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NMLS Test Affinity With Correct Questions And Answers 2024

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NMLS Test Affinity With Correct Questions And Answers 2024

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  • August 4, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • which regulation proh
All documents for this subject (1223)
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NMLS Test Affinity With Correct Questions
And Answers 2024


What llaw ldeals lwith lcredit, lAPR l& lAdvertising lof lconsumer lloans? l- lcorrect lanswer.TILA

Which lregulation lprohibits lkickbacks? l- lcorrect lanswer.RESPA

Which lregulations lrequire lthe llender lto lcancel lPMI lwhen lthe lloan lreaches l78% lLTV? l-
lcorrect lanswer.HPA-Homeowners lProtection lAct




Which lRegulation lprohibits lfee lsplitting? l- lcorrect lanswer.RESPA

Regulation lX lis lthe lletter lused lto ldescribe lwhich llaw? l- lcorrect lanswer.RESPA

RESPA lis lthe lacronym lused lto ldescribe lwhich llaw? l- lcorrect lanswer.Real lEstate
lSettlement lProcedures lAct




What ltype lof lmortgage lrequires la lnon-refundable lfunding lfee? l- lcorrect lanswer.VA lLoan

What lis lthe lprovision lin la lmortgage lenabling la llender lto ldemand lfull lrepayment lif lthe
lborrower lDEFAULTS lon lthe lloan? l- lcorrect lanswer.Acceleration lClause




What lis lthe lprovision lin la lmortgage lenabling la llender lto ldemand lfull lrepayment lif lthe
lborrower lTRANSFERS lthe lloan? l- lcorrect lanswer.Alienation lClause




What ldoes lCFPB lstand lfor? l- lcorrect lanswer.Consumer lFinancial lProtection lBureau

What ltwo llaws lcreated lthe lCFBP? l- lcorrect lanswer.Dodd lFrank lAct land lConsumer
lFinance lProtection lAct




Which lregulation lis ldesigned lto lhelp lmeet lthe lCredit lneeds lof lthe lCommunities lin lwhich lit
loperates? l- lcorrect lanswer.CRA- lCommunity lReinvestment lAct




Under lECOA lrules land lregulations, lhow lmany ldays lthe lborrower lhave lto lrequest la lcopy
lof lan lappraisal lreport? l- lcorrect lanswer.90




Under lECOA lrules land lregulations, lhow lmany ldays ldoes lthe llender lhave lto lprovide la
lcopy lof lan lappraisal lreport, lonce lrequested lby lthe lborrower? l- lcorrect lanswer.30

,If la lloan lapplication lis lAPPROVED, lUnder lECOA lrules l& lregulations, lwhen lMUST la lcopy
lof lthe lappraisal lbe lprovided lto lthe lborrower? l- lcorrect lanswer.3 lbusiness ldays




Conforming lloans lfollow lguidelines lof lwhich lregulators? l- lcorrect lanswer.Fannie lMae land
lFreddie lMac




Which lregulation lrequires lthe llenders lto l"BE lEQUAL" lwhen lextending lcredit lto
lborrowers? l- lcorrect lanswer.ECOA




How lold lmust la lborrower lbe lto lqualify lfor la lReverse lMortgage? l- lcorrect lanswer.62 lyears
lold




Which lregulation lhas lthe lprimary lfunction lof lpreventing lIdentity lTheft? l- lcorrect
lanswer.FACT lAct




Which lregulation lhas lSection l114 lRules? l- lcorrect lanswer.FACT lAct

Which lregulation lrequires lthe lcreditor lto lverify lthe lVALIDITY lof lany lchange lof laddress
lreceived? l- lcorrect lanswer.SECTION l114 lof lthe lFACT lAct




What lis lthe lpayment lmethod lused lin la lreverse lmortgage lthat lallows lthe lhomeowners lto
lreceive la lmonthly lcheck lwhile lliving lin lthe lproperty? l- lcorrect lanswer.Tenure lMethod




What lis lthe lfraud lscheme lwhere la lborrower luses lsomeone lelse's lname lto lpurchase lthe
lproperty, lbut lthe lperson lWILL lNOT lbe lliving lat lthe lproperty? l- lcorrect lanswer.Straw

lBorrower




What lgovernment llender l"insures" lmortgages? l- lcorrect lanswer.FHA

What lgovernment llender l"Guarantees" lMortgages? l- lcorrect lanswer.VA lLoans

What lgovernment llender lloans lmoney lto lfund lpurchases lin lrural lareas? l- lcorrect
lanswer.USDA/ lDept. lof lAgriculture




What lis lthe lvalue lremaining lin lproperty lafter lall lliens land ldebts lhave lbeen lpaid? l- lcorrect
lanswer.Equity




A lborrower lis lrefinancing lhis lhome. lHow lmuch ltime ldoes lReg lZ lgive lhim lto lchange lhis
lmind? l- lcorrect lanswer.3 ldays




Which lregulation lestablished lthe l3-day lright lof lrescission lrule? l- lcorrect lanswer.TILA

Redlining lis lpart lof lwhich lregulation/Law? l- lcorrect lanswer.Fair lHousing lAct

Blockbusting lis lpart lof lwhich lregulation/Law? l- lcorrect lanswer.Fair lHousing lAct

, Steering lis lpart lof lwhich lregulation/Law? l- lcorrect lanswer.Fair lhousing lact

Trying lto lconvince la lhomeowner lto lSELL lhis lhome lby limplying lthat lanother lrace/ethnicity
lis lmoving lin lthe lneighborhood lis lcalled? l- lcorrect lanswer.Blockbusting/panic lselling




Trying lto lconvince la lhomeowner lto lPURCHASE lin la lparticular lneighborhood lbased lon
lhis lrace, lreligion lor lethnicity lis lcalled? l- lcorrect lanswer.STEERING




Refusing lto lmake lloans lon la lproperty lin la lcertain lneighborhood lfor ldiscriminatory
lreasons lis lcalled? l- lcorrect lanswer.Redlining




What ldoes lHOEPA lstand lfor? l- lcorrect lanswer.Home lOwnership land lEquity lProtection
lAct




HOEPA lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA

High lCost lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA

High lPriced lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA

Section l32 lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA

Section l35 lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA

MDIA lAct lis lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA

Mortgage lDisclosure lImprovement lAct lis lpart lof lwhich llarger lregulation? l- lcorrect
lanswer.TILA




What lis lanother lname lfor lAnnual lPercentage lRate? l- lcorrect lanswer.Effective lRate

What lis lanother lname lfor lInterest lRate? l- lcorrect lanswer.Note lrate lor lNominal lRate

PITI ldivided lby lGross lMonthly lIncome lis lreferred lto las lwhat? l- lcorrect lanswer.Housing
lRatio lor lFront-End-DTI




PITI l+ lmonthly ldebt ldivided lby lGross lMonthly lIncome lis lreferred lto las lwhat? l- lcorrect
lanswer.Total lObligation lRatio-Back-end lRatio




How llong lmust lTILA lDisclosures lbe lkept? l- lcorrect lanswer.2 lyears l(exceptions- lLE lis lkept
lfor l3 lyrs land lCD lis lkept lfor l5 lyrs)




What lis lthe lmaximum lamount lof ltime lthat lNEGATIVE linfo lcan lremain lon la lcredit lreport? l-
lcorrect lanswer.7 lyears

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