NMLS TEST-Affinity Exam Questions with Complete Solutions

NMLS TEST-Affinity Exam Questions with Complete Solutions Which regulation requires the lenders to "BE EQUAL" when extending credit to borrowers? - Answer-ECOA How old must a borrower be to qualify for a Reverse Mortgage? - Answer-62 years old Which regulation has the primary function of preventing Identity Theft? - Answer-FACT Act Which regulation has Section 114 Rules? - Answer-FACT Act Which regulation requires the creditor to verify the VALIDITY of any change of address received? - Answer-SECTION 114 of the FACT Act What is the payment method used in a reverse mortgage that allows the homeowners to receive a monthly check while living in the property? - Answer-Tenure Method What is the fraud scheme where a borrower uses someone else's name to purchase the property, but the person WILL NOT be living at the property? - Answer-Straw Borrower What government lender "insures" mortgages? - Answer-FHA What government lender "Guarantees" Mortgages? - Answer-VA Loans What government lender loans money to fund purchases in rural areas? - Answer-USDA/ Dept. of Agriculture What is the value remaining in property after all liens and debts have been paid? - Answer-Equity A borrower is refinancing his home. How much time does Reg Z give him to change his mind? - Answer-3 days