Exam (elaborations)
NMLS EXAM WITH QUESTIONS AND ANSWERS (VERIFIED AND WELL DETAILED ANSWERS) LATEST UPDATE 2024/2025
NMLS EXAM WITH QUESTIONS AND ANSWERS (VERIFIED AND WELL DETAILED ANSWERS) LATEST UPDATE 2024/2025
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NMLS EXAM WITH QUESTIONS AND ANSWERS (VERIFIEDAND WELL DETAILED ANSWERS) LATEST UPDATE 2024/2025
If an application for credit is DENIED based on the appraisal under
ECOA (Reg B), how many days does the borrower have to request a
copy and how many days does the lender have to deliver? - CORRECT
ANSWER The borrower has 90 to request and the lender as 30 days to
deliver.
Appraisal equals? - CORRECT ANSWER Value
What law allows the borrower to challenge the value stated in the
appraisal? - CORRECT ANSWER ECOA (Reg B), Equal Credit
Opportunity Act
What is ECOA? - CORRECT ANSWER Equal Credit Opportunity Act
(Reg B)
ECOA requires the regulators to what? - CORRECT ANSWER Be
equal.
What is HMDA? - CORRECT ANSWER Home Mortgage Disclosure
Act (Reg C)
,What does HMDA do? - CORRECT ANSWER Allows regulators to
"C" where possible discrimination is taking place.
Where is HMDA information found? - CORRECT ANSWER Section
10 of the Loan Application.
What is RESPA? - CORRECT ANSWER Real Estate Settlement
Procedures Act (Reg X)
How do you remember what regulation is RESPA? - CORRECT
ANSWER "REXPA" (Reg X)
What is TIL/TILA? - CORRECT ANSWER Truth in Lending Act (Reg
Z)
How do you remember TILA? - CORRECT ANSWER TILA the
GODZILLA
What does TILA deal with? - CORRECT ANSWER Credit, APR, and
advertising of consumer loans.
What is HPA? - CORRECT ANSWER Homeowners Protection Act
What does HPA deal with? - CORRECT ANSWER PMI and not MIP.
, PMI happens when? - CORRECT ANSWER The borrower puts less
than 20% down.
PMI is on what kind of loans? - CORRECT ANSWER Conventional
not government.
PMI protects who? - CORRECT ANSWER The lender not the
borrower.
What is SAFE? - CORRECT ANSWER Secure and Fair Enforcement
Act
What is HERA? - CORRECT ANSWER Housing and Economic
Recovery Act
HERA is the law that created what? - CORRECT ANSWER The SAFE
Act
What is FCRA? - CORRECT ANSWER Fair Credit Reporting Act
(Reg V)
What does FCRA deal with? - CORRECT ANSWER Credit reports
and credit reporting agencies.
What is the FACTA? - CORRECT ANSWER Fair and Accurate Credit
Transaction Act
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