NMLS Test Prep CompuCram Test Questions
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"
,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
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
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"
,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
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
