NMLS SAFE ACT MLO Exam Federal Law 2023/2024 Problem set study Exam Questions and Correct Answers
What does HCFP stand for?
A. Housing and Commonality Facilities Programs
B. Housing and Community Facilities Programs
C. Health and Community Facilities Programs
D. Housing and Community Facil...
NMLS SAFE ACT MLO Exam Federal Law
2023/2024 Problem set study Exam Questions
and Correct Answers
What does HCFP stand for?
A. Housing and Commonality Facilities Programs
B. Housing and Community Facilities Programs
C. Health and Community Facilities Programs
D. Housing and Community Facilities Projects - correct
answer B. Housing and Community Facilities Programs
Identify which attribute is NOT considered discrimination in
granting credit under the Equal Credit Opportunity Act.
A. sex
B. race
C. income level
D. color - correct answer C. income level
the Equal Credit Opportunity act prohibits lenders from denying
your application on the basis of race, color, religion, national
origin, sex, marital status, or age, or from discouraging you from
applying, or giving you less favorable terms than any other
applicant, on such a basis.
,A creditor can retain files that are prohibited by the Equal Credit
Opportunity Act (ECOA) when the information:
A. was requested and obtained from a source after 1997
B. about an applicant was obtained from a legal firm
C. was obtained from a consumer reporting agency without the
creditor requesting it
D. about an applicant was obtained from another creditor -
correct answer C. was obtained from a consumer reporting
agency without the
A lender has how many days to notify the borrower of an
underwriting decision?
A. 10
B. 60
C. 30
D. 20 - correct answer C. 30
The equal credit opportunity act clearly states that any decision
being made regarding applicant be disclosed within 30 days
The Real Estate Settlement Procedures Act (RESPA) is?
A. A borrower protection statute covering residential mortgage
loans
,B. RESPA is a federal law, enacted in 1974 and later revised, that
ensures that the buyer and seller in a real estate transaction
have knowledge of all settlement costs when the purchase of a
one-to-four-family residential dwelling is financed by a federally
related mortgage loan
C. A salesman protection statute covering residential mortgage
loans
D. A consumer protection statute covering residential mortgage
loans - correct answer B. RESPA is a federal law, enacted in
1974 and later revised, that ensures that the buyer and seller in
a real estate transaction have knowledge of all settlement costs
when the purchase of a one-to-four-family residential dwelling is
financed by a federally related mortgage loan
The early TIL disclosure must be provided to a borrower at least
how many business days prior to closing?
A. 7
B. 30
C. 14
D. 3 - correct answer A. 7
The early TIL disclosure must be provided to a borrower at a
time that is within 3 business days after the loan application is
completed and at least 7 business days prior to closing.
What information is a mortgage loan originator NOT allowed to
ask a borrower who is applying for a home mortgage?
, A. ethnicity
B. receipt of public assistance
C. sex
D. race - correct answer B. receipt of public
A mortgage loan originator may not ask a borrower if the source
of income is public assistance. The other issues may be asked in
order to comply with the Home Mortgage Disclosure Act.
The Civil Rights Act of 1866 prohibits discrimination and
provides:
A. Exceptions for private clubs.
B. Exceptions for certain apartment buildings.
C. Exceptions for some owner-occupied housing.
D. No exceptions. - correct answer D. No exceptions.
The fact that no exceptions are provided for discrimination based
on color is the most important aspect of this act.
In order for a junior mortgage on a primary residence to be
considered a higher-priced loan, the APR must exceed the
applicable average prime offer rate by at least
A. 8%
B. 5%
C. 3.5%
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