NMLS MLO 2023/2024 Proficiency knowledge test Exam Questions and certified Answers
HMDA was implemented by the: - correct answer Federal Reserve Board
How many days does a lender have to send a statement of reasons for an adverse action after receiving a request from an applicant? - correc...
NMLS MLO 2023/2024 Proficiency knowledge
test Exam Questions and certified Answers
HMDA was implemented by the: - correct answer Federal
Reserve Board
How many days does a lender have to send a statement of
reasons for an adverse action after receiving a request from an
applicant? - correct answer 30 days
Which Act includes provisions to protect consumers' personal
financial information held by financial institutions? - correct
answer Gramm-Leach-Bliley
Which Act allows consumers one free credit report per year from
each repository? - correct answer FACTA
How many business days before loan consummation is a
borrower entitled to see a revised Closing Disclosure that did not
trigger an additional 3-day waiting period? - correct answer
1 biz day
How many days before loan consummation is a seller entitled to
see the Closing Disclosure? - correct answer 0 (closing day)
When a consumer requests the cancellation of their escrow
account, the lender has how many business days prior to closing
,the account to deliver an Escrow Closing Notice? - correct
answer 3 biz days
When a lender cancels an escrow account for a reason other than
default or termination caused by refinancing, repayment or
rescission, they have how many days prior to closing the account
to deliver an Escrow Closing Notice? - correct answer 30
days
Are the TILA Disclosure and Loan Estimate delivered to a
reverse mortgage applicant? - correct answer The TILA
Disclosure is, but the Loan Estimate is not
How many days after settlement does the lender have to send the
Satisfaction of Mortgage letter? - correct answer 60 days
Purchase Money Mortgage - correct answer Occurs when a
buyer borrows from a seller either instead of, or in addition to, a
lender to purchase a home
lis pendens - correct answer aka Notice of Default, is when
a foreclosure lawsuit is initiated on the property
Fannie Mae 1006 - correct answer Form signed by the
applicant to authorize the lender to verify bank balances
Fannie Mae 1005 - correct answer Form signed by the
applicant to authorize the lender to verify payroll information
, The appraisal approach that best applies to vacant land is: -
correct answer Sales Comparison Approach
The appraisal approach that best applies to a school is: -
correct answer Cost Approach
In a completion escrow account, what is the minimum estimated
repair cost held in trust by a lender? - correct answer 120%
A legally binding letter from the lender to the mortgagor stating
the terms of the loan is: - correct answer A commitment
letter
Mortgagor's title insurance policy - correct answer It is for
the amount of the purchase price, is optional, and is not
transferable. It is NOT based on loan amount
Property Surveys are not certified to: - correct answer Real
estate brokers. They ARE certified to lenders, title insurers and
buyers
Business Day - correct answer Any day the creditor is open
to the public for the initial loan estimate and disclosures under
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