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NMLS Test Affinity With Correct Questions And Answers 2024
NMLS Test Affinity With Correct Questions And Answers 2024
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NMLS Test Affinity With Correct QuestionsAnd Answers 2024
What llaw ldeals lwith lcredit, lAPR l& lAdvertising lof lconsumer lloans? l- lcorrect lanswer.TILA
Which lregulation lprohibits lkickbacks? l- lcorrect lanswer.RESPA
Which lregulations lrequire lthe llender lto lcancel lPMI lwhen lthe lloan lreaches l78% lLTV? l-
lcorrect lanswer.HPA-Homeowners lProtection lAct
Which lRegulation lprohibits lfee lsplitting? l- lcorrect lanswer.RESPA
Regulation lX lis lthe lletter lused lto ldescribe lwhich llaw? l- lcorrect lanswer.RESPA
RESPA lis lthe lacronym lused lto ldescribe lwhich llaw? l- lcorrect lanswer.Real lEstate
lSettlement lProcedures lAct
What ltype lof lmortgage lrequires la lnon-refundable lfunding lfee? l- lcorrect lanswer.VA lLoan
What lis lthe lprovision lin la lmortgage lenabling la llender lto ldemand lfull lrepayment lif lthe
lborrower lDEFAULTS lon lthe lloan? l- lcorrect lanswer.Acceleration lClause
What lis lthe lprovision lin la lmortgage lenabling la llender lto ldemand lfull lrepayment lif lthe
lborrower lTRANSFERS lthe lloan? l- lcorrect lanswer.Alienation lClause
What ldoes lCFPB lstand lfor? l- lcorrect lanswer.Consumer lFinancial lProtection lBureau
What ltwo llaws lcreated lthe lCFBP? l- lcorrect lanswer.Dodd lFrank lAct land lConsumer
lFinance lProtection lAct
Which lregulation lis ldesigned lto lhelp lmeet lthe lCredit lneeds lof lthe lCommunities lin lwhich lit
loperates? l- lcorrect lanswer.CRA- lCommunity lReinvestment lAct
Under lECOA lrules land lregulations, lhow lmany ldays lthe lborrower lhave lto lrequest la lcopy
lof lan lappraisal lreport? l- lcorrect lanswer.90
Under lECOA lrules land lregulations, lhow lmany ldays ldoes lthe llender lhave lto lprovide la
lcopy lof lan lappraisal lreport, lonce lrequested lby lthe lborrower? l- lcorrect lanswer.30
,If la lloan lapplication lis lAPPROVED, lUnder lECOA lrules l& lregulations, lwhen lMUST la lcopy
lof lthe lappraisal lbe lprovided lto lthe lborrower? l- lcorrect lanswer.3 lbusiness ldays
Conforming lloans lfollow lguidelines lof lwhich lregulators? l- lcorrect lanswer.Fannie lMae land
lFreddie lMac
Which lregulation lrequires lthe llenders lto l"BE lEQUAL" lwhen lextending lcredit lto
lborrowers? l- lcorrect lanswer.ECOA
How lold lmust la lborrower lbe lto lqualify lfor la lReverse lMortgage? l- lcorrect lanswer.62 lyears
lold
Which lregulation lhas lthe lprimary lfunction lof lpreventing lIdentity lTheft? l- lcorrect
lanswer.FACT lAct
Which lregulation lhas lSection l114 lRules? l- lcorrect lanswer.FACT lAct
Which lregulation lrequires lthe lcreditor lto lverify lthe lVALIDITY lof lany lchange lof laddress
lreceived? l- lcorrect lanswer.SECTION l114 lof lthe lFACT lAct
What lis lthe lpayment lmethod lused lin la lreverse lmortgage lthat lallows lthe lhomeowners lto
lreceive la lmonthly lcheck lwhile lliving lin lthe lproperty? l- lcorrect lanswer.Tenure lMethod
What lis lthe lfraud lscheme lwhere la lborrower luses lsomeone lelse's lname lto lpurchase lthe
lproperty, lbut lthe lperson lWILL lNOT lbe lliving lat lthe lproperty? l- lcorrect lanswer.Straw
lBorrower
What lgovernment llender l"insures" lmortgages? l- lcorrect lanswer.FHA
What lgovernment llender l"Guarantees" lMortgages? l- lcorrect lanswer.VA lLoans
What lgovernment llender lloans lmoney lto lfund lpurchases lin lrural lareas? l- lcorrect
lanswer.USDA/ lDept. lof lAgriculture
What lis lthe lvalue lremaining lin lproperty lafter lall lliens land ldebts lhave lbeen lpaid? l- lcorrect
lanswer.Equity
A lborrower lis lrefinancing lhis lhome. lHow lmuch ltime ldoes lReg lZ lgive lhim lto lchange lhis
lmind? l- lcorrect lanswer.3 ldays
Which lregulation lestablished lthe l3-day lright lof lrescission lrule? l- lcorrect lanswer.TILA
Redlining lis lpart lof lwhich lregulation/Law? l- lcorrect lanswer.Fair lHousing lAct
Blockbusting lis lpart lof lwhich lregulation/Law? l- lcorrect lanswer.Fair lHousing lAct
, Steering lis lpart lof lwhich lregulation/Law? l- lcorrect lanswer.Fair lhousing lact
Trying lto lconvince la lhomeowner lto lSELL lhis lhome lby limplying lthat lanother lrace/ethnicity
lis lmoving lin lthe lneighborhood lis lcalled? l- lcorrect lanswer.Blockbusting/panic lselling
Trying lto lconvince la lhomeowner lto lPURCHASE lin la lparticular lneighborhood lbased lon
lhis lrace, lreligion lor lethnicity lis lcalled? l- lcorrect lanswer.STEERING
Refusing lto lmake lloans lon la lproperty lin la lcertain lneighborhood lfor ldiscriminatory
lreasons lis lcalled? l- lcorrect lanswer.Redlining
What ldoes lHOEPA lstand lfor? l- lcorrect lanswer.Home lOwnership land lEquity lProtection
lAct
HOEPA lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA
High lCost lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA
High lPriced lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA
Section l32 lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA
Section l35 lLoans lare lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA
MDIA lAct lis lpart lof lwhich llarger lregulation? l- lcorrect lanswer.TILA
Mortgage lDisclosure lImprovement lAct lis lpart lof lwhich llarger lregulation? l- lcorrect
lanswer.TILA
What lis lanother lname lfor lAnnual lPercentage lRate? l- lcorrect lanswer.Effective lRate
What lis lanother lname lfor lInterest lRate? l- lcorrect lanswer.Note lrate lor lNominal lRate
PITI ldivided lby lGross lMonthly lIncome lis lreferred lto las lwhat? l- lcorrect lanswer.Housing
lRatio lor lFront-End-DTI
PITI l+ lmonthly ldebt ldivided lby lGross lMonthly lIncome lis lreferred lto las lwhat? l- lcorrect
lanswer.Total lObligation lRatio-Back-end lRatio
How llong lmust lTILA lDisclosures lbe lkept? l- lcorrect lanswer.2 lyears l(exceptions- lLE lis lkept
lfor l3 lyrs land lCD lis lkept lfor l5 lyrs)
What lis lthe lmaximum lamount lof ltime lthat lNEGATIVE linfo lcan lremain lon la lcredit lreport? l-
lcorrect lanswer.7 lyears
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