National and UST Mortgage Practice
Exam 4 Questions and Answers Graded
A+
ECOA applies to the extension of credit for:
A. Loans secured by a first or subordinate lien on residential property
B. Residential, business, commercial, and agricultural loans
C. Business, commercial, and agricultural loans
D. All credit other than government loans - Correct answer-B. Residential,
business, commercial, and agricultural loans
ECOA has a wider range than RESPA and TILA, beyond just loans related to
residential properties. The law also covers loans for businesses, commercial, and
agricultural loans.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Which law restricts the sharing of nonpublic personal information given when a
consumer applies for a mortgage loan?
A. Fair Credit Reporting Act
B. FTC Disposal Rules
C. Gramm-Leach-Bliley Act
D. Consumer Regulatory Protection Act - Correct answer-C. Gramm-Leach-Bliley
Act
The Gramm-Leach-Bliley Act is the federal law that limits or restricts the use of a
consumer's nonpublic personal information.
A state-licensed loan originator is:
A. Licensed by the NMLS
B. Not an employee of a depository institution
C. Identified by the unique identifier of his/her employer
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, D. An employee of a subsidiary which is owned or controlled by a depository
institution - Correct answer-B. Not an employee of a depository institution
A state-licensed loan originator is an employee of a non-depository institution and
is licensed by the state.
HMDA data is collected and aggregated to determine:
A. The success rate of nontraditional mortgage loans
B. Whether the success of lending terms varies in different geographic areas
C. The extent of creditor compliance with privacy protection laws
D. Whether different credit terms are offered to members of protected classes -
Correct answer-D. Whether different credit terms are offered to members of
protected classes
HMDA (Home Mortgage Disclosure Act) data is collected and aggregated to
determine whether different credit terms are offered to members of different
protected classes.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Exam 4 Questions and Answers Graded
A+
ECOA applies to the extension of credit for:
A. Loans secured by a first or subordinate lien on residential property
B. Residential, business, commercial, and agricultural loans
C. Business, commercial, and agricultural loans
D. All credit other than government loans - Correct answer-B. Residential,
business, commercial, and agricultural loans
ECOA has a wider range than RESPA and TILA, beyond just loans related to
residential properties. The law also covers loans for businesses, commercial, and
agricultural loans.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Which law restricts the sharing of nonpublic personal information given when a
consumer applies for a mortgage loan?
A. Fair Credit Reporting Act
B. FTC Disposal Rules
C. Gramm-Leach-Bliley Act
D. Consumer Regulatory Protection Act - Correct answer-C. Gramm-Leach-Bliley
Act
The Gramm-Leach-Bliley Act is the federal law that limits or restricts the use of a
consumer's nonpublic personal information.
A state-licensed loan originator is:
A. Licensed by the NMLS
B. Not an employee of a depository institution
C. Identified by the unique identifier of his/her employer
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, D. An employee of a subsidiary which is owned or controlled by a depository
institution - Correct answer-B. Not an employee of a depository institution
A state-licensed loan originator is an employee of a non-depository institution and
is licensed by the state.
HMDA data is collected and aggregated to determine:
A. The success rate of nontraditional mortgage loans
B. Whether the success of lending terms varies in different geographic areas
C. The extent of creditor compliance with privacy protection laws
D. Whether different credit terms are offered to members of protected classes -
Correct answer-D. Whether different credit terms are offered to members of
protected classes
HMDA (Home Mortgage Disclosure Act) data is collected and aggregated to
determine whether different credit terms are offered to members of different
protected classes.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
