20 practice Questions with Answers and Explanations

NMLS Practice Questions - 20
Questions and answers


Question 1:

What law requires lenders to disclose the annual percentage rate (APR) to
consumers?



A) ECOA

B) RESPA

C) TILA

D) HMDA

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Question 2:

Which regulation is also known as Regulation X?



A) TILA

B) RESPA

C) HMDA

D) FCRA

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Question 3:

Within how many business days must the Loan Estimate (LE) be provided after
receiving a complete application?

,A) 1 day

B) 3 business days

C) 7 calendar days

D) At closing

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Question 4:

What law prohibits discrimination based on race, sex, religion, and national
origin in credit transactions?



A) RESPA

B) ECOA

C) TILA

D) GLBA

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Question 5:

The Closing Disclosure must be delivered at least how many days prior to loan
consummation?



A) 1 business day

B) 5 calendar days

C) 3 business days

D) 7 calendar days

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Question 6:

, Which law enforces the Do Not Call list?



A) TCPA

B) TILA

C) RESPA

D) GLBA

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Question 7:

Which law protects consumer private financial information?



A) TILA

B) RESPA

C) GLBA

D) FACTA

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Question 8:

What is the purpose of HMDA?



A) To detect discrimination in lending

B) To protect private data

C) To issue licenses

D) To regulate interest rates

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Question 9:

What form replaced the GFE and TIL disclosures?