Nmls final exam - Study guides, Class notes & Summaries
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NMLS Final Exam Questions with Correct Answers
- Exam (elaborations) • 22 pages • 2024
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NMLS Final Exam Questions with Correct Answers 
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 - 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 - Answer-C. Gramm-Leach-Bliley Act 
 
Whi...
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NMLS Final Exam Questions with Correct Answers.docx
- Exam (elaborations) • 22 pages • 2024
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NMLS Final Exam Questions with Correct A 
 
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 - 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 - Answer-C. Gramm-Leach-Bliley Act 
 
Which do...
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NMLS Final Exam Questions and Answers Latest
- Exam (elaborations) • 28 pages • 2024
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NMLS Final Exam Questions and Answers Latest 
 
 
Which of the following is one of the stated reasons for implementing the integrated mortgage disclosure forms? 
a. To reduce identity theft 
b. To permit lenders to collect fees earlier 
c. To lower borrowers' costs 
d. To use clear language that borrowers can understand - Answer-To use clear language that borrowers can understand 
 
Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject...
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NMLS final exam questions with 100% Correct answers
- Exam (elaborations) • 31 pages • 2024
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NMLS final exam questions with 100% Correct answers 
 
Which document actually contains the borrower's promise to repay the loan? 
A. The deed 
 B. The mortgage 
C. The note 
D. The TIL Disclosure - Answer-C. The note 
 
The practice of intentionally targeting borrowers in poor or underserved areas with predatory loans is known as: 
A. Redlining 
B. Steering 
 C. Misappropriation 
D. Reverse redlining - Answer-D. Reverse redlining 
 
If a lender wants to obtain copies of a borrower's tax ret...
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NMLS final exam questions with Correct answers
- Exam (elaborations) • 31 pages • 2024
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Available in package deal
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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 - 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 - Answer-C. Gramm-Leach-Bliley Act 
 
Which document actually contains the borrower's pro...
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NMLS Final Exam Questions With Answers Latest Updated 2023-2024 | 100% Verified
- Exam (elaborations) • 19 pages • 2023
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NMLS Final Exam Questions With Answers Latest Updated 2023-2024 | 100% Verified. TILA disclosure must be given to the applicant within how many days after receiving the 
signed loan application for a reverse mortgage - ANSWER 3 business days 
Truth in lending disclosure must be delivered within how many business days prior to 
closing a reverse mortgage - ANSWER 7 days 
The APR must be finalized at least how many days before closing? - ANSWER 3 days 
A company with which a consumer has an establ...
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NMLS Final Exam Questions and Answers Latest 100% Pass
- Exam (elaborations) • 28 pages • 2024
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Under TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: 
a. The index used to determine rate adjustments 
b. Statement that the interest rate will be offered for the duration of the loan 
c. Possibility of changes in the payment amount over time 
d.Frequency of changes in the annual percentage rate - Answer-Statement that the interest rate will be offered for the duration of the loan 
 
According to federal fair lending laws, which of the followin...
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NMLS Final Exam Prep 2024.
- Exam (elaborations) • 4 pages • 2024
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NMLS Final Exam Prep 2024. 
While reviewing a Closing Disclosure during an internal audit, the compliance department of Oops Mortgage Company notices that the aggregate costs for services the borrower could shop for increased by 4.077% more than the allowed aggregate 10% tolerance above the charges disclosed in the Loan Estimate. How many days after closing does Oops have to issue a tolerance cure to the borrower? - correct answer 60 days. Any tolerance violation must be refunded within 60 days ...
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NMLS Final Exam Questions and Answers (100% Pass)
- Exam (elaborations) • 5 pages • 2024
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NMLS Final Exam Questions and Answers (100% Pass) 
 
Which is NOT under the responsibility of and enforced by the Consumer Financial Protection Bureau (CFPB)? - Answer-Federal Fair Housing Act 
 
Which of the following is considered a triggering event? - Answer-Termination of mortgage insurance 
 
Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry. Max Mortgage can call Ike - Answer-indefinitely. 
 
Who manages the National Do Not Call Registry? - Answer-Fe...
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NMLS final exam questions with 100% Correct answers
- Exam (elaborations) • 31 pages • 2024
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NMLS final exam questions with 100% Correct answers 
 
Which document actually contains the borrower's promise to repay the loan? 
A. The deed 
 B. The mortgage 
C. The note 
D. The TIL Disclosure - Answer-C. The note 
 
The practice of intentionally targeting borrowers in poor or underserved areas with predatory loans is known as: 
A. Redlining 
B. Steering 
 C. Misappropriation 
D. Reverse redlining - Answer-D. Reverse redlining 
 
If a lender wants to obtain copies of a borrower's tax retu...
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