100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NMLS TEST PREP COMPUCRAM TEST 2025| BRAND NEW ACTUAL EXAM WITH 100% VERIFIED QUESTIONS AND CORRECT SOLUTIONS| GUARANTEED VALUE PACK| ACE YOUR GRADES. $12.49
Add to cart

Exam (elaborations)

NMLS TEST PREP COMPUCRAM TEST 2025| BRAND NEW ACTUAL EXAM WITH 100% VERIFIED QUESTIONS AND CORRECT SOLUTIONS| GUARANTEED VALUE PACK| ACE YOUR GRADES.

 0 purchase

NMLS TEST PREP COMPUCRAM TEST 2025| BRAND NEW ACTUAL EXAM WITH 100% VERIFIED QUESTIONS AND CORRECT SOLUTIONS| GUARANTEED VALUE PACK| ACE YOUR GRADES.

Preview 3 out of 21  pages

  • January 30, 2025
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1474)
avatar-seller
Savvyteacher
Page |1


NMLS TEST PREP COMPUCRAM TEST 2025|
BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS| GUARANTEED VALUE PACK| ACE
YOUR GRADES.

1. A borrower signs the note and mortgage for a refinance on his principal
residence on Thursday, Dec. 31. What is the earliest day the funds for
this loan could be disbursed (assuming no bona fide financial hardship)?
- correct answer - Wednesday, Jan. 6




2. Who manages the National Do Not Call Registry? - correct answer -
Federal Trade Commission




3. What federal legislation regulates credit reporting agencies and lenders
concerning credit reporting? - correct answer - FCRA




4. What is not prohibited to be included in the loan terms for HOEPA
covered items? - correct answer - late fees.




5. Commissions of real estate brokers or agents would be listed: - correct
answer - In "Other"

, Page |2



6. A Loan Application Report is due by March 1st of each year as a result
of the enactment of the - correct answer - Home Mortgage Disclosure
Act.




7. What action would not be considered "adverse action" according to the
Fair Credit Reporting Act? - correct answer - granting a mortgage loan
based on the terms the consumer applied for




8. Which loans are not covered under HMDA? - correct answer -
commercial loans




9. A loan generally cannot be considered a qualified mortgage (QM) if the
points and fees paid by the consumer exceed _____ percent (%) of the
total loan amount. - correct answer - 3




10. Which disclosure is not required by HOEPA? - correct answer - right
to credit score




11. According to the SAFE Act, which would be considered a task that
would require someone to be a licensed MLO? - correct answer -
assisting a borrower in obtaining a mortgage loan by offering to
negotiate terms with a lender.

, Page |3



12. The loan estimate must include the address of the property. If the
address is unavailable, what must you use? - correct answer - a
description of the location of the property




13. A borrower elects to lower his settlement costs by paying a slightly
higher interest rate. This appears on the Loan Estimate as a - correct
answer - a credit to the borrower




14. What may be used to convert the construction loan into permanent
financing? - correct answer - a modification agreement




15. Actual charges at settlement listed on the CD can increase more than
10% from the estimates shown on the LE for what fee? - correct answer
- Homeowners insurance




16. The loan requested divided by the total cost of the project is referred
to as the what? - correct answer - loan to cost




17. Which financial arrangement is exempt from the Real Estate
Settlement Procedures Act? - correct answer - Bridge loans

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Savvyteacher. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65004 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you


$12.49
  • (0)
Add to cart
Added