NMLS TEST PREP COMPUCRAM TEST | QUESTIONS WITH 100%
CORRECT ANSWERS | VERIFIED |
Alice has some credit issues and really needs a place to live.
She has three dogs so she has to buy a home. Alice's friend,
Jim has a debt ratio and a credit profile that permit him to
qualify for a second home loan though he has no plans to
move. Alice offers to give Jim the down payment for the home
and she will move in and make the payments. What is this
considered? - ---Answers----fraud for profit and property
A borrower applies for a loan on November 1st. The creditor
then chooses to deny the loan on November 21st. When must
the creditor communicate the decision to the borrower? - ---
Answers----November 30th
(clock starts at application date, not the denial date)
A mortgage banker who escrows taxes and insurance for a
mortgagor must provide an accounting of all monies to the
borrower how often? - ---Answers----Every year
If a borrower does not have the required amount to pay
closing fees, a mortgage loan originator may lawfully do what?
- ---Answers----lower the fee amount by forfeiting a portion
of the broker's commission.
,When a licensee ceases to engage in business and files a plan
for withdrawal with the state regulatory authority, this is
referred to as what? - ---Answers----surrender
If a credit report was ordered without a permissible purpose,
which regulation(s) were violated: - ---Answers----Reg. P
and V
If a licensed mortgage loan originator is convicted of a felony,
who is responsible for reporting this information to the NMLS?
- ---Answers----mortgage loan originator
According to the Fair Credit Reporting Act, which situation
does not entitle someone to a free copy of his credit report? -
---Answers----An applicant was refused credit due to
insufficient income
A lender is obligated to provide a borrower with a Settlement
Statement, how many business days prior to the loan closing if
requested to do so? - ---Answers----one
Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, mortgage loans are __________ if they are
secured by a consumer's home and have interest rates above
certain thresholds. - ---Answers----higher priced
, TILA requires creditors to maintain records that they complied
with the disclosure requirements for how many years? - ---
Answers----two
What document would be required in order for a person to
relinquish all interest and future rights to property that is
jointly owned by him/her and a person other than his or her
spouse? - ---Answers----quitclaim deed
An example of a time delay would be what? - ---Answers----
hold up in occupancy permit due to failed final electrical
inspection.
The clause in the mortgage that makes the note due in full
upon sale or transfer of a property is called a(n) - ---
Answers----alienation clause
A mortgage broker hands the borrower a Loan Estimate in his
office the day after the application was completed. The broker
can charge the borrower for an appraisal when? - ---
Answers----After receiving the ITP from the borrower
What loan is most likely to utilize a single closing as a new
construction loan? - ---Answers----construction-only loan
How many hours of annual continuing education are required
by the SAFE Act for federally registered mortgage loan
originators? - ---Answers----none
CORRECT ANSWERS | VERIFIED |
Alice has some credit issues and really needs a place to live.
She has three dogs so she has to buy a home. Alice's friend,
Jim has a debt ratio and a credit profile that permit him to
qualify for a second home loan though he has no plans to
move. Alice offers to give Jim the down payment for the home
and she will move in and make the payments. What is this
considered? - ---Answers----fraud for profit and property
A borrower applies for a loan on November 1st. The creditor
then chooses to deny the loan on November 21st. When must
the creditor communicate the decision to the borrower? - ---
Answers----November 30th
(clock starts at application date, not the denial date)
A mortgage banker who escrows taxes and insurance for a
mortgagor must provide an accounting of all monies to the
borrower how often? - ---Answers----Every year
If a borrower does not have the required amount to pay
closing fees, a mortgage loan originator may lawfully do what?
- ---Answers----lower the fee amount by forfeiting a portion
of the broker's commission.
,When a licensee ceases to engage in business and files a plan
for withdrawal with the state regulatory authority, this is
referred to as what? - ---Answers----surrender
If a credit report was ordered without a permissible purpose,
which regulation(s) were violated: - ---Answers----Reg. P
and V
If a licensed mortgage loan originator is convicted of a felony,
who is responsible for reporting this information to the NMLS?
- ---Answers----mortgage loan originator
According to the Fair Credit Reporting Act, which situation
does not entitle someone to a free copy of his credit report? -
---Answers----An applicant was refused credit due to
insufficient income
A lender is obligated to provide a borrower with a Settlement
Statement, how many business days prior to the loan closing if
requested to do so? - ---Answers----one
Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, mortgage loans are __________ if they are
secured by a consumer's home and have interest rates above
certain thresholds. - ---Answers----higher priced
, TILA requires creditors to maintain records that they complied
with the disclosure requirements for how many years? - ---
Answers----two
What document would be required in order for a person to
relinquish all interest and future rights to property that is
jointly owned by him/her and a person other than his or her
spouse? - ---Answers----quitclaim deed
An example of a time delay would be what? - ---Answers----
hold up in occupancy permit due to failed final electrical
inspection.
The clause in the mortgage that makes the note due in full
upon sale or transfer of a property is called a(n) - ---
Answers----alienation clause
A mortgage broker hands the borrower a Loan Estimate in his
office the day after the application was completed. The broker
can charge the borrower for an appraisal when? - ---
Answers----After receiving the ITP from the borrower
What loan is most likely to utilize a single closing as a new
construction loan? - ---Answers----construction-only loan
How many hours of annual continuing education are required
by the SAFE Act for federally registered mortgage loan
originators? - ---Answers----none
