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NMLS Test Outline With Correct Questions And Answers 2024
NMLS Test Outline With Correct Questions And Answers 2024
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NMLS Test Outline With Correct QuestionsAnd Answers 2024
RESPA bdisclosures?
due bdates? b- bcorrect banswer.3 bdays bafter bapplication:
Home bloan btool bkit
Loan bestimate
List bof bHUD bcounselors
Mortgage bServicing bDisclosure bStatement
Know bbefore byou bowe bbooklet b
Special bInfo bBooklet
3 bdays bbefore bconsummation:
Initial bClosing bDisclosure
AfBA bdisclosure
At bconsummation:
Final bClosing bDisclosure
Initial bEscrow bStatement b(45 bdays bafter bclosing)
After bclosing:
Annual bEscrow bStatement
Servicing bTransfer bStatement b(sent b15 bdays bbefore btransfer)
RESPA bcovers bwhich bloan btypes? b
exempt bloan btypes? b- bcorrect banswer.FHA,VA,conventional, bUSDA,purchase bloans,
bREFI, bHELOC
all bcash bsales
RESPA b4 bsections b- bcorrect banswer.Section b6: bMortgage bServicing bDisclosure
bStatement: bmortgage bservicers bare brequired bto bcorrect berrors band bwork bwith bhome
bbuyers bif bpayments baren't bbeing bmade. b
Section b8: bNo bkickbacks/referral bfees
Section b9: bSeller bcannot brequire bborrower buse ba bspecific btitle binsurance bcompany
Section b10: blimits bamounts ba blender bcan brequire ba bborrower bto bput binto bescrow baccount
bto b1/12 bdisbursement band b2 breserves. bRequires bannual bescrow banalysis.
RESPA bproperties btypes?
,exempt? b- bcorrect banswer.owner boccupied b1-4 bunit bresidential bproperty b
Agricultural b25+ bacres
Businesses
Commercial
Temporary bFinancing
Vacant bLand
Assumes bexisting b1st blien
The bLoan bEstimate bcombines bwhich bold bdisclosures? b- bcorrect banswer.GFE band bInitial
bTIL bStatement
How blong bare bLoan bEstimate bterms bavailable? b- bcorrect banswer.10 bbusiness bdays
What bif bthe bchanged bcircumstance bcauses bthird bparty bcharges bsubject bto ba bcumulative
b10% btolerance bto bincrease? b- bcorrect banswer.creditor bmust bsend ba brevised bLoan
bEstimate band brefund bexcess bmoney bwithin b60 bdays
Are bthere bany brestrictions bon bhow bmany bdays bbefore bconsummation ba brevised bLoan
bEstimate bmay bbe bprovided? b- bcorrect banswer.- breceives brevised bLE bat bleast b4 bbusiness
bdays bbefore bconsummation
- bcannot bprovide brevised bLE bafter bproviding bclosing bdisclosure
What bis ba b"changed bcircumstance"? b- bcorrect banswer.Event bbeyond bthe bcontrol b
Inaccurate binfo bused bin bLoan bEstimate
New binfo bthat bcreditor bdidn't bknow bwhen bproviding bLoan bEstimate
Mailbox bRule b- bcorrect banswer.creditor bneeds bto bplace bLoan bEstimate bin bmail b3 bdays
bafter bapplication band b7 bdays bbefore bconsummation
The bClosing bDisclosure bcombines bwhich bold bdisclosures? b- bcorrect banswer.HUD-1 band
bFinal bTIL bStatement
Who bis bresponsible bfor bproviding bthe bclosing bdisclosure bto bthe:
borrower? bwhen?
seller? bwhen? b- bcorrect banswer.creditor bto bborrower
settlement/title bagent bto bseller
Name bsome bvalid bchange bin bcircumstances bthat brequire byou bto brevise bthe bClosing
bDisclosures? b- bcorrect banswer.changes bbefore bconsummation bthat brequire b3 bday
bwaiting bperiod
- bchange bin bAPR
- bchange bloan bproduct
- badd bprepayment bpenalty
changes bbefore bconsummation bthat bdo bnot brequire b3 bday bwaiting bperiod
, - bconsumer brequests brevised bCD b- bat bconsummation
- bany bother bchanges b
changes bafter bconsummation
- bevent bcauses binaccurate binfo bfor bconsumer bor bseller b- b30 bdays bafter bconsummation b
- bnon bnumerical bclerical berrors b- b60 bdays bafter bconsummation
- bcreditors brefund bmoney bto bcure btolerance bviolations b- b60 bdays bafter bconsummation
Which blaw brequires ban badverse baction bnotice?
How blong bdo bthey bhave bto bdeliver bit? b- bcorrect banswer.ECOA
30 bdays bafter bapplication
ECOA bdefinition b- bcorrect banswer.ensures ball bconsumers bhave ban bequal bchance bto
bobtain bcredit.
What bis bthe bcorrect bway bto bask babout bmarital bstatus?
under bwhich blaw? b- bcorrect banswer.Are byou bmarried, bunmarried bor bseparated?
ECOA
How blong bdo byou bhave bto bretain bECOA bdisclosures? b
why? b- bcorrect banswer.25 bmonths
because bconsumers bcan btake byou bto bcourt bfor bECOA bviolations
Penalties bfor:
RESPA
TILA
ECOA
Red bFlag bRules
State bRegulatory bAuthorities
Fraud
DNC b- bcorrect banswer.RESPA b- b$10,000/1 byear bimprisonment bfor beach bviolation
TILA b- b$10,000 bper bday bof bnoncompliance
ECOA b- b$10,000 bfor beach bviolation
Red bFlag b- b$3,500 bper bincident
State bReg. b- b$25,000 beach bact bor bommission
Fraud b- b$1,000,000/30 byears bimprisonment bfor beach bviolation
DNC b- b$16,000 beach
The bborrower bhas bhow blong bto brequest ba bcopy bof bhis bappraisal breport? b
How blong bdoes bthe bcreditor bhave bto bdeliver bthe bappraisal breport?
This bis bunder bwhich blaw? b- bcorrect banswer.90 bdays
30 bdays
ECOA
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