NMLS SAFE EXAM 2023/2024 Test Exam Review Questions with all Answers verified for accuracy
What is the penalty for violating GLB? - correct answer Up to 5 years and a fine
What is the penalty for violating RESPA? - correct answer up to $10,000 and/or 1 year
What is the penalty for send...
NMLS SAFE EXAM 2023/2024 Test Exam
Review Questions with all Answers verified for
accuracy
What is the penalty for violating GLB? - correct answer Up
to 5 years and a fine
What is the penalty for violating RESPA? - correct answer up
to $10,000 and/or 1 year
What is the penalty for sending an unauthorized fax? - correct
answer $500
What is the penalty for violating ECOA? - correct answer Up
to $10,000
What is the penalty for violating TILA? - correct answer $5K
for single violation
$25k for reckless violation
$1M per day of knowingly committing a violation
What is the penalty for violating SAFE Act? - correct answer
Up to $30,058
What is the penalty for violating DNC? (Do not call list? -
correct answer up to $43,280
,What is the penalty for violating HMDA? - correct answer
Based on the penalty matrix
What is the penalty for violating FACTA? - correct answer
$5K and/or 1 year
What are the TILA disclosures? - correct answer A BRAWL
on closed caption TV
B- Balloon notice
R- Right to rescind
A- ARM disclosure
W- When you're home is on the line disclosure
L- Loan estimate
C- Charm booklet
C- Closing disclore
T- Transfer or mortgage
What things have a 0% tolerance. - correct answer TRAIL
T- Transfer taxes
R- Credit Report
A- Appraisal
I- Interest rate
L- Loan origination
What things have a 10% tolerance? - correct answer -
Government reporting fee
, - Title insurance or any service chosen by the borrower from the
lenders recommended list
What things have no tolerance requirements? - correct
answer TIP
- Termite inspection
- Insurance hazard and title
- Prepaid interest
Finance charges do not include.... - correct answer PANS BC
- Points paid by the seller
- Appraisal fee
- Notary fee
- Security interest charges, if itemized and disclosed
- Bona fide and reasonable fees
- Credit report fee
Which regulation is TILA? - correct answer Regulation Z
How long after a completed loan application must a LE be
submitted? - correct answer 3 days. If there are any changes
made to the information, you have 3 days to resend updated loan
estimate
What is the absolute only thing a borrower can be charged for
before receiving their loan estimate? - correct answer Credit
report
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