NMLS TEST FINAL EXAM 2 VERSIONS
(VERSION A AND B) ACTUAL
EXAM COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS
Practice questions for this set
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When the number is disconnected, reassigned, or when the consumer
chooses to remove it
Choose matching...
,12/15/24, 10:31 AM NMLS TEST FINAL EXAM 2 VERSIONS (VERSION A AND B) 2024-2025 ACTUAL EXAM COMPLETE ACCURATE EXAM QUE…
Which non-conventional loan is
What is the maximum origination
made for the purpose of
3 fee that can be charged to a 4
assisting low-income borrowers
veteran on a VA loan?
purchasing homes in rural areas?
Don't know?
Terms in this set (310)
How long should you 25 months
keep mortgage loan
records under ECOA?
How long is the Do Not When the number is disconnected, reassigned, or
Call Registry good? when the consumer chooses to remove it
How many months 2 months cushion
cushion are allowed
under the escrow
account rules?
When are escrow Renewed annually and if the account has more
accounts reviewed and than $50 in overage it will be refunded
what amount of overage
could cause a refund to
the borrower?
What properties are Single, 1-4 family dwellings, condos, and
covered under RESPA? manufactured homes placed on a lot
RESPA imposes Amount collected for escrow accounts
restriction on ___________?
, 12/15/24, 10:31 AM NMLS TEST FINAL EXAM 2 VERSIONS (VERSION A AND B) 2024-2025 ACTUAL EXAM COMPLETE ACCURATE EXAM QUE…
When advertising, the A rate is quoted or present
APR must be present
when __________?
Limit amounts in escrow, eliminate kickbacks , and
RESPA was put in place
educate the borrowers on the closing cost, it
to?
does NOT regulate interest rates
According to RESPA $10,000 and/or 1 year prison terms for each
guidelines, failure to incident
comply with Section 8
could result in a penalty
of?
Redlining is best Failing to end to certain geographic areas
defined as:
Who created and Federal Trade Commission (FTC Red Flag Rules)
monitors a companies
Red Flag Rules?
At what point in a When the principal balance reaches 78% of the
conventional will the original value or purchase price
PMI be removed?
When does a referring Before or at the time of the referral
party have to provide
the ABA form to the
borrower?
Advertising a mortgage TILA/reg Z
loan product that a
lender is not able to
offer is a violation of
what federal law?
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