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NMLS Exam Questions And Correct Answers 100% Verified. A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day ...

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NMLS Exam Questions And Correct
Answers 100% Verified.

A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal
residence. His rescission period is over at midnight on Friday. According to the provisions
specified under federal law, what is the first possible day the loan could fund? -
Answer✔Saturday
The amount of the down payment, the amount of the finance charge, or the number of
payments needed are all examples of _______________ under TILA. - Answer✔Trigger Terms

Which of the following is not included in calculating the APR? - Answer✔Escrow Fees
According to fair lending laws, which of the following may loan applicants be asked to disclose
for HMDA data collection purposes? - Answer✔Their race

Finance charges always include which of the following? - Answer✔Mortgage broker fee

HOEPA was enacted as a part of: - Answer✔TILA

HOEPA would not apply to: - Answer✔A bridge loan to finance construction
If a creditor denies an application for a first lien mortgage, a copy of the appraisal: -
Answer✔Must be provided within 30 days of the decision to deny
The Loan Originator Compensation Rule defines compensation to include all of the following,
except: - Answer✔Payments collected by a mortgage company for services other than loan
origination services
Closed-end loans with rates that exceed the average prime offer rate, but are not high enough
to trigger protections under HOEPA, are known as: - Answer✔Higher-priced mortgage loans
The mandatory waiting period between issuance of disclosures and consummation may be
waived: - Answer✔If the consumer requests a waiver due to a bona fide financial emergency
There is a ____ accuracy tolerance for amounts stated on the Loan Estimate and the actual
closing costs if the consumer is allowed to shop for his/her own settlement service provider. -
Answer✔10%

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The disclosure requirements of RESPA would apply to which of the following loans? -
Answer✔A loan to purchase a duplex and rehabilitate it into a single family dwelling
Mr. Jones's loan application has been denied and he is provided with an Adverse Action Notice
as required by ECOA. Which of the following pieces of information would not be included on
the notice? - Answer✔his credit score

MAP rule - Answer✔This Rule applies to commercial communications used to market mortgage
loan products and services to consumers.

credit reporting agency - Answer✔Under the Fair Credit Reporting Act, which of the following
entities has the burden of protecting a consumer's privacy when his/her credit information is
being reported?

A borrower's current loan balances - Answer✔Under the Gramm-Leach-Bliley Act, which of the
following is considered nonpublic information?
Note that the applicant has declined to answer and select a race based on visual observation -
Answer✔If a loan applicant chooses not to disclose his or her race on a loan application, what
recourse does a mortgage professional have?

80%; 78% - Answer✔Under the Homeowners Protection Act, borrowers can request that
lenders cancel PMI when their loan balance is less than ____, or a lender may collect PMI until
____ loan-to-value is reached.

The penalties for paying or accepting an illegal referral fee are: - Answer✔Fines of up to
$10,000 and up to one year in prison
The consumer is purchasing a home located in a neighborhood primarily occupied by minorities
- Answer✔All but which of the following may serve as a legal, non-discriminatory basis for
denying a mortgage loan application?

steering - Answer✔The Loan Originator Compensation Rule is intended to discourage which of
the following practices?

The Do-Not-Call Registr - Answer✔The Do-Not-Call Implementation Act authorized the
implementation and enforcement of:

Mortgage broker fee - Answer✔Finance charges always include which of the following?

escrow fees - Answer✔Which of the following is not included in calculating the APR?

The broker should obtain access to the Do-Not-Call Registry - Answer✔If a mortgage broker
decides to use telemarketing to establish leads for loan origination, which of the following
should occur?

The third business day after the Closing Disclosure is mailed - Answer✔XYZ Mortgage Company
just mailed a Closing Disclosure to a consumer. The waiting period prior to closing will begin:

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Within 30 days - Answer✔A customer with an excellent credit score submits a loan application.
When does ECOA require that the applicant be advised of the status of the application?

Prevent escrow overages - Answer✔An annual escrow analysis is used to do which of the
following?

HMDA - Answer✔Lenders must report detailed information about loan transactions and
demographic information concerning borrowers in order to prove they are not discriminating.
Which of the following laws creates that reporting requirement?

Money laundering - Answer✔Suspicious Activity Reports (SARs) are used to help detect and
prevent:

30 days - Answer✔If a consumer opens an account online, the Gramm-Leach-Bliley Act states
that what period of time constitutes a "reasonable opportunity" to opt out of information
sharing?

RESPA - Answer✔regulation X

RESPA - Answer✔real estate settlement procedure act

ECOA - Answer✔regulation B

ECOA - Answer✔equal credit opportunity act

TILA - Answer✔truth in lending act

TILA - Answer✔regulation Z

RESPA - Answer✔protects consumers from unearned fees such as kickbacks and fee splitting

The Federal Housing Administration: - Answer✔insures loans

USDA loans are primarily for properties located in: - Answer✔rural areas

FHA loan - Answer✔MIP would be used for which of the following?

reverse mortgage - Answer✔Which of the following loan programs does not require credit or
income documentation and does not require repayment as long as the owner lives in the
home?

Annual percentage rate - Answer✔What does "APR" mean?

A loan-level price adjustment (LLPA) is best described as - Answer✔GSE charges that result in
higher interest rates when consumer eligibility or loan features present a higher risk of default

PFC - Answer✔prepaid finance charge

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