MLO Overview
30-year fixed rate loan
The abbreviation NMLS & R is commonly used for this.
What is the Nationwide Multistate License System & Registry?
True or False. RESPA does NOT get involved when a loan is modified.
TRUE!
what are the six key pieces of information an MLO needs to apply for credit?
ALIENS
What is Reg V and who regulates it?
FCRA and CFPB
The Federal Housing Administration's mortgage program was created to reassure these.
What are lenders in case of borrower defaults?
Often confused with a law, what template directs states on what codes and regulations should be put in place to regulate the mortgage industry in their state.
The State Model
MSDS is under what section of RESPA
Section 6
True or False: A co-borrower is somebody both on title and loan.
TRUE
These two rules fall under Fair Credit Reporting Act.
What are the Fair and Accurate Credit Transaction Act and the FTC Red Flags Rule?
What is required from the borrower before any non-refundable fee are administered
Intent to Proceed
Who Facilitates the collection and disbursement of consumer complaints on behalf of state and federal mortgage regulators?
NMLS
True or False: Because the rate changes, on closed end mortgages ARMs are not amortized over 30 years
False. Even though the rate changes, ARMs amortize over 30 years
Title VI
_______ often falls under the UDAAP regulation because it occurs when mortgage professionals use their knowledge and position to take advantage of borrowers.
STEERING
UDAAP stands for this.
What is Unfair, Deceptive or Abusive Acts or Practices
Mortgage Acts and Practices - Advertising is:
Regulation __
Reg N
What are the two types of Open End Mortgages
Heloc & Reverse
This section include Borrower Assets & Liabilities Information.
What is section 2 of the URLA?
Who regulates the Red Flags Rule
FTC Federal Trade Commission
Periodic payments on a loan requiring payment of enough principal and interest to ensure complete repayment of the loan by the end of the loan term is what?
Amortization
What did the CSBS and AARMR Create?
NMLS
in Reverse Mortgages what is the difference between Tenure and term cash out?
tenure borrower receives regular payment for life of the loan and term payments is over a set period of time.
What Disclosure must be sent when a specific decision is made in determining the applicants credit application status?
Notice of action taken
Financial incentive that a seller gives a buyer at closing without informing the lender is know as what?
Undisclosed Kickback