NMLS 2023 National Exam UPDATED ACTUAL QUESTIONS
AND CORRECT Answers
Blockbusting The practice of getting people to sell their
homes at bargain prices by suggesting that
certain ethnic groups are going to move into
the area is nicknamed:
CHARM Booklet You and the borrower believe an Adjustable
Rate Mortgage would be best for the
borrower. What is the name of the booklet
you are required to give?
15 How many days in advance of transferring a
loan to another lender must the current
mortgage servicer inform that customer of
the transfer to another lender who will
subsequently be servicing the loan?
Notice to Home Loan After meeting with the borrowers to
Applicant complete a loan application, you return to
your office and order a Tri-Merged credit
report. Now that you have a credit report,
what Loan Disclosure must you now
prepare and mail (or give) to them?
, fill out the information If a loan originator is in a face-to-face loan
based on visual interview with the applicant, and the
observation. applicant does not wish to answer the
questions in Section 10 on the 1003 , the
loan officer must:
Qualified Mortgage Dodd-Frank mandated which of the
following rules that now appear under TILA:
Environmental hazard Which is not a disclosure required within 3
disclosure business days of receiving an application?
3 years In compliance with the general provisions of
Regulation Z, how long is a lender required
to maintain records?
A 1% interest rate increase What is NOT likely to happen if the
on the loan lender/investor finds fraud?
Up to $1,000,000 fine and What is the maximum penalty for providing
jail time false information on a federally related
loan?
HMDA What law requires the lender to collect a
borrower's demographic information for
first mortgages and home improvement
loans?
Race and Sex HMDA requires the lenders to obtain what
information for each borrower?
An illegal practice An MLO purchases tickets for a sporting
event and provides those tickets to a local
real estate agent as a thank you for a
referral and also in the hopes that that real
estate agent will continue to send clients,
this would be considered:
Vacant Land RESPA does not apply to:
$10,000 per incident plus What are the penalties for violating Section
one year jail time 8 of RESPA?
The Disposal Rule Which rule dictates how instructions are
required to dispose of consumer's
information?
AND CORRECT Answers
Blockbusting The practice of getting people to sell their
homes at bargain prices by suggesting that
certain ethnic groups are going to move into
the area is nicknamed:
CHARM Booklet You and the borrower believe an Adjustable
Rate Mortgage would be best for the
borrower. What is the name of the booklet
you are required to give?
15 How many days in advance of transferring a
loan to another lender must the current
mortgage servicer inform that customer of
the transfer to another lender who will
subsequently be servicing the loan?
Notice to Home Loan After meeting with the borrowers to
Applicant complete a loan application, you return to
your office and order a Tri-Merged credit
report. Now that you have a credit report,
what Loan Disclosure must you now
prepare and mail (or give) to them?
, fill out the information If a loan originator is in a face-to-face loan
based on visual interview with the applicant, and the
observation. applicant does not wish to answer the
questions in Section 10 on the 1003 , the
loan officer must:
Qualified Mortgage Dodd-Frank mandated which of the
following rules that now appear under TILA:
Environmental hazard Which is not a disclosure required within 3
disclosure business days of receiving an application?
3 years In compliance with the general provisions of
Regulation Z, how long is a lender required
to maintain records?
A 1% interest rate increase What is NOT likely to happen if the
on the loan lender/investor finds fraud?
Up to $1,000,000 fine and What is the maximum penalty for providing
jail time false information on a federally related
loan?
HMDA What law requires the lender to collect a
borrower's demographic information for
first mortgages and home improvement
loans?
Race and Sex HMDA requires the lenders to obtain what
information for each borrower?
An illegal practice An MLO purchases tickets for a sporting
event and provides those tickets to a local
real estate agent as a thank you for a
referral and also in the hopes that that real
estate agent will continue to send clients,
this would be considered:
Vacant Land RESPA does not apply to:
$10,000 per incident plus What are the penalties for violating Section
one year jail time 8 of RESPA?
The Disposal Rule Which rule dictates how instructions are
required to dispose of consumer's
information?
