NMLS Test Outline Questions and Answers Already Passed

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NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? ✔✔3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing D... isclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sent 15 days before transfer) RESPA covers which loan types? exempt loan types? ✔✔FHA,VA,conventional, USDA,purchase loans, REFI, HELOC all cash sales RESPA 4 sections ✔✔Section 6: Mortgage Servicing Disclosure Statement: mortgage servicers are required to correct errors and work with home buyers if payments aren't being made. Section 8: No kickbacks/referral fees Section 9: Seller cannot require borrower use a specific title insurance company Section 10: limits amounts a lender can require a borrower to put into escrow account to 1/12 disbursement and 2 reserves. Requires annual escrow analysis. RESPA properties types? exempt? ✔✔owner occupied 1-4 unit residential property Agricultural 25+ acres Businesses Commercial Temporary Financing Vacant Land Assumes existing 1st lien The Loan Estimate combines which old disclosures? ✔✔GFE and Initial TIL Statement How long are Loan Estimate terms available? ✔✔10 business days What if the changed circumstance causes third party charges subject to a cumulative 10% tolerance to increase? ✔✔creditor must send a revised Loan Estimate and refund excess money within 60 days Are there any restrictions on how many days before consummation a revised Loan Estimate may be provided? ✔✔- receives revised LE at least 4 business days before consummation - cannot provide revised LE after providing closing disclosure What is a "changed circumstance"? ✔✔Event beyond the control [Show More]

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