Module 1 nmls exam - Study guides, Class notes & Summaries

Module 1 NMLS exam

Module 1 NMLS exam questions with complete answers latest update A permissible purpose is required... - Answer-When obtaining a credit report. Under FCRA, lenders and mortgage progessionals must provide the consumer reporting agency with a certification of permissible purpose in order to pull credit. Loan qualification is considered a permissible purpose. The Gramm-Leach Bliley Act does not protect... - Answer-Publicly-available information. This includes information that can be found in g...

Module 1 NMLS exam

What are the penalties for violation of RESPA/Section 8 - Answer-Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties include fines of up to 10,000 and up to one year in prison Disclosures due within three business days of loan application - Answer-Loan Estimate Your Home Loan Toolkit: A Step By Step Guide CHARM Booklet Variable-rate program disclosures Home equity plan disclosures Notice of Right to Receive an Appraisal Report What can resu...

Module 1 NMLS exam

Module 1 NMLS exam questions with complete answers latest update What can result in a 1,000,000 fine and 30 years in prison? - Answer-Acts of mortgage fraud Definition of the term "creditor" - Answer-The Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act (FACTA) all use the same definition for creditor. A creditor is any person who regulary extends, renews, or continues credit. Loan originators, lenders, and other ...