Exam (elaborations)
NMLS Loan Officer Questions and Answers
NMLS Loan Officer Questions and Answers
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NMLS Loan Officer Questions and AnswersTILA - REG Z requires lenders... CORRECT ANS-To disclose the COMPLETE COST OF CREDIT
to consumer loan applicants. Tell the WHOLE STORY of the loan.
3-Day Right of Recission CORRECT ANS-ESTABLISHED BY TILA - REG Z
- Creditor must return any money collected
related to the loan within 20 CALENDAY DAYS
- Consumers may rescind the credit transaction
UNTIL MIDNIGHT OF THE THIRD BUSINESS DAY.
- Borrowers must receive TWO COPIES of a
Notice of Right to Rescind.
Cooling Off Period CORRECT ANS-3 Days to change your mind (TILA)
, NMLS Loan Officer Questions and Answers
TILA Disclosures must be Kept for... CORRECT ANS-2 Years
EXCEPTIONS:
Loan Estimate - 3 YRS
Closing Discolures - 5 YRS
TILA Disclosures CORRECT ANS-Loan Estimate Disclosure
Closing Disclosure
CHARM Booklet
(Consumer Handbook on Adjustable Rate Mortgages)
APR CORRECT ANS-Annual Percentage Rate
Another Phrase for APR... CORRECT ANS-Effective Rate
Another Term for Interest Rate... CORRECT ANS-Note Rate or Nominal Rate
, NMLS Loan Officer Questions and Answers
ECOA - REG B CORRECT ANS-Equal Credit Opportunities Act
If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then
Lender has 30 days to deliver
HMDA - REG C CORRECT ANS-Home Mortgage Disclosure Act
Found in:
Section 10 of 10-03 Loan App
Government Monitoring Section
Eliminates / Identifies Possible Discrimination
RESPA - REG X CORRECT ANS-Real Estate Settlement Procedures Act
TIL/TILA - REG Z CORRECT ANS-Truth in Lending Act (2015)
, NMLS Loan Officer Questions and Answers
Deals with: (Of Consumer Loans)
Credit
APR
Advertising
HPA CORRECT ANS-Homeowners Protection Act
Deals With:
PMI - Private Mortgage Insurance - Protects Lender, NOT borrower
Conventional Loans
NOT MIP
NOT Government Loans
20% Down
SAFE CORRECT ANS-SECURE and Fair Enforcement Act
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