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Exam (elaborations)

NMLS - Practice Exam with Complete Solutions 100% Verified

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NMLS - Practice Exam with Complete Solutions 100% Verified RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans for business, c...

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  • August 26, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS - Practice Exam with Complete Solutions
100% Verified
RESP does not apply to:


a) Loans secured by a lien on a principal dwelling


b) Federally related mortgage loans


c) Subprime mortgage loans


d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans


for business, commercial and agricultural purposes


Under the Fair Credit Reporting Act, which of the following entities has the


burden of protecting a consumer's privacy when his/her credit information is


being reported?


a) Credit reporting agency


b) HUD


c) Mortgage broker


d) The consumer - ANSWER a) Credit reporting agency


An annual escrow analysis is used to do which of the following?

,NMLS - Practice Exam with Complete Solutions
100% Verified
a) Report underwriting errors


b) Ensure the loan is properly amortized


c) Reduce burden on the servicer


d) Prevent escrow overages - ANSWER d) Prevent escrow overages


If a mortgage professional advertises a loan product at "7.25% APR for the first

six


months! After six months, APR is 10.5%, subject to increase based on market


conditions," What if any additional disclosures does TILA require?

a) No other information is required


b) The finance charges for the loan


c) The monthly payment for the loan


d) The APR in effect after the introductory rate expires - ANSWER a) No other

information is required


There is a ________ accuracy tolerance for amounts stated on the Loan Estimate

and the actual closing cost if the consumer is allowed to shop for his/her own

, NMLS - Practice Exam with Complete Solutions
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settlement service provider.


a) 5% c) 10%


B) 15% d) 0% - ANSWER c) 10%


The USA PATRIOT Act is a federal law that Congress adopted in response to:


a) The need to revitalize the economy in 2008


b) The meltdown of the mortgage lending market in 2007


c) The terrorist attacks on September 11, 2001


d) The need to make HAMP loans available to more Americans - ANSWER c) The


terrorist attacks on September 11, 2001


What federal statute primarily serves to control the settlement costs of

residential


mortgage loans?

a) TILA b) ECOA


c) RESPA d) HMDA - ANSWER c) RESPA

The disclosure requirements of RESPA would apply to which of the following

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