NMLS Test Prep CompuCram Test Newest 2026
Questions and Correct Detailed Answers Already
Graded A+
The loan estimate must include the address of the property. If the address is
unavailable, what must you use? - CORRECT 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 - CORRECT ANSWER-a credit to
the borrower
What may be used to convert the construction loan into permanent financing? -
CORRECT 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? - CORRECT ANSWER-
Homeowners insurance
The loan requested divided by the total cost of the project is referred to as the
what? - CORRECT ANSWER-loan to cost
,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)? - CORRECT ANSWER-
Wednesday, Jan. 6
Who manages the National Do Not Call Registry? - CORRECT ANSWER-Federal
Trade Commission
What federal legislation regulates credit reporting agencies and lenders
concerning credit reporting? - CORRECT ANSWER-FCRA
What is not prohibited to be included in the loan terms for HOEPA covered items?
- CORRECT ANSWER-late fees.
Commissions of real estate brokers or agents would be listed: - CORRECT
ANSWER-In "Other"
A Loan Application Report is due by March 1st of each year as a result of the
enactment of the - CORRECT ANSWER-Home Mortgage Disclosure Act.
, What action would not be considered "adverse action" according to the Fair
Credit Reporting Act? - CORRECT ANSWER-granting a mortgage loan based on
the terms the consumer applied for
Which loans are not covered under HMDA? - CORRECT 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. -
CORRECT ANSWER-3
Which disclosure is not required by HOEPA? - CORRECT 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? - CORRECT ANSWER-assisting a borrower in
obtaining a mortgage loan by offering to negotiate terms with a lender.
Which financial arrangement is exempt from the Real Estate Settlement
Procedures Act? - CORRECT ANSWER-Bridge loans
Questions and Correct Detailed Answers Already
Graded A+
The loan estimate must include the address of the property. If the address is
unavailable, what must you use? - CORRECT 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 - CORRECT ANSWER-a credit to
the borrower
What may be used to convert the construction loan into permanent financing? -
CORRECT 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? - CORRECT ANSWER-
Homeowners insurance
The loan requested divided by the total cost of the project is referred to as the
what? - CORRECT ANSWER-loan to cost
,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)? - CORRECT ANSWER-
Wednesday, Jan. 6
Who manages the National Do Not Call Registry? - CORRECT ANSWER-Federal
Trade Commission
What federal legislation regulates credit reporting agencies and lenders
concerning credit reporting? - CORRECT ANSWER-FCRA
What is not prohibited to be included in the loan terms for HOEPA covered items?
- CORRECT ANSWER-late fees.
Commissions of real estate brokers or agents would be listed: - CORRECT
ANSWER-In "Other"
A Loan Application Report is due by March 1st of each year as a result of the
enactment of the - CORRECT ANSWER-Home Mortgage Disclosure Act.
, What action would not be considered "adverse action" according to the Fair
Credit Reporting Act? - CORRECT ANSWER-granting a mortgage loan based on
the terms the consumer applied for
Which loans are not covered under HMDA? - CORRECT 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. -
CORRECT ANSWER-3
Which disclosure is not required by HOEPA? - CORRECT 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? - CORRECT ANSWER-assisting a borrower in
obtaining a mortgage loan by offering to negotiate terms with a lender.
Which financial arrangement is exempt from the Real Estate Settlement
Procedures Act? - CORRECT ANSWER-Bridge loans
