1|Page
NMLS Test Prep CompuCram Test EXAM ||VERIFIED
EXAM!!|| MOST RECENT EXAM ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
BRAND NEW!!!
A Loan Application Report is due by March 1st of each
year as a result of the enactment of the - Answer-Home
Mortgage Disclosure Act.
What action would not be considered "adverse action"
according to the Fair Credit Reporting Act? - Answer-
granting a mortgage loan based on the terms the
consumer applied for
Which loans are not covered under HMDA? - Answer-
commercial loans
A loan generally cannot be considered a qualified
mortgage (QM) if the points and fees paid by the
consumer exceed _____ percent (%) of the total loan
amount. - Answer-3
,2|Page
Which disclosure is not required by HOEPA? - Answer-
right to credit score
According to the SAFE Act, which would be considered a
task that would require someone to be a licensed MLO? -
Answer-assisting a borrower in obtaining a mortgage loan
by offering to negotiate terms with a lender.
The loan estimate must include the address of the
property. If the address is unavailable, what must you use?
- Answer-a description of the location of the property
A borrower elects to lower his settlement costs by paying a
slightly higher interest rate. This appears on the Loan
Estimate as a - Answer-a credit to the borrower
What may be used to convert the construction loan into
permanent financing? - Answer-a modification agreement
Actual charges at settlement listed on the CD can increase
more than 10% from the estimates shown on the LE for
what fee? - Answer-Homeowners insurance
,3|Page
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)? - Answer-
Wednesday, Jan. 6
Who manages the National Do Not Call Registry? -
Answer-Federal Trade Commission
What federal legislation regulates credit reporting
agencies and lenders concerning credit reporting? -
Answer-FCRA
What is not prohibited to be included in the loan terms for
HOEPA covered items? - Answer-late fees.
Commissions of real estate brokers or agents would be
listed: - Answer-In "Other"
The loan requested divided by the total cost of the project
is referred to as the what? - Answer-loan to cost
, 4|Page
Which financial arrangement is exempt from the Real
Estate Settlement Procedures Act? - Answer-Bridge loans
ABC Mortgage Company has been accused of
inappropriately calling two consumers on the National Do
No Call Registry. What is the fine ABC could incur for this?
- Answer-$80,000
When must a re-certification of value be performed? -
Answer-120 days
Lenders who are authorized to underwrite their own FHA
loan applications have what type of underwriters in their
office? - Answer-Direct endorsers
What are the terms of the "cooling off" period if a loan falls
under HOEPA? - Answer-three business days prior to
closing
What information is a mortgage loan originator not allowed
to ask a borrower who is applying for a home mortgage? -
Answer-receipt of public assistance
NMLS Test Prep CompuCram Test EXAM ||VERIFIED
EXAM!!|| MOST RECENT EXAM ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
BRAND NEW!!!
A Loan Application Report is due by March 1st of each
year as a result of the enactment of the - Answer-Home
Mortgage Disclosure Act.
What action would not be considered "adverse action"
according to the Fair Credit Reporting Act? - Answer-
granting a mortgage loan based on the terms the
consumer applied for
Which loans are not covered under HMDA? - Answer-
commercial loans
A loan generally cannot be considered a qualified
mortgage (QM) if the points and fees paid by the
consumer exceed _____ percent (%) of the total loan
amount. - Answer-3
,2|Page
Which disclosure is not required by HOEPA? - Answer-
right to credit score
According to the SAFE Act, which would be considered a
task that would require someone to be a licensed MLO? -
Answer-assisting a borrower in obtaining a mortgage loan
by offering to negotiate terms with a lender.
The loan estimate must include the address of the
property. If the address is unavailable, what must you use?
- Answer-a description of the location of the property
A borrower elects to lower his settlement costs by paying a
slightly higher interest rate. This appears on the Loan
Estimate as a - Answer-a credit to the borrower
What may be used to convert the construction loan into
permanent financing? - Answer-a modification agreement
Actual charges at settlement listed on the CD can increase
more than 10% from the estimates shown on the LE for
what fee? - Answer-Homeowners insurance
,3|Page
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)? - Answer-
Wednesday, Jan. 6
Who manages the National Do Not Call Registry? -
Answer-Federal Trade Commission
What federal legislation regulates credit reporting
agencies and lenders concerning credit reporting? -
Answer-FCRA
What is not prohibited to be included in the loan terms for
HOEPA covered items? - Answer-late fees.
Commissions of real estate brokers or agents would be
listed: - Answer-In "Other"
The loan requested divided by the total cost of the project
is referred to as the what? - Answer-loan to cost
, 4|Page
Which financial arrangement is exempt from the Real
Estate Settlement Procedures Act? - Answer-Bridge loans
ABC Mortgage Company has been accused of
inappropriately calling two consumers on the National Do
No Call Registry. What is the fine ABC could incur for this?
- Answer-$80,000
When must a re-certification of value be performed? -
Answer-120 days
Lenders who are authorized to underwrite their own FHA
loan applications have what type of underwriters in their
office? - Answer-Direct endorsers
What are the terms of the "cooling off" period if a loan falls
under HOEPA? - Answer-three business days prior to
closing
What information is a mortgage loan originator not allowed
to ask a borrower who is applying for a home mortgage? -
Answer-receipt of public assistance
