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NMLS Exam Questions And Correct Answers 100% Verified. Under the Fair Credit Reporting Act (Reg V), which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a. The consumer b. Mortgage broker c. Credit reporting agenc...

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  • January 21, 2025
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nmls exam questions and correct answers 100 verif

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©THESTAR 2024/2025 ALL RIGHTS RESERVED.


NMLS Exam Questions And Correct
Answers 100% Verified.


Under the Fair Credit Reporting Act (Reg V), which of the following entities has the burden of
protecting a consumer's privacy when his/her credit information is being reported?


a. The consumer
b. Mortgage broker
c. Credit reporting agency

d. HUD - Answer✔c. Credit reporting agency
If a loan applicant chooses not to disclose his or her race on a loan application, what recourse
does a mortgage professional have?


a. Inform the applicant of the implications of the FBI Mortgage Fraud Warning Notice
b. Note that the applicant has declined to answer and select a race based on visual observation
c. Provide the applicant with an Adverse Action Notice
d. Inform the applicant that the lender will reject the loan application since it is incomplete -
Answer✔b. Note that the applicant has declined to answer and select a race based on visual
observation
Lenders must report detailed information about loan transactions and demographic
information concerning borrowers in order to prove that they are not discriminating. Which of
the following laws creates that reporting requirement?


a. Gramm-Leach-Bliley Act
b. HMDA
c. TILA

d. RESPA - Answer✔b. HMDA
Suspicious Activity Reports (SARs) are used to help detect and prevent:

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, ©THESTAR 2024/2025 ALL RIGHTS RESERVED.



a. Discriminatory lending practices
b. Loan flipping
c. Money laundering

d. Subprime lending - Answer✔c. Money laundering
If a mortgage broker decides to use telemarketing to establish leads for loan origination, which
of the following should occur?


a. The broker should invest in a state-of-the-art predictive dialer
b. The broker should obtain access to the Do-Not-Call registry
c. The broker should only call former and current customers to ask for referrals
d. The broker should stop calling current customers unless they have given consent -
Answer✔b. The broker should obtain access to the Do-Not-Call registry

Name one practice that is prohibited under Section 8 of RESPA - Answer✔Section 8 of RESPA
prohibits a person from giving or accepting any thing of value for referrals of settlement service
business related to a federally related mortgage loan
List at least three categories under ECOA on which creditors may not base credit decisions -
Answer✔Race, color, religion, national origin, sex, marital status, age, or borrower receiving
public assistance

Define rescission as it relates to a mortgage loan transaction - Answer✔The ability for the
borrower to cancel the loan application during a refinance or a HELOC. The borrower is given
this window 3-days prior to closing

List at least two practices that are not prohibited with regard to appraisers - Answer✔Providing
information about the property, asking for more details, explanation of value conclusion,
consider other properties for comparisons, and/or correct errors in the appraisal report

HOEPA was enacted as a part of ___ - Answer✔TILA
If an attorney and lender entered an agreement where the attorney's car loan payments are
paid by the lender, in return for names of potential loan applicants, who violated RESPA? -
Answer✔Both violated RESPA
For which of the following is a creditor permitted to charge more than it discloses on the Loan
Estimate (no tolerance limitation) and still meet the good faith requirement? - Answer✔Prepaid
interest



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