NMLS - Practice Exam with Complete Solutions
100% Verified
RESP does not apply to:
a) Loans secured by a lien on a principal dwelling
b) Federally related mortgage loans
c) Subprime mortgage loans
d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans
for business, c...
If a mortgage professional advertises a loan product at "7.25% APR for the first
six
months! After six months, APR is 10.5%, subject to increase based on market
conditions," What if any additional disclosures does TILA require?
a) No other information is required
b) The finance charges for the loan
c) The monthly payment for the loan
d) The APR in effect after the introductory rate expires - ANSWER a) No other
information is required
There is a ________ accuracy tolerance for amounts stated on the Loan Estimate
and the actual closing cost if the consumer is allowed to shop for his/her own
, NMLS - Practice Exam with Complete Solutions
100% Verified
settlement service provider.
a) 5% c) 10%
B) 15% d) 0% - ANSWER c) 10%
The USA PATRIOT Act is a federal law that Congress adopted in response to:
a) The need to revitalize the economy in 2008
b) The meltdown of the mortgage lending market in 2007
c) The terrorist attacks on September 11, 2001
d) The need to make HAMP loans available to more Americans - ANSWER c) The
terrorist attacks on September 11, 2001
What federal statute primarily serves to control the settlement costs of
residential
mortgage loans?
a) TILA b) ECOA
c) RESPA d) HMDA - ANSWER c) RESPA
The disclosure requirements of RESPA would apply to which of the following
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