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MLO NMLS - REXPA & TILA THE GODZILLA - REGULATION X & Z / TRID AND OTHER LAWS Exam Q&A 100% Solved $12.99
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MLO NMLS - REXPA & TILA THE GODZILLA - REGULATION X & Z / TRID AND OTHER LAWS Exam Q&A 100% Solved

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MLO NMLS - REXPA & TILA THE GODZILLA - REGULATION X & Z / TRID AND OTHER LAWS Exam Q&A 100% Solved Question In addition to information about disciplinary and enforcement action taken against a mortgage loan originator, the NMLS may also make available for public access: A . mortgage lo...

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  • January 27, 2025
  • 43
  • 2024/2025
  • Exam (elaborations)
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MLO NMLS - REXPA & TILA THE
GODZILLA - REGULATION X & Z / TRID
AND OTHER LAWS Exam Q&A 100%
Solved

Question

In addition to information about disciplinary and enforcement action taken

against a mortgage loan originator, the NMLS may also make available for public

access:



A . mortgage loan originator's home address

B. The number of loans originated by a loan originator

C. The mortgage loan originator's employment history

D. Former clients of the mortgage loan originator - ✔✔Solution

The answer is the mortgage loan originator's employment history. Information

or material held by the NMLS relating to the employment history and/or

disciplinary and enforcement actions taken against a mortgage loan originator is

not protected by confidentiality laws. Such information/material is available for

public access.

Question
1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

,Virginia has entered an agreement for a home loan after a contractor came to

her door offering home improvement services and a card for a mortgage broker

who could help her get a loan. Virginia contacted the mortgage broker and

secured the loan. Which of the following arrangements for paying the

contractor is not in compliance with HOEPA?



A.Virginia can pay the contractor directly

B.Virginia can place the funds with a third-party escrow agent who can disburse

them pursuant to a written agreement

C. Virginia and the contractor can enter an agreement for her to pay him when

the work is complete

The mortgage broker can pay the contractor directly - ✔✔The answer is the

mortgage broker can pay the contractor directly. HOEPA prohibits direct

payments to home improvement contractors, unless payment is a joint payment

to the borrower and the contractor, or is made to a third-party escrow agent

pursuant to a written agreement between the lender, borrower, and contractor.

TILA the GodZilla - Truth In Lending Act (Regulation Z) Details - FLASHCARD 1




2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

,How many days is the right to rescind and how many copies of the Notice of

Right to Rescind has to get to the borrower? - ✔✔> Deals with Credit, APR, and

Advertising of consumer loans

> It requires lenders to disclose the complete cost of credit to consumer loan

applicants

> Established a 3-day right of rescission in certain transactions (HELOC/REFIS).

* Creditor must return any money collected related to the loan within 20

calendar days.

* Consumers may rescind the credit transaction until midnight of the 3rd

business day.

* Borrower must receive two copies of a Notice of Right to Rescind

*** IF lender/creditor forgets to give the Notice of Right to Rescind, gives the

borrower the right to Rescind within the next 3 years from the application.



TILA applies to transactions that are payable by written agreement with more

than 4 installments

TILA the GodZilla - Truth In Lending Act (Regulation Z) Details - FLASHCARD 2




3|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

, Can you name all the TILA Disclosures required? Can you also guess how long to

retain these disclosures? - ✔✔the ONLY fee that may be collected PRIOR to

these disclosures are fees for credit reports.



> General TILA disclosures must be kept for Two (2) years

- LOAN ESTIMATE 3 years

- CLOSING DISCLOSURE is 5 years



> TILA DISCLOSURES MUST INCLUDE:

- LOAN ESTIMATE (LE) and CLOSING DISCLOSURE ( CD)

- Consumer Handbook on Adjustable Rate Mortgages(CHARM booklet)

- When Your Home is on the Line Disclosure(HELOC/REFI)



> TILA REQUIRES the disclosure of the annual percentage rate (APR)

APR can also be called EFFECTIVE RATE on the Test

Another word for Interest Rate is Note Rate or the Nominal Rate on the Test

TILA-RESPA Integrated Disclosures (TRID) - FLASHCARD 1

- Designed to help consumers become informed shoppers.



4|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

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