depository institution (a bank). NMLS Test Prep - 1,000 NMLS Practice Test Questions - SAFE MLO Exam Prep padding: 10px 8px; Fannie Mae requires that for any first-lien mortgage (excluding a reverse mortgage), the minimum hazard insurance coverage required is the lesser of 100% of the insurable value of the improvements, as established by the property insurer, or the unpaid principal balance of the mortgage, as long as it equals the minimum amount (80% of the insurable value of the improvements) required to compensate for damage or loss on a replacement cost basis. Under Regulation X, the term "loan originator" applies to a: The answer is mortgage broker or lender. The number one ethical problem cited in surveys of professionals and managers is: The answer is false or misleading representation of products or services in marketing, advertising, or sales. Its important to not feel discouraged by this not every teacher is going to produce the same results. This is an example of: The answer is table funding. padding: 0px; Click the card to flip Predatory Lending. Safe Flashcards & Quizzes | Brainscape 56 Q How many days to CRAs have to resolve credit disputes. The TILA-RESPA Rule, included in Regulation Z, outlines the requirements for use of the Loan Estimate and the Closing Disclosure, intended to facilitate the ability of consumers to determine whether they can afford a particular loan, and/or compare specific loan products, including their costs over the life of the loan. Real Estate Practice Tests Pearson VUE offers Broker and Salesperson practice tests for $19.95. The answer is 95%. font-size: 18px; .ck_form_content p { S1) Safe Prescribing and Medication Errors. A debt-to-income ratio compares an applicants total monthly debt to his or her total monthly income. omission. Act states that loan originators: The answer is must not do so by fraud or misrepresentation. Which of the following deals most specifically with representations made in mortgage advertising? border-radius: 4px; /* border radius */ Under Fannie Mae guidelines, the amount of hazard insurance must be equal to: The answer is the lower of the replacement cost or the unpaid loan amount. background: #fff url(data:image/gif;base64,R0lGODlhAQADAIABAMzMzP///yH/C1hNUCBEYXRhWE1QPD94cGFja2V0IGJlZ2luPSLvu78iIGlkPSJXNU0wTXBDZWhpSHpyZVN6TlRjemtjOWQiPz4gPHg6eG1wbWV0YSB4bWxuczp4PSJhZG9iZTpuczptZXRhLyIgeDp4bXB0az0iQWRvYmUgWE1QIENvcmUgNS41LWMwMTQgNzkuMTUxNDgxLCAyMDEzLzAzLzEzLTEyOjA5OjE1ICAgICAgICAiPiA8cmRmOlJERiB4bWxuczpyZGY9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkvMDIvMjItcmRmLXN5bnRheC1ucyMiPiA8cmRmOkRlc2NyaXB0aW9uIHJkZjphYm91dD0iIiB4bWxuczp4bXA9Imh0dHA6Ly9ucy5hZG9iZS5jb20veGFwLzEuMC8iIHhtbG5zOnhtcE1NPSJodHRwOi8vbnMuYWRvYmUuY29tL3hhcC8xLjAvbW0vIiB4bWxuczpzdFJlZj0iaHR0cDovL25zLmFkb2JlLmNvbS94YXAvMS4wL3NUeXBlL1Jlc291cmNlUmVmIyIgeG1wOkNyZWF0b3JUb29sPSJBZG9iZSBQaG90b3Nob3AgQ0MgKE1hY2ludG9zaCkiIHhtcE1NOkluc3RhbmNlSUQ9InhtcC5paWQ6MUQ5NjM5RjgxQUVEMTFFNEJBQTdGNTQwMjc5MTZDOTciIHhtcE1NOkRvY3VtZW50SUQ9InhtcC5kaWQ6MUQ5NjM5RjkxQUVEMTFFNEJBQTdGNTQwMjc5MTZDOTciPiA8eG1wTU06RGVyaXZlZEZyb20gc3RSZWY6aW5zdGFuY2VJRD0ieG1wLmlpZDoxRDk2MzlGNjFBRUQxMUU0QkFBN0Y1NDAyNzkxNkM5NyIgc3RSZWY6ZG9jdW1lbnRJRD0ieG1wLmRpZDoxRDk2MzlGNzFBRUQxMUU0QkFBN0Y1NDAyNzkxNkM5NyIvPiA8L3JkZjpEZXNjcmlwdGlvbj4gPC9yZGY6UkRGPiA8L3g6eG1wbWV0YT4gPD94cGFja2V0IGVuZD0iciI/PgH//v38+/r5+Pf29fTz8vHw7+7t7Ovq6ejn5uXk4+Lh4N/e3dzb2tnY19bV1NPS0dDPzs3My8rJyMfGxcTDwsHAv769vLu6ubi3trW0s7KxsK+urayrqqmop6alpKOioaCfnp2cm5qZmJeWlZSTkpGQj46NjIuKiYiHhoWEg4KBgH9+fXx7enl4d3Z1dHNycXBvbm1sa2ppaGdmZWRjYmFgX15dXFtaWVhXVlVUU1JRUE9OTUxLSklIR0ZFRENCQUA/Pj08Ozo5ODc2NTQzMjEwLy4tLCsqKSgnJiUkIyIhIB8eHRwbGhkYFxYVFBMSERAPDg0MCwoJCAcGBQQDAgEAACH5BAEAAAEALAAAAAABAAMAAAICRFIAOw==) repeat-y center top; Bacterial Genetics & Antibiotic Resistance. Acts definition of "residential mortgage loan" includes a loan secured by a consensual security interest on a dwelling and cross-references the definition of the term "dwelling" in the Truth-in-Lending Act (TILA). What is the interest rate after the first adjustment? Unit 1: Safe, Effective Care Environment, CH 2 Members of the Interdisciplinary Team. Nmls Exam Prep Ii - Pass the Exam the First Time!! PRACTICE EXAM 3. Mortgage Educators offers a variety of NMLS test prep courses to fit your individual needs and budget. * Each test appointment includes an additional 30-35 minutes for completing a tutorial and an optional candidate survey. A borrower makes $60,000 per year. margin-left: -20px; 57 Q How many years are unpaid/paid tax liens on credit reporting? A mortgage which is amortized for a longer period than the actual term of the loan can best be described as what type of mortgage? .ck_checkbox { In this industry, things move quickly and without warning the test you take today may not necessarily be the test you take tomorrow. Act defines a mortgage loan originator as an individual who takes residential mortgage loan applications, or offers or negotiates terms of residential mortgage loans for compensation or gain. Knowing RESPA, TILA, or HMDA is just the Tip of the Iceberg!. font-size: 12px; box-shadow: 0px 0px 5px rgba(0,0,0,.3); Mortgage Loan Originator Program | Division of Real Estate - Colorado background: #eee; Freddie Mac's automated underwriting system is called Loan Product Advisor (formerly known as Loan Prospector), while Fannie Mae's is called Desktop Underwriter. These include an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member, including a spouse, child, sibling, parent, grandparent, or grandchild. Pass the National SAFE Act Exam with Uniform State Content with a score of 75% or higher Once licensed, MLOs are also required to complete 8-hrs of continuing education every year in order to renew their license. Assume a borrower completes an online loan application, including all six required elements, but never hits "submit." Free Real Estate Practice Test & Exam Information | Study.com Which of the following terms would apply when calculating the maximum loan amount available to a VA borrower? What is Freddie Mac's automated underwriting system called? The answer is 29.38%. Which of the following is least likely to be considered nonpublic personal information? However, the veteran borrower is charged a nonrefundable upfront funding fee that can be financed, instead of a mortgage insurance premium for the guarantee. DVA commonly referred to as VA guarantees loan programs for qualified veterans. Unit 5: Receiving and Storing Food Safely, Chapter 3- Contamination, Food Allergens, and Foodborne Illness. } For 100% loan guarantee to a National Guard Veteran, the funding fee would be: Practice Exam #13 - Revised 2023. 1Practicing the Science and Art of Psychiatric Nursing., Ch. There is no requirement to contract with any external company to handle information security issues of any kind. A Clean Environment: The Basis of Public Health. Under the Mortgage Acts and Practices Rule (MAP Rule or Regulation N), it is a violation of the advertising regulations for any person to make a material misrepresentation, expressly or by implication, in any commercial communication, regarding any term of any mortgage credit product, including misrepresenting loan terms (claiming a loan product is preapproved when it is not) and misrepresenting the source of a loan offer (claiming it originates from the consumers current mortgage lender or from a government agency when this is not the case). Amazon.com: NMLS SAFE Mortgage Loan Originator Exam Content Outline Study Guide and Two Full Length Practice Exams: 250 Practice Questions and Full Breakdown of Every Outline Topic: 9781079586862: Books LLC, Bova: Books Books Business & Money Real Estate Enjoy fast, FREE delivery, exclusive deals and award-winning movies & TV shows with Prime } Adjustments assign positive or negative values to certain property features to help gauge value. 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