NMLS - Federal Mortgage-Related Laws (Latest
Update) Questions and Verified
Answers | 100% Correct | Grade A+
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Terms in this set (100)
1. The penalties for paying or Fines of up to $10,000 and up to one year in
accepting an illegal referral fee are: prison
2. An annual escrow analysis is used Prevent Escrow overages
to do which of the following?
3. The disclosure requirements of A loan to purchase a duplex and rehabilitate it
RESPA would apply to which of the into a single family home
following loans?
, 4. A customer with an excellent Within 30 days
credit score submits a loan
application. When does ECOA
require that the applicant be
advised of the status of the
application?
5. Mr. Jones's loan application has His credit score
been denied and he is provided
with an Adverse Action notice as
required by ECOA. Which of the
following pieces of information
would not be included on the
notice?
According to fair lending laws, Their race
which of the following may loan
applicants be asked to disclose for
HMDA data collection purposes?
Finance charges may include which Mortgage broker fee
of the following?
Which of the following is not D. Escrow fees
included in calculating the APR? A.
Discount Points B. Underwriting
fees C. PMI D. Escrow fees
The amount of down payment, the Trigger terms
amount of the finance charge, or
the number of payments needed
are all examples ____________ under
TILA.
Update) Questions and Verified
Answers | 100% Correct | Grade A+
Save
Terms in this set (100)
1. The penalties for paying or Fines of up to $10,000 and up to one year in
accepting an illegal referral fee are: prison
2. An annual escrow analysis is used Prevent Escrow overages
to do which of the following?
3. The disclosure requirements of A loan to purchase a duplex and rehabilitate it
RESPA would apply to which of the into a single family home
following loans?
, 4. A customer with an excellent Within 30 days
credit score submits a loan
application. When does ECOA
require that the applicant be
advised of the status of the
application?
5. Mr. Jones's loan application has His credit score
been denied and he is provided
with an Adverse Action notice as
required by ECOA. Which of the
following pieces of information
would not be included on the
notice?
According to fair lending laws, Their race
which of the following may loan
applicants be asked to disclose for
HMDA data collection purposes?
Finance charges may include which Mortgage broker fee
of the following?
Which of the following is not D. Escrow fees
included in calculating the APR? A.
Discount Points B. Underwriting
fees C. PMI D. Escrow fees
The amount of down payment, the Trigger terms
amount of the finance charge, or
the number of payments needed
are all examples ____________ under
TILA.
