And hmda Study guides, Class notes & Summaries
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NMLS Test Prep CompuCram Test | 120 Questions with 100% Correct Answers | Verified | Latest Update 2024
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A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. 
What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial 
hardship)? - Wednesday, Jan. 6 
Who manages the National Do Not Call Registry? - Federal Trade Commission 
What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - 
FCRA 
What is not prohibited to be included in the loan terms for HOEPA covered i...
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MLO Test Questions & Answers 100% correct 2024
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Which of the following best describes a 2nd mortgage loan? 
(A) A conventional mortgage that is conforming 
(B) A conventional mortgage that is non-conforming 
(C) A conforming loan that is non-conventional 
(D) A non-conforming loan that is non-conventional correct answers(B) A conventional mortgage that is non-conforming 
 
WHY? 
 
Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guidelines 
 
It is important to understand that a conforming lo...
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MORTGAGE LOAN OFFICER HMDA GLBA ECOA FCRA and FACTA QUESTIONS WITH CORRECT ANSWERS!!
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MORTGAGE LOAN OFFICER HMDA GLBA ECOA FCRA and FACTA QUESTIONS WITH CORRECT ANSWERS!!
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MORTGAGE LOAN OFFICER HMDA GLBA ECOA FCRA and FACTA QUESTIONS WITH CORRECT ANSWERS!!
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MORTGAGE LOAN OFFICER HMDA GLBA ECOA FCRA and FACTA QUESTIONS WITH CORRECT ANSWERS!!
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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS
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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS 
 
HMDA allows to see - Answer-where possible discrimination takes place 
 
Where is HMDA found - Answer-Section 10 of the 1003 loan app 
 
PMI - Answer-Private mortgage insurance 
 
TILA deals with - Answer-advertising of loans, cerdit, APR 
 
PMI protects who - Answer-The Lender 
 
SAFE - Answer-Secure And Fair Enforcement Act 
 
HERA - Answer-Housing and Economic Recovery Act 
 
HERA created what act - Answer-SAFE Act 
 
FCRA - Reg V - Answer-Fair Cre...
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SAFE MLO Exam Prep | Questions with 100% Correct Answers | Verified | Latest Update 2024
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ECOA is Regulation ______ - Regulation B 
TILA is administered by ______ - CFPB 
HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 
5% 
For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days 
Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB 
Loan amount, gender, race, & age; which is not required on HMDA? - Age 
HMDA does not - Set lending quotas for protected classes 
Bankruptcies are ke...
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MLO SAFE NMLS safe test practice questions and (VERIFIED) answers rated A
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Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, 
frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. - Predatory Lending. 
RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement 
of residential mortgage loans. 
RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance 
from a particular company...
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HMDA PASSED Exam Questions and CORRECT Answers
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Purpose of HMDA: - (1) Provide public with info that will help show whether financial 
institutions are serving the housing credit needs of the neighborhoods and communities in 
which they are located; AND 
(2) Help public officials in targeting public investments from the private sector to areas where 
they are needed 
Covered Depository Institutions under HMDA - (1) *On the preceding DECEMBER 
31ST*, had assets in excess of annually published FFIEC thresholds *(in excess of $44 
MILLION -...
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HMDA Exam Prep Test | Questions with 100% Correct Answers (A Rated)
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Purpose of HMDA: - ANSWER (1) Provide public with info that will help show whether financial 
institutions are serving the housing credit needs of the neighborhoods and communities in 
which they are located; AND 
(2) Help public officials in targeting public investments from the private sector to areas where 
they are needed 
Covered Depository Institutions under HMDA - ANSWER (1) *On the preceding DECEMBER 
31ST*, had assets in excess of annually published FFIEC thresholds *(in excess of $44 M...
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Prepxl Practice Test 3 Questions With All Correct Answers Already Passed!!
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In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They 
would like to hold onto as much of their savings as they can, but they have chosen to make a down 
payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they 
can make to reach the conforming loan limit but still retain savings? 
- $47,900 
- $35,900 
- $95,800 
- $54,900 - $35,900. 
The down payment in this scenario will be $35,900. This is just enough to kee...
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