NMLS Time Frames & Memorizing Exam/Test
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Terms in this set (51)
If formerly licensed MLO Rod failed 5 Years
to maintain a valid license for a
period of ___ years, he is required to
retake and pass the qualified SAFE
MLO pre-licensing exam to obtain
an MLO license.
When using the sales comparison Three Comparable
approach, an appraiser has a
responsibility to use a minimum of
_____ comparables to ensure the
appraisal provides an accurate
value based on sufficient data.
As set forth by Regulation Z, after Three Business Day
borrower Sam signs owner-
occupied loan documents for a
home equity refinance loan, he has
a ____-business-day right of
rescission.
, In the "About Your Finances" section 7 Years
of the URLA, the borrower is to
identify if she has conveyed title to
any property in lieu of foreclosure
in the past ___ years.
The minimum amount of flood 100%
insurance required for first
mortgages is the lowest of ___% of
the replacement cost of the
insurable value of the
improvements, the maximum
insurance available from the NFIP,
or the unpaid principal balance of
the mortgage loan.
John Jones applies for a mortgage 30 Days
loan with Flying Mortgage for the
purchase of his first home. On her
initial application submitted to
Flying Mortgage, John forgot to
include her Social Security number.
Flying Mortgage must send John a
Notice of Incomplete Application
within ___ days after receiving her
application.
(Latest Update) Questions and
Verified Answers | 100% Correct | Grade A+
Save
Terms in this set (51)
If formerly licensed MLO Rod failed 5 Years
to maintain a valid license for a
period of ___ years, he is required to
retake and pass the qualified SAFE
MLO pre-licensing exam to obtain
an MLO license.
When using the sales comparison Three Comparable
approach, an appraiser has a
responsibility to use a minimum of
_____ comparables to ensure the
appraisal provides an accurate
value based on sufficient data.
As set forth by Regulation Z, after Three Business Day
borrower Sam signs owner-
occupied loan documents for a
home equity refinance loan, he has
a ____-business-day right of
rescission.
, In the "About Your Finances" section 7 Years
of the URLA, the borrower is to
identify if she has conveyed title to
any property in lieu of foreclosure
in the past ___ years.
The minimum amount of flood 100%
insurance required for first
mortgages is the lowest of ___% of
the replacement cost of the
insurable value of the
improvements, the maximum
insurance available from the NFIP,
or the unpaid principal balance of
the mortgage loan.
John Jones applies for a mortgage 30 Days
loan with Flying Mortgage for the
purchase of his first home. On her
initial application submitted to
Flying Mortgage, John forgot to
include her Social Security number.
Flying Mortgage must send John a
Notice of Incomplete Application
within ___ days after receiving her
application.
