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NMLS EXAM 1|| LATEST AND FULLY COVERED UPDATE (VERSION 1&2) ALL QUESTIONS AND CORRECT ANSWERS 100% ALREADY GRADED A+|| ASSURED PASS!!! $29.49
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NMLS EXAM 1|| LATEST AND FULLY COVERED UPDATE (VERSION 1&2) ALL QUESTIONS AND CORRECT ANSWERS 100% ALREADY GRADED A+|| ASSURED PASS!!!
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NMLS EXAM 1|| LATEST AND FULLY COVERED UPDATE (VERSION 1&2) ALL QUESTIONS AND CORRECT ANSWERS 100% ALREADY GRADED A+|| ASSURED PASS!!!

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  • October 1, 2024
  • 156
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nmls exam 1
  • nmls exam 1 latest and fully covered update ve
  • nmls exam 1 latest and fully covered update

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1|Pag e


NMLS EXAM 1|| LATEST AND FULLY COVERED
UPDATE (VERSION 1&2) ALL QUESTIONS AND
CORRECT ANSWERS 100% ALREADY GRADED
A+|| ASSURED PASS!!!
Which federal regulation limits the length of time that adverse collection
information may appear in a consumer's credit report?


Regulation Z
Regulation C
Regulation V
Regulation B - ANSWER: Regulation V - under FCRA (fair credit reporting act)


The agency responsible for administering the Equal Credit Opportunity Act is the


Office of the Comptroller of the Currency.
Department of HUD.
Consumer Financial Protection Bureau.
Equal Opportunity Commission. - ANSWER: Consumer Financial Protection
Bureau


Which act requires the lender to provide the borrower a reason for rejection of
credit in writing within 30 days of loan application?


Real Estate Settlement Procedures Act
Equal Credit Opportunity Act
Community Reinvestment Act of 1977

,2|Pag e


Federal Fair Housing Act - ANSWER: Equal Credit Opportunity Act


Which data is a lender NOT required to record in order to comply with HMDA?


HOEPA status
applicant gross income
loan decision
familial status - ANSWER: familial status


What regulation forbids the seller to require the use of a particular title company as
a condition of sale?


Regulation C
Regulation Z
Regulation X
Regulation B - ANSWER: Regulation X (under RESPA)


The record retention requirement outlined by LE is how many years?


three
four
six
seven - ANSWER: 3 years


Which of the following individuals is exempt from licensure under the SAFE Act?

,3|Pag e


An individual who manages an internal sales team and occasionally takes
applications


An independently contracted processor who solely provides clerical or
administrative support duties


A licensed MLO working for a qualified lender


A registered MLO who takes applications for a depository institution - ANSWER:
A registered MLO who takes applications for a depository institution


What is the maximum civil penalty which can be assessed by the CFPB or
appropriate civil regulatory agency under the SAFE Act?


$25,000 per violation
$1,000,000 and/or 30 years' incarceration
$16,000 per violation
$10,000 per violation - ANSWER: $25,000 per violation


What source of income can always be excluded when qualifying a borrower for a
mortgage loan?


welfare
alimony
child support
income not expected to continue - ANSWER: income not expected to continue

, 4|Pag e


The right of rescission provided under Regulation Z is the right to


forfeit interest.
pay discount points.
cancel a contract.
practice usury. - ANSWER: cancel a contract


Which of the following occurrences would not prevent a person from obtaining a
license as an MLO under Reg H?


A felony conviction 8 years ago for battery.
A gross misdemeanor conviction 8 years ago for theft.
A revocation of a real estate license.
A felony conviction 5 years ago for assault. - ANSWER: A felony conviction 8
years ago for battery.


What's another name for Regulation Z?
Title VIII
ECOA
RESPA
TILA - ANSWER: TILA


When taking an application for a mortgage loan, what are creditors NOT permitted
to ask?


Are you required to pay child support?

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