Nmls Test Prep |340 Questions| With Correct Answers.

CFPB has regulatory authority for all but... {Ans: Patriot Act Do Not Call Fair Housing Act}Who does Reg G crease registration policies for? {Ans: Employees of: Depository Institutions Farm Credit Aministration}What does PFC stand for? {Ans: Prepaid Finance Charge}What words are considered trigger terms? {Ans: Amount of % of payment # or term of payments Amount of any payment Amount of any finance charge}What agency oversees Fannie/Freddie? {Ans: Federal Housing Finance Committee (FHFC)}What does a HECM convert? {Ans: Equity to cash}What type of loan is an IRRRL program? {Ans: VA}Higher priced mortgage loans - what additional requirements do they have? {Ans: Escrow account for longer - at least 5 years Additional appraisal requirements}How much financing is available on a VA loan? {Ans: 100%}What are the 4 Cs of underwriting? {Ans: Credit Character Capacity (DTI) Collateral}What is the source of funds (liquidity) for banks, lenders, brokers and originators? {Ans: Secondary market}What regulations cover the Right to Appraisal? {Ans: Reg B}What is the process called of allowing a broker to originate and close a loan in his or her own name before transferring the loan to the lender providing the