NMLS Test Prep CompuCram Test | 120 Questions
with 100% Correct Answers | Verified | Latest Update
2024/2025
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.
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
Which financial arrangement is exempt from the Real Estate Settlement Procedures Act? - correct
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? - correct answer>>>$80,000
When must a re-certification of value be performed? - correct answer>>>120 days
Lenders who are authorized to underwrite their own FHA loan applications have what type of
underwriters in their office? - correct answer>>>Direct endorsers
What are the terms of the "cooling off" period if a loan falls under HOEPA? - correct answer>>>three
business days prior to closing
with 100% Correct Answers | Verified | Latest Update
2024/2025
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.
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
Which financial arrangement is exempt from the Real Estate Settlement Procedures Act? - correct
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? - correct answer>>>$80,000
When must a re-certification of value be performed? - correct answer>>>120 days
Lenders who are authorized to underwrite their own FHA loan applications have what type of
underwriters in their office? - correct answer>>>Direct endorsers
What are the terms of the "cooling off" period if a loan falls under HOEPA? - correct answer>>>three
business days prior to closing
