Hmda is - Study guides, Class notes & Summaries
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MLO SAFE NMLS Test Practice Questions
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MLO SAFE NMLS Test Practice Questions 
 
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan 
terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. - Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the 
settlement of residential mortgage loans. 
 
RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purcha...
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Practice SAFE Exam Questions
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Practice SAFE Exam Questions 
 
Which federal law requires that the Good Faith Estimate be provided to the borrower 
within three business days of the time, a loan application is taken? 
A. ECOA 
B. HMDA 
C. RESPA 
D. TILA - C 
 
What type of scam entails homeowners who are encouraged to refinance their property 
over and over until little or no equity remains? 
A. extreme lending 
B. loan flipping 
C. property skimming 
D. reverse equity - B 
 
After a loan closing, funds are disbursed. When ar...
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NMLS SAFE EXAM PREP 2023 WITH 100% CORRECT ANSWERS
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ECOA - Reg B - correct answer -Equal Credit Opportunity Act 
 
HMDA - Reg C - correct answer -Home Mortgage Disclosure Act 
 
RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act 
 
TILA - Reg Z - correct answer -Truth In Lending Act 
 
HPA - correct answer -Home-owner Protection Act 
 
PMI is required when - correct answer -Borrower puts less than 20% down 
 
ECOA deals with - correct answer -credit applications 
 
HMDA allows to see - correct ans
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MLO SAFE NMLS safe practice Exam questions with Complete Solutions | A+ Grade
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Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, 
frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. - Predatory Lending. 
RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of 
residential mortgage loans. 
RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance 
from a particular company...
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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS
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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS 
 
HMDA allows to see - Answer-where possible discrimination takes place 
 
Where is HMDA found - Answer-Section 10 of the 1003 loan app 
 
PMI - Answer-Private mortgage insurance 
 
TILA deals with - Answer-advertising of loans, cerdit, APR 
 
PMI protects who - Answer-The Lender 
 
SAFE - Answer-Secure And Fair Enforcement Act 
 
HERA - Answer-Housing and Economic Recovery Act 
 
HERA created what act - Answer-SAFE Act 
 
FCRA - Reg V - Answer-Fair Cre...
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MLO TEST | 998 QUESTIONS WITH 100% CORRECT ANSWERS | VERIFIED
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1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic 
groups are going to move into the area is nicknamed: 
1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 
2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is 
the name of the booklet you are required to give? 
1.CHARM Booklet 
2.ARM Disclosure 
3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 
3.How many d...
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NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE
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NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE 
 
 
NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE 
 
 
NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE 
 
 
NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE 
 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER-FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER-Acceleration Cl...
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MLO SAFE NMLS safe test practice exam questions and answers
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MLO SAFE NMLS safe test practice exam questions and answers 
 
A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years 
 
Per the Dodd-Frank Act an abusive act would include which of the following: 
1. One that materially interferes with the consumers ability to understand the product or service. 
2. One that take unreasonable advantage of a consumers' lack of understanding. 
3. One that takes unreasonable advantage of the consumer's...
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HMDA Test Study Guide 2| Questions with 100% Correct Answers (A Rated)
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Loan Application Register - ANSWER Document used to report home mortgage loans by 
financial institutions subject to HMDA reporting 
Depository Institution - ANSWER Bank, savings association, or credit union with assests OVER 
44 million as of 12/31 of the preceding year, had 1 office in an MSA, orginated at least 1 home 
mortgage loan (1-4 family), and is federally insured or regula
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Loan Officer: NMLS. Question with 100 % correct answers | Verified | updated
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(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem 
of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the 
accuracy of consumer reports. 
(FCRA) The National Consumer Assistance Plan (NCAP) aims to... - ...improve consumer 
experience, data accuracy, and quality. 
(HMDA) In addition to originations, reportable HMDA data includes... - - Loan Applications 
- Loan Denials 
- Loan Approvals 
- Loa...
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