NMLS

NMLS MLO Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. What must a borrower do to avoid having late payments reported to a credit bureau? Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? 3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? Credit scores Max prepayment penalty on residential mortgages in the first year of the loan What must co...

NMLS Laws and Regulations QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. CFPB Consumer Financial Protection Bureau What does the CFPB do? FTC Regulates RESPA, TILA, ECOA, and HMDA Federal Trade Commission What does the FTC do? RESPA Monitors Red Flag Rules Real Estate Settlement Procedures Act What does RESPA do? homes manufactured on lot. •Protects homeowners of Single, 1-4 family dwellings, condos, & •Educates borrowers cos...

NMLS Laws and Regulations QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. CFPB Consumer Financial Protection Bureau What does the CFPB do? FTC Regulates RESPA, TILA, ECOA, and HMDA Federal Trade Commission What does the FTC do? RESPA Monitors Red Flag Rules Real Estate Settlement Procedures Act What does RESPA do? homes manufactured on lot. •Protects homeowners of Single, 1-4 family dwellings, condos, & •Educates borrowers cos...

NMLS Final Exam Review #1 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. A discount point is BEST described as a charge the borrower pays to: decrease the interest rate on the mortgage loan. A lender to A buyer has made an earnest money payment of $5000. The buyer pays an additional $2000 in option money to be credited at closing on a property with the sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provi...

NMLS final exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB A. the creditor Which law restricts the sharing of 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 C. Gram...

NMLS final exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Under TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: a. The index used to determine rate adjustments b. Statement that the interest rate will be offered for the duration of the loan c. Possibility of changes in the payment amount over time d.Frequency of changes in the annual percentage rate will be offered for the duration of the loan Statement tha...

NMLS final exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB A. the creditor Which law restricts the sharing of 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 C. Gram...

NMLS Federal Mortgage Related Laws QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Real Estate Settlement Procedures Act of 1974 is a consumer protection statue Real Estate Settlement Procedures Act (RESPA) RESPA -uses mandatory disclosure requirements to ensure that consumers obtain information on closing costs. -protect consumers from excessive settlement costs and unearned fees Consumer Financial Protection Bureau CFPB or Bureau is a federal regulator...

NMLS EXAM #2 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. 1. The document which combines the Truth in Lending Statement required by TILA and the Good Faith Estimate required by RESPA is which of the following: A. The Home Loan Toolkit. B. The Loan Estimate. C. The Mortgage Servicing Disclosure Statement. D. The Closing Disclosure. The correct answer is B. This is a statement of fact.

NMLS Exam Study Guide: RESPA QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Real Estate Settlement Procedures Act (RESPA) for loans on residential properties of 1-4 units. Nothing of Value This act provides consumer protection __________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. Thing of Value A __________ may include gift cards, spo...