NMLS Practice Exam Review Questions and Solutions

The penalties for paying or accepting an illegal referral fee are:Fines of up to $10,000 and up to one year in prison. An annual escrow analysis is used to do which of the following?Prevent escrow overages. The disclosure requirements of RESPA would apply to which of the following loans?A loan to purchase a duplex and rehabilitate it into a single-family dwelling. A customer with an excellent credit score submits a loan application. When does ECOA require that the applicant be advised of the status of the application?Within 30 days. Mr. Jones' loan application has been denied and he is provided with an Adverse Action Notice as required by ECOA. Which of the following pieces of information would not be included on the notice?His credit score. According to fair lending laws, which of the following may loan applicants be asked to disclose for HMDA data collection purposes?Their race.