Mathematics > EXAM > NMLS Questions and Answers Latest Updated 2022 Graded A (All)

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NMLS Questions and Answers Latest Updated 2022 Graded A

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Acceleration Clause ✔✔Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) ✔✔Says you ... must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC ✔✔home valuation code of conduct Due on Demand Clause ✔✔(Considered a predatory practice) The lender can demand repayment of the loan in full at anytime for any reason HOEPA ✔✔Home Ownership and Equity Protection Act (Reg Z Sec 32) Amends TILA Nonrecourse Agreement ✔✔Loan agreement under which the collateral securing a loan is the unltimate source of repayment, and the lender cannot hold the borrower personably liable in the event of default. Lender can seize (and sell) the collateral but cannot seize non-pledged asset or property. ReConveyance ✔✔Method in which a lein is removed from a property when payment is made in full. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ✔✔Purpose is to promote the financial stability of US by improving accountability and transparency in the financial sy [Show More]

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