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Exam (elaborations)

NMLS Exam with Complete Solutions

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NMLS Exam with Complete Solutions

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  • September 12, 2024
  • 107
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS Exam with Complete Solutions



What law allows the borrower to sue for treble damages CORRECT ANS-Section 9 RESPA




Escrow account CORRECT ANS-The account they set up to pay taxes and insurance




Section 10 RESPA CORRECT ANS-Set a limit on the amount required to be put into an

escrow account for the purposes of paying property taxes and insurance




What is the maximum amount of cushion that RESPA allows the lender to collect at closing?

CORRECT ANS-1/6 of property taxes which is two months




What does an aggregate annual analysis mean CORRECT ANS-An annual escrow account

analysis means they give you a statement saying that how much they took a month, when

they pay taxes and insurance and also if they took $50 or more they must return it


if there is a shortage in funds they require you to pay it from your funds to cover the shortage




Mortgage broker CORRECT ANS-Mortgage broker is an intermediary working with the

borrower and lender while qualifying the borrower for a mortgage broker gathers income

, NMLS Exam with Complete Solutions

asset and employment documentation a credit report and other information processing the

bar wars ability to secure financing




Loans that RESPA is applicable CORRECT ANS-Fannie and Freddie foreclosures, Fannie Mae

and Freddie Mac, USDA, VA, FHA and conventional




Settlement services CORRECT ANS-A settlement service includes any service provided in

connection with the real estate settlement including but not limited to the following: title

searches, title examination, the provision of titles certification, title insurance.




purpose of RESPA CORRECT ANS-Required effective advance disclosure of costs, eliminate

kick back and referral fees, limit amount held in escrow or reserve amounts, reform

recordkeeping of land title information.




6 things that are required for an mortgage application CORRECT ANS-NISAMP (Name,

income, Social Security, Address, Mortgage amount, and property value)




GFE CORRECT ANS-Good Faith Estimate

, NMLS Exam with Complete Solutions



What information is given in the GFE? CORRECT ANS-How much the borrower/buyer

should expect to pay at the settlement/closing.


Requirement 2 of Safeguard Rule (IARCIEECR) CORRECT ANS-Identify and access the risks

to customer information as well as evaluate the effectiveness of controlling the risks.




EXPA (RESPA) CORRECT ANS-Applies to federally related mortgage loans


Funds insured by the government


Funds from a lender REGULATED by the government


Intended for sale to Fannie or Freddie


Made by a creditor regulated under TILA




RESPA CORRECT ANS-Real Estate Settlement Procedures Act




HUD CORRECT ANS-Department of Housing and Urban Development

, NMLS Exam with Complete Solutions

Section 6 (RESPA) CORRECT ANS-Deals with mortgage servicing, protecting from abuses.

Example: not applying payments on time or not paying taxes or insurance.




Mortgage Servicers CORRECT ANS-Deal with the payments being made, taking payments.

Dealing with taxes and insurance. Notify client about late fees




Section 8 (RESPA) CORRECT ANS-Prohibits kickback fees fee splitting and unearned fees, it

prohibits giving or accepting fees of value , prohibits splitting or accepting fees for services

not performed




Section 9 (RESPA) CORRECT ANS-States the seller cannot require the use of a particular

title company as a condition of the sale




Title Insurance CORRECT ANS-Title insurance is insurance policy for the loss of ownership

interest in the property due to legal defects




If section 9 is violated CORRECT ANS-Buyer may sue a seller who violates this provision for

an amount three times all title insurance charges

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