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2025 NMLS ALL GUIDE QUESTIONS WITH ANSWERS GRADED A+ 2025/2026
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2025 NMLS ALL GUIDE QUESTIONS WITH ANSWERS GRADED A+ 2025/2026 Getting consent over the phone - Must be Clear and Conspicuous and must connect with the representative within 2 seconds of the intro FCC - Federal Communications Commission The DNF defines a business relationship as the following ...

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  • February 12, 2025
  • 40
  • 2024/2025
  • Exam (elaborations)
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  • 2025 nmls all guide questions with answers graded

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2025 NMLS ALL GUIDE QUESTIONS WITH ANSWERS
GRADED A+ 2025/2026
Getting consent over the phone - Must be Clear and Conspicuous and must connect
with the representative within 2 seconds of the intro

FCC - Federal Communications Commission

The DNF defines a business relationship as the following - A prior or existing
relationship formed by a voluntary two way communication between person and a
business because of inquiries, application

When an EBR is established a fax may be sent if - - you get a fax number directly from
the client
- get a number from a directory, advertisement or website

If an EBR was established before ______ you may ..? - July 9th, 2005
You may send a fax without saying where the number was obtained

Who is in charge with enforcing Junk Fax Prevention? - FCC

FACTA - Fair Credit Reporting Act

Red flags rule is required under what act made in 2003? - FACTA (Fair Credit Reporting
Act)

FACTA Requires - That numerous agencies to issue regulations and guidelines
regarding detection of identity theft

FTC - Federal Trade Commission

Was issued in response to a growing issue.. - Red Flags Rule

How many victims of identity theft are there in america - 9 million a year

Which businesses does the Red Flag Rule apply to? - Businesses defined as a financial
institution

All affected businesses must... - Have a written plan to prevent identity theft as well as
have it approved by the board of directors or a senior level employee

4 Requirements for the plan to prevent identity theft - - plan must include reasonable
policies/procedures to identify red flags
- Must be designed to detect certain red flags
- Must detail what actions are to be taken if there is a red flag
- Update protection flags

,FTC Recommends that 3 issues are to be considered - Risk Factors
Sources of Red Flags
Categories of Red Flags

Risk Factors - Knowing that different transactions will involve different risk factors

Sources of Risk Factors - Borrowers
Multiple Sources

Categories of Risk Factors - - Consumers Credit Report
- Loan Application

What Red Flags could there be in a consumers Credit Report? - Active Duty Alert
Unusual Recent Activity
Credit Freeze Alert
Comparing addresses on credit

An example of a Red Flag under the Red Flags Rule would include all of the following
except
- Moving to Another State
- Mail Sent to a borrower that had was sent back as "Undeliverable"
- Borrower Active Duty
- Different Address given day of submission - - Moving to another State

What Red Flags could there be in a consumers Loan Application? - Documentation that
looks forged or altered
Verifying picture ID's
Borrowers Age
Death Master Filed (a social security belonging to the deceased)
Same info on different applications
Invalid address or P.O Box
Mailing and it is returned
Applications with blank information

5 steps to take to prevent identity theft - Read credit card and bank statements often
and carefully
Know your payment due dates
Read statements from health insurances and make sure you got the treatment that it
says on the paper
Shred all documents containing any personal or financial information
Review your credit reports at least once a year

Fair House Act - is an anti-discrimination law provides equal housing opportunities to
renting, selling or financing a home

,Fair Housing Act Prevents Discrimination of - - Race
- Color
- Religion
- Sex
- Handicap
- National Origin

According to the Fair Housing Act you cannot refuse to... - - Refuse to make a mortgage
Loan
- Refuse to give information regarding loans
- impose different conditions on loans
- Discriminate appraising property

It is illegal to _______ someone that is doing right by the Fair Housing Act - Threaten

A loan officer doesn't speak any language other than english, are they entitled to work
with various clients? - No, if the loan officer only speaks english they can require that
their clients be limited to english.

What reasons would a loan officer reject a client? - Credit issues
Income Issues
Etc.

According to the Fair Housing Act, can you turn down someone of a high target
discrimination group because you believe their application could be fraud? - Yes, if at
any point the loan officer believes that the information could be subject to fraud they
may turn it down. Even if the individual is of a high discrimination group.

Redlining - Denying loans for housing in certain areas/neighborhoods

Loans that prohibit Redlining - VA, FHA, Fannie Mae and Freddie Mac

ECOA - Equal Credit Opportunity Act

Regulation B - ECOA (Equal Credit Opportunity Act)

What does ECOA do? - It's a law that prevents discrimination over any aspect as long
as they credit qualify,
Ex: If a person is old enough and have the qualifying credit it does not matter their race,
ethnicity or color. (Etc.)

What can be asked if you must ask a borrower about marriage? - You may ask them if
they are Married, Un- Married or separated.

What may not be asked about income? - Where the income is coming from

, Child Bearing/Rearing - Discrimination of a woman that is pregnant or has a child

Age Discrimination - You may turn someone away if they do not meet the age
requirements to sign contracts

When would age be considered to positively benefit the borrower? - If the borrower is
close to retiring

Immigration status discrimination - A lender is allowed consider immigration status when
it comes to credit qualifying

30 days is for the borrower to make a decision on what - Their Loan

Adverse Action - Is where the lender is making a decision on whether or not to create a
loan. They turn down the borrower for one to many different reasons

Time period for an adverse action - A lender has 30 days to let the client know about an
adverse action (Turn down) of the loan.
If the borrower and lender come to an agreement to modifications the lender then has
90 days to do the loan under new conditions.

Appraisal Delivery - ECOA requires the copy of any valuation report (Appraisal) be
mailed 3 business days prior to closing
is the client however wants to get it at closing they must agree to it 3 days prior to
closing.

HMDA - Home Mortgage Disclosure Act

Regulation C - HMDA (Home Mortgage Disclosure Act)

Define HMDA and what is means - Requires certain mortgage loan originators to report
data. They send the data to the federal government to see if they are able to serve
different population groups and determine if there is discrimination

4 Main Criteria in which a loan officer must submit a HMDA - 1. LO is for a profit
mortgage loan company
2. LO must have originated 10% of total mortgage volume or made $25 million in
mortgage loans
3. LO must have an office in MSA or originated 5 loans in that area.
4. LO must have assists that are $10 million or have originated 100 loans

MSA - Metropolitan Statistical Area

A HMDA report Contains - #,D,TP,OO,LA,A,LMSA,RS (Loan Number, Date of
application, Type and purpose of loan, Owner Ocupancy, Loan Amount, Action Taken,
Location of MSA, Race/Sex)

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