NMLS

NMLS Practice UPDATED Exam Questions and CORRECT Answers What law deals with credit, APR & advertising of consumer loans? - CORRECT ANSWERTILA/REGULATION Z Which regulation prohibits kickbacks? - CORRECT ANSWER- RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - CORRECT ANSWER- HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - CORRECT ANSWER- RESPA

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance? - After 3 business-day rescission period What is the adjus...

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(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit report Provides additional rights for identity theft victims and active duty military personnel (FCRA) Fair Credit Reporting Act - Regulation V Disclosures - A one-time written notice of derogatory inf...