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NMLS Exam Questions With Complete Verified Answers 2024
NMLS Exam Questions With Complete Verified Answers 2024
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NMLS Exam Questions With CompleteVerified Answers 2024
Most oRESPA odisclosures omust obe osent owithin o___ odays ofrom oapplication o- ocorrect
oanswer.3
What odocument ois otypically odelivered oat osettlement, oyet oa olender ohas o45 odays ofrom
osettlement oto odeliver oit? o- ocorrect oanswer.Initial oEscrow oStatement
RESPA ois oalso oknown oas oRegulation o___ o- ocorrect oanswer.X
List othe o3 omain osections oon opage o1 oof othe oLoan oEstimate o- ocorrect oanswer.1. oLoan
oTerms o
2. oProjected oPayments o
3. oCosts oat oClosing
The oNotice oof oTransfer oof oServicing oRights ois odue owithin o___ odays oprior oto otransfer.
oThe olender oor oservicer omust oprovide onotice oto othe oborrower. o- ocorrect oanswer.15
The onew oloan oservicer omust oprovide onotice owithin o___ odays oafter othe otransfer ohas
ooccurred. o- ocorrect oanswer.15
The oborrower ocannot obe ocharged oa olate ofee ofor oany opayments omade oon otime oto othe
oprevious oserver ofor o___ odays o- ocorrect oanswer.60
A ocopy oof othe oLE omust obe oprovided oto othe oborrower oat othe otime oof oapplication oor omailed
owithin o___ odays oafter oreceipt oof othe oloan oapplication o- ocorrect oanswer.3
Name othe o4 oloans othat oare oexempt ofrom oRESPA. o- ocorrect oanswer.1. oLoans ofor o25+
oacres
2. oAgricultural oor ocommercial oloans o
3. oTemporary ofinancing o
4. oAll ocash osales
Name othe opurpose(s) oof oRESPA o- ocorrect oanswer.Real oEstate oSettlement oProtection
oAct oprotects oborrowers ofrom oexcessive osettlement ocosts oand oputs olimits oon olenders ofor
oescrow
,The ofollowing o6 oitems odefine othe ocreation oof oa oloan oapplication o(PENCIL) o- ocorrect
oanswer.1. oAddress
2. oLoan oAmount o
3. oIncome o
4. oEstimated ovalue o
5. oName o
6. oSS#
Section o8 oof oRESPA oprohibits o- ocorrect oanswer.Kickbacks, ounearned ofees, oand ofee
ospitting
Violations oof oSection o8 oinclude: o
a) oFines oup oto o$10,000 oand o1 oyear oin oprison o
b) oCivil openalty oof o$75, owith oa olimitation oof o$130,000 oon othe openalty oone oservicer ocan
ooccurring oa o12 omo. oconsecutive operiod. oHowever, oif othe oservicer ointentionally
odisregards othe orequirements, openalties oare oof ono olimit. o
c) oIf oa opattern/practice oexists, othe oservicer ocan obe oliable ofor oadditional openalties oup oto
o$1000. oClass oaction olaw osuites oare olimited oto o$1000 ofor oeach omember oof othe oclass oand
ototal odamages omay onot oexceed o$500,000 oor o1% oof othe onet oworth oof othe oservicer. o-
ocorrect oanswer.a) oFines oup oto o$10,000 oand o1 oyear oin oprison
Section o6 oof oRESPA opertains oto: o
a) oAnnual oescrow osettlement o
b) okickbacks o
c) oloan oservicing o- ocorrect oanswer.c) oLoan oservicing
The omortgage oservicing odisclosure ostatement oor oISDS omust obe oprovided owithin: o
a) oprior oto osettlement o
b) oat osettlement o
c) o3 obusiness odays oof oloan oapplication o- ocorrect oanswer.c) o3 obusiness odays oof oloan
oapplication
A ochange oof ocircumstances oincludes: o- ocorrect oanswer.1) oappraisal oreport ochanges o
2) oexpiration oof ooriginal oLE o
3) ocustomer orequest ochanges
If oa ochange oin ocircumstance ooccurs oan oLE omust obe oprovided oto othe oborrower oby owhen?
a) owithin o10 obusiness odays o
b) owithin o3 obusiness odays oof othe oloan ooriginator obecoming oaware oof othe oinformation o
c) owithin o1 obusiness oday oof othe oloan ooriginator obecoming oaware oof othe oinformation o-
ocorrect oanswer.b) owithin o3 obusiness odays oof othe oloan ooriginator obecoming oaware oof othe
oinformation
,Services othe oborrower ocan oshop ofor oinclude: o
a) oappraisal o
b) oowner otitle oinsurance o
c) ocredit oreport o
d) oHOI o
e) oall oof othe oabove o
f) ob oand od o- ocorrect oanswer.f) ob oand od
What oare othe o10 osections o(in oorder) oof othe oURLA o- ocorrect oanswer.1. otype oof
omortgages o
2. oproperty oinformation o
3. oborrowers oinformation o
4. oemployment oinformation o
5. omonthly oincome/employment oinformation o
6. oassets oand oliabilities o
7. odetails oof otransactions o
8. odeclarations o
9. oacknowledgement oand oagreement o
10. ogovernment omonitoring
TILA ois oalso oknown oas
a) oregulation oz
b) oregulation ox
c) oregulation ob o- ocorrect oanswer.a) oregulation oz
The oprimary ogoals oof oTILA oare oto o- ocorrect oanswer.1. ocost ois oexpressed ouniformly o
2. oadvertisements oare otrue oand oaccurate o
3. oright oto orescind
Prior oto oproviding oa oborrower owith odisclosures, oloan ooriginators ocannot ocharge oany
oother ofees othat othe oreasonable ocost ofor o
a) othe oappraisal o
b) othe ocredit oreport o
c) othe oappraisal oand ocredit oreport o- ocorrect oanswer.c) othe oappraisal oand ocredit oreport
Terms oused oin oadvertising othat onecessitate oadditional oinformation oor odisclosures oare
ocalled o- ocorrect oanswer.trigger oterms
APR ois odefined oby oTILA oas o
a) othe ocost oof ocredit oexpressed oas oa odollar oamount o
b) othe ocost oof ocredit oexpressed oas oa opercentage o
, c) othe ocost oof ofinance ocharges oexpressed oas oa opercentage o- ocorrect oanswer.b) othe ocost
oof ocredit oexpressed oas oa opercentage
If oa oborrower oacquires oa oloan othat ois oHPML, oan oescrow oamount omust obe omaintained ofor
oa ominimum oof o
a) o1 oyear
b) o3 oyears o
c) o5 oyears o- ocorrect oanswer.c) o5 oyears
On oa oclosed-ended otransaction, othe ofinance ocharges oinclude o
a) oappraisal ofee o
b) otitle oinsurance ofee o
c) oorigination ofees o
d) oseller's opoints o- ocorrect oanswer.c) oorigination ofees
A oborrower ohas o___ odays oto orescind oon oa oloan o- ocorrect oanswer.3
Name o3 odisclosures orequired ounder oTILA o- ocorrect oanswer.1. oclosing odisclosures o
2. oCHARM o
3. oearly oARM odisclosures
Under oHOEPA, ofor ofirst-lien omortgages, othe orate otrigger ois o___ opercentage opoints
oabove othe oAPOR ofor oa ocomparable oterm. oFor osubordinate oliens, othe orate otrigger ois o___
oabove othe oAPOR. o- ocorrect oanswer.6.5% o; o8.5%
If oa oborrower odid onot oreceive o2 ocopies oof othe oNotice oof oRight oto oRescind, othe orescission
operiod ois oextended oto o___ o- ocorrect oanswer.3 oyears
In oorder oto obe osubject oto othe oHOEPA orequirements, othe oloan omust obe osecured oby oa olien
oon othe oborrower's____ o- ocorrect oanswer.primary oresidence
HPML oloans oare obased ooff othe o
a) oAPR oplus oa oset othreshold oset oon olien oposition oand oloan oamount o
b) oAPOR oplus oa oset othreshold oset oon olien oposition oand oloan oamount
c) othe onote orate oplus oa oset othreshold oset oon olien oposition oand oloan oamount o- ocorrect
oanswer.b) oAPOR oplus oa oset othreshold oset oon olien oposition oand oloan oamount
Requirements ofor oHPML oloan oinclude oall obut othe ofollowing o
a) oa orestriction oon opre-payment openalties o
b) oproof othat othe oborrower ohas othe oability oto orepay othe omortgage o
c) oan oescrow oaccount o
d) ono osubordinations o- ocorrect oanswer.d) ono osubordinations
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