NMLS Test Study Questions | 140 Questions | 100% Correct Answers

Document Content and Description Below

The Lender Credit section of the LE and CD can be found where? - ✔✔Section J The Loan Estimate after disclosure must be kept for how long? - ✔✔3 yrs after disclosure Are State-specific disc... losures replaced by the new Loan Estimate and Closing Disclosure? - ✔✔Federal disclosures never replace state specific disclosures Home Owner Association (HOA) dues are disclosed when?: - ✔✔Only after the fee is known How long must a creditor or servicer retain the Escrow Closing Notice and the PostPartial Payment Policy disclosure? - ✔✔2 years What is the soonest you can send a Closing Disclosure after the Loan Estimate? - ✔✔you have to wait at least one day between sending What is the general accuracy requirement for any amounts listed on the LE? - ✔✔accuracy must be made in good faith What is the name of Fannie Mae's automated underwriting system? - ✔✔Automated underwriting system (AUS) or Desktop underwriter (DU) Regarding a balloon loan, which is the most correct? - ✔✔the balloon is disclosed on the Note and the Trust Deed Rider. What is the name of Freddie Mac's automated underwriting system? - ✔✔Loan Prospector [Show More]

Last updated: 1 year ago

Preview 1 out of 25 pages