NMLS SAFE Mortgage Loan Originator
Exam UPDATED Exam Questions and
CORRECT Answers
190 Minutes - CORRECT ANSWER- How long is the NMLS Exam in minutes?
125 Questions - CORRECT ANSWER- How many questions are on the NMLS Exam?
75% correct - CORRECT ANSWER- What is the passing score for the NMLS...
NMLS SAFE Mortgage Loan Originator
Exam UPDATED Exam Questions and
CORRECT Answers
190 Minutes - CORRECT ANSWER-✔✔ How long is the NMLS Exam in minutes?
125 Questions - CORRECT ANSWER-✔✔ How many questions are on the NMLS Exam?
75% correct - CORRECT ANSWER-✔✔ What is the passing score for the NMLS Exam
Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER-✔✔ Federal
Mortgage-Related Laws - What is RESPA?
Equal Credit Opportunity Act (ECOA) - CORRECT ANSWER-✔✔ Federal Mortgage-
Related Laws - What is ECOA?
Truth in Lending Act (TILA) - CORRECT ANSWER-✔✔ Federal Mortgage-Related Laws -
What is TILA?
Home Ownership and Equity Protection Act (HOEPA) - CORRECT ANSWER-✔✔ Federal
Mortgage-Related Laws (Under TILA) - What is HOEPA?
TILA-RESPA Integrated Disclosure Rule (TRID) - CORRECT ANSWER-✔✔ Federal
Mortgage-Related Laws - What is TRID?
Home Mortgage Disclosure Act - CORRECT ANSWER-✔✔ Federal Mortgage-Related
Laws - What is HMDA?
Fair Credit Reporting Act (FCRA) - CORRECT ANSWER-✔✔ Federal Mortgage-Related
Laws - What is FCRA?
,Fair and Accurate Credit Transactions Act (FACTA) / (FACT Act) - CORRECT ANSWER-
✔✔ Federal Mortgage-Related Laws - What is FACTA / FACT Act?
Bank Security Act/Anti-money Laundering - CORRECT ANSWER-✔✔ Federal Mortgage-
Related Laws - What is BSA/AML?
Gramm-Leach-Bliley Act (GLBA) - CORRECT ANSWER-✔✔ Federal Mortgage-Related
Laws - What is GLBA?
Consumer Financial Protection Bureau (CFPB) - CORRECT ANSWER-✔✔ Federal
Mortgage-Related Laws - What is CFPB?
Department of Housing and Urban Development (HUD) - CORRECT ANSWER-✔✔
Federal Mortgage-Related Laws - What is HUD?
Non-Qualified Mortgage (Non QM) - CORRECT ANSWER-✔✔ General Mortgage
Knowledge - What is Non-QM?
Home Equity Line of Credit (HELOC) - CORRECT ANSWER-✔✔ General Mortgage
Knowledge - What is HELOC
the U.S. Department of Housing and Urban Development (HUD) - CORRECT ANSWER-
✔✔ Federal Mortgage-Related Laws (A.Real Estate Settlement Procedures Act (RESPA), 12
CFR Part 1024 (Regulation X) - (a. RESPA Origins & Purpose pg 27) - What oversees the
Real Estate Settlement Procedures Act (RESPA)?
1974 - CORRECT ANSWER-✔✔ Federal Mortgage-Related Laws (A.Real Estate Settlement
Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X) - (a. RESPA Origins & Purpose
pg 27) - When was RESPA enacted by Congress?
RESPA was enacted to allow consumers the ability to obtain costs for settlement services at
closing so that they may have the ability to choose appropriately between loan providers.
RESPA also includes provisions to protect consumers from excessive settlement costs or
lenders who participate in prohibited acts such as kickbacks or referral fees. - CORRECT
ANSWER-✔✔ Federal Mortgage-Related Laws (A.Real Estate Settlement Procedures Act
, (RESPA), 12 CFR Part 1024 (Regulation X) - (a. RESPA Origins & Purpose pg 27) - What is
the origin for the enactment of RESPA?
RESPA provides disclosures throughout the real estate process to help educate purchasers so
that they may make better decisions and more easily understand the process and materials
provided to them.
RESPA enacts the prohibition of unlawful practices by real estate professionals such as
kickbacks and referral fees - CORRECT ANSWER-✔✔ Federal Mortgage-Related Laws
(A.Real Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X) - (a.
RESPA Origins & Purpose pg 27) - What is the purpose of RESPA?
- The time of application
- Before settlement
- At settlement
- After settlement - CORRECT ANSWER-✔✔ Federal Mortgage-Related Laws (A.Real
Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X) - (a. RESPA
Origins & Purpose pg 27) - When does RESPA require disclosers to be provided to
homebuyers during the home-buying process?
"A person that performs origination services and acts as an intermediary between a borrower
and a lender in a transaction involving a federally related mortgage loan" - CORRECT
ANSWER-✔✔ Federal Mortgage-Related Laws (A.Real Estate Settlement Procedures Act
(RESPA), 12 CFR Part 1024 (Regulation X) - (b. Definition of "Mortgage Broker" pg 28) -
What is the definition of a "Mortgage Broker" according to RESPA Definitions Section
1024.2?
Section 6 covers consumer protections in regards to the servicing of their loans. One of the
aspects is any "qualified written request" to a loan servicer concerning must be followed by a
written acknowledgment within 20 business days of receipt of the request. Additionally, any
corrections to the borrowers account must be made within 60 days. - CORRECT ANSWER-
✔✔ Federal Mortgage-Related Laws (A.Real Estate Settlement Procedures Act (RESPA), 12
CFR Part 1024 (Regulation X) - (c. Knowledge of the Prohibition, Limitations and
Exemptions Set by RESPA pg 28) - Expand on What Section 6 is: Right to proper servicing
of the loan...
Sections 8 forbids anyone in a mortgage transaction from giving or accepting payment of any
kind for referrals of settlement services. Additionally, a person cannot receive a portion of a
charge for services that are not performed. These are also known as kickbacks, free-splitting
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