NMLS 2023 National Exam
Study Guide Review Latest
Update (404 Questions) with
Correct Answers.
Include terms like
The practice of getting people to sell their
homes at bargain prices by suggesting that
certain ethnic groups are going to move into
the area is nicknamed:
Correct Answer:
Blockbusting
,The practice of getting people to sell their
homes at bargain prices by suggesting that
certain ethnic groups are going to move into
the area is nicknamed: - Correct Answer: Blockbusting
You and the borrower believe an Adjustable
Rate Mortgage would be best for the
borrower. What is the name of the booklet
you are required to give? - Correct Answer: CHARM Booklet
How many days in advance of transferring a
loan to another lender must the current
mortgage servicer informs that customer of
the transfer to another lender who will
subsequently be servicing the loan? - Correct Answer: 15
After meeting with the borrowers to
complete a loan application, you return to
your office and order a Tri-Merged credit
report. Now that you have a credit report,
what Loan Disclosure must you now
,prepare and mail (or give) to them? - Correct Answer: Notice to Home
Loan
Applicant
If a loan originator is in a face-to-face loan
interview with the applicant, and the
applicant does not wish to Correct Answer: the
questions in Section 10 on the 1003 , the
loan officer must: - Correct Answer: fill out the information
based on visual
observation.
Dodd-Frank mandated which of the
following rules that now appear under TILA: - Correct Answer: Qualified
Mortgage
Which is not a disclosure required within 3
business days of receiving an application? - Correct Answer:
Environmental hazard
disclosure
In compliance with the general provisions of
, Regulation Z, how long is a lender required
to maintain records? - Correct Answer: 3 years
What is NOT likely to happen if the
lender/investor finds fraud? - Correct Answer: A 1% interest rate
increase
on the loan
What is the maximum penalty for providing
false information on a federally related
loan? - Correct Answer: Up to $1,000,000 fine and
jail time
What law requires the lender to collect a
borrower's demographic information for
first mortgages and home improvement
loans? - Correct Answer: HMDA
HMDA requires the lenders to obtain what
information for each borrower? - Correct Answer: Race and Sex
An MLO purchases tickets for a sporting
Study Guide Review Latest
Update (404 Questions) with
Correct Answers.
Include terms like
The practice of getting people to sell their
homes at bargain prices by suggesting that
certain ethnic groups are going to move into
the area is nicknamed:
Correct Answer:
Blockbusting
,The practice of getting people to sell their
homes at bargain prices by suggesting that
certain ethnic groups are going to move into
the area is nicknamed: - Correct Answer: Blockbusting
You and the borrower believe an Adjustable
Rate Mortgage would be best for the
borrower. What is the name of the booklet
you are required to give? - Correct Answer: CHARM Booklet
How many days in advance of transferring a
loan to another lender must the current
mortgage servicer informs that customer of
the transfer to another lender who will
subsequently be servicing the loan? - Correct Answer: 15
After meeting with the borrowers to
complete a loan application, you return to
your office and order a Tri-Merged credit
report. Now that you have a credit report,
what Loan Disclosure must you now
,prepare and mail (or give) to them? - Correct Answer: Notice to Home
Loan
Applicant
If a loan originator is in a face-to-face loan
interview with the applicant, and the
applicant does not wish to Correct Answer: the
questions in Section 10 on the 1003 , the
loan officer must: - Correct Answer: fill out the information
based on visual
observation.
Dodd-Frank mandated which of the
following rules that now appear under TILA: - Correct Answer: Qualified
Mortgage
Which is not a disclosure required within 3
business days of receiving an application? - Correct Answer:
Environmental hazard
disclosure
In compliance with the general provisions of
, Regulation Z, how long is a lender required
to maintain records? - Correct Answer: 3 years
What is NOT likely to happen if the
lender/investor finds fraud? - Correct Answer: A 1% interest rate
increase
on the loan
What is the maximum penalty for providing
false information on a federally related
loan? - Correct Answer: Up to $1,000,000 fine and
jail time
What law requires the lender to collect a
borrower's demographic information for
first mortgages and home improvement
loans? - Correct Answer: HMDA
HMDA requires the lenders to obtain what
information for each borrower? - Correct Answer: Race and Sex
An MLO purchases tickets for a sporting
