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Exam (elaborations)

NMLS Loan Officer Questions and Answers

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NMLS Loan Officer Questions and Answers

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  • September 12, 2024
  • 80
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS Loan Officer Questions and Answers



TILA - REG Z requires lenders... CORRECT ANS-To disclose the COMPLETE COST OF CREDIT

to consumer loan applicants. Tell the WHOLE STORY of the loan.




3-Day Right of Recission CORRECT ANS-ESTABLISHED BY TILA - REG Z




- Creditor must return any money collected


related to the loan within 20 CALENDAY DAYS




- Consumers may rescind the credit transaction


UNTIL MIDNIGHT OF THE THIRD BUSINESS DAY.




- Borrowers must receive TWO COPIES of a


Notice of Right to Rescind.




Cooling Off Period CORRECT ANS-3 Days to change your mind (TILA)

, NMLS Loan Officer Questions and Answers

TILA Disclosures must be Kept for... CORRECT ANS-2 Years




EXCEPTIONS:




Loan Estimate - 3 YRS


Closing Discolures - 5 YRS




TILA Disclosures CORRECT ANS-Loan Estimate Disclosure


Closing Disclosure


CHARM Booklet


(Consumer Handbook on Adjustable Rate Mortgages)




APR CORRECT ANS-Annual Percentage Rate




Another Phrase for APR... CORRECT ANS-Effective Rate




Another Term for Interest Rate... CORRECT ANS-Note Rate or Nominal Rate

, NMLS Loan Officer Questions and Answers

ECOA - REG B CORRECT ANS-Equal Credit Opportunities Act




If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then

Lender has 30 days to deliver




HMDA - REG C CORRECT ANS-Home Mortgage Disclosure Act




Found in:


Section 10 of 10-03 Loan App


Government Monitoring Section




Eliminates / Identifies Possible Discrimination




RESPA - REG X CORRECT ANS-Real Estate Settlement Procedures Act




TIL/TILA - REG Z CORRECT ANS-Truth in Lending Act (2015)

, NMLS Loan Officer Questions and Answers

Deals with: (Of Consumer Loans)


Credit


APR


Advertising




HPA CORRECT ANS-Homeowners Protection Act




Deals With:


PMI - Private Mortgage Insurance - Protects Lender, NOT borrower


Conventional Loans


NOT MIP


NOT Government Loans


20% Down




SAFE CORRECT ANS-SECURE and Fair Enforcement Act




Created by HERA*

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