NMLS

NMLS FINAL EXAM | LATEST UPDATE| ULTIMATE SOLUTION Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - CORRECT ANSWER A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - CORRECT ANSWER C. Gramm-Leach-Bli...

NMLS EXAM | LATEST UPDATE| ULTIMATE SOLUTION What law deals with credit, APR & advertising of consumer loans? - ANSWER TILA/REGULATION Z Which regulation prohibits kickbacks? - ANSWER RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - ANSWER RESPA Regulation X is the letter used to describe which Law? - ANSWER RESPA RESPA is the acronym used to des...

1. Which of the following is NOT a TILA or RESPA mandated disclosure? Select one: A. Closing Disclosure B. Loan Estimate C. Mortgage Servicing Disclosure D. An Adverse Action Statement: D. An Adverse Action Statement 2. Which of the following does not affect a Veterans Funding fee? Select one: A. Loan Amount B. Prior Service (Active/ Reserve) C. Marital Status D. Prior Use of Entitlement: C. Marital Status 3. FACTA requires that if a lender uses credit scores in making or arranging loa...

2024 NMLS STUDY GUIDE | LATEST UPDATE| 215 QAs VERIFIED 1. Which of the following is NOT a TILA or RESPA mandated disclosure? Select one: A. Closing Disclosure B. Loan Estimate C. Mortgage Servicing Disclosure D. An Adverse Action Statement: D. An Adverse Action Statement 2. Which of the following does not affect a Veterans Funding fee? Select one: A. Loan Amount B. Prior Service (Active/ Reserve) C. Marital Status D. Prior Use of Entitlement: C. Marital Status 3. FACTA requires that ...

NMLS EXAM | LATEST UPDATE| ULTIMATE SOLUTION What law deals with credit, APR & advertising of consumer loans? - ANSWER TILA/REGULATION Z Which regulation prohibits kickbacks? - ANSWER RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - ANSWER RESPA Regulation X is the letter used to describe which Law? - ANSWER RESPA RESPA is the ...

Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - CORRECT ANSWER A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - CORRECT ANSWER C. Gramm-Leach-Bliley Act Which document actually ...

A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure - CORRECT ANSWER A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option...

which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - CORRECT ANSWER FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - CORRECT ANSWER Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - CORRECT ANSWER TAXES AND INSURANCE in a qualification of an applicant who rece...

NMLS SAFE EXAM | LATEST UPDATE| ULTIMATE SOLUTION Where credit institutions originate loans - CORRECT ANSWER Primary Mortgage Market When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan - CORRECT ANSWER C. The maximum the rate can increase over the life of ...

NMLS TEST FINAL EXAM AND PRACTICE EXAM QUESTIONS 2024- 2025 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+