Exam (elaborations)
NMLS EXAM QUESTIONS WITH DETAILED VERIFIED CORRECT ANSWERS
NMLS EXAM QUESTIONS WITH DETAILED VERIFIED CORRECT ANSWERS
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NMLS EXAM QUESTIONS WITH DETAILED VERIFIEDCORRECT ANSWERS
A "registered mortgage loan originator" is an individual who is...
employed by an exempt depository institution and is therefore also exempt from licensure as a
loan originator
The intention of the Safeguards Rule is to...
ensure the protection of personal information through an effective security program.
The Dodd-Frank Act broadened the scope of HOEPA to cover almost all mortgage types,
except for...
reverse mortgages.
The Derringers have rescinded their loan transaction, informing their lender of their decision
by mail. They are entitled to a full refund within:
20 Days
If a loan originator has not renewed his/her license by December 31st, he/she may:
not continue to conduct any loan originator activities until the license has been renewed.
TILA allows for a rescission period on the refinance of a borrower's ________ dwelling...
Principal
To determine the lifetime rate cap...
Subtract the start rate from the maximum rate
Does a seller pay % of the sales price or % of the loan amount?
Sales Price
,When a creditor takes steps legally to force the sale of a property in an effort to collect on a
loan in default, it is known as...
foreclosure
Foreclosure is...
the sale of property to satisfy unpaid debt after a borrower's default on payments.
What term describes the transfer of ownership of real estate from one owner to another?
conveyance
Enhancing protection and reducing fraud by directing states to adopt minimum uniform
standards for the licensing and registration of residential mortgage loan originators was the
purpose of the federal act known as the...
S.A.F.E. Act
Does a consumer need to pay for a second appraisal if one is needed?
NO
The term "maximum guaranty amount" applies to _____ loans, and it refers to _____.
VA; the maximum amount that the VA will pay to a lender if the borrower defaults on a loan.
Is it federal law or state law that best describes the fiduciary duty that a loan originator owes
to a consumer?
State
The ______ is a trigger term in advertising for both open- and closed-end loans.
Finance Charge
100% financing, more lenient underwriting requirements, and no prepayment penalties.
Advantages of VA loans
Exempt from the ATR rule
,An open end HELOC
What entity requires to give the CHARM Booklet?
TILA
Additional disclosures required in an ad containing a trigger term include...
the amount or percentage of the down payment, the terms of repayment, and the annual
percentage rate.
The Right to Rescind applies to...
HELOC / Refinances
How much hazard insurance does FNMA require on a property?
100% of the insurable replacement cost of project improvements
Examples of FHA loan products...
Cash-out refinances, home equity conversion mortgages, and streamline refinances.
When a creditor revises a Loan Estimate, it must deliver the revised disclosure to the loan
applicant:
No later than four business days prior to consummation.
The funding fee for a first-time user who is regular military, purchasing a home using a VA
loan, is...
2.30%
RESPA requires a refund if an escrow analysis uncovers an overage of greater than...
$50
Overages under $50 found in escrow analysis are...
applied to the next year's escrow payments
, Overages over $50 found in escrow analysis are...
Required to be refunded within 30 days.
If a changed circumstance occurs fewer than four business days prior to consummation...
the revised charges may be provided to the consumer on a revised Closing Disclosure.
The act of unilaterally marking up a fee and retaining the additional earnings is...
not illegal, as long as fee-splitting is not involved.
Lifetime rate caps are used in transactions for adjustable-rate mortgages to limit...
The amount by which a rate can change during a loan term.
Title insurance is required for all loans by the...
Lender
Regulation B provides that, when inquiries related to marital status are permitted, the terms
that may be used are...
"married," "unmarried," and "separated."
An established business relationship exists if a consumer secured a loan from a lender within
the past...
18 months or within past 3 months to inquire about loan products.
A _____ lien takes priority over all other liens, regardless of chronological order.
Tax Lien
What legislation was enacted to strengthen money laundering laws to prevent the financing
of terrorist activities?
PATRIOT Act
The ______ is a limit on the amount by which the payment can change on any adjustment
date from the current or previous payment amount on an ARM.
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