Nmls respa - Study guides, Class notes & Summaries
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SAFE NMLS Exam Prep Questions with Correct Answers
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SAFE NMLS Exam Prep Questions with Correct Answers 
 
The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 
B. 3 
C. 5 
D. 10 
 
B. 
 
The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 
B. 3 
C. 5 
D. 10 
 
B. 
 
The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many business days of re...
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NMLS Exam Study Guide: RESPA Questions and Answers 2024
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NMLS Exam Study Guide: RESPA Questions and Answers 2024 
Real Estate Settlement Procedures Act (RESPA) 
This act provides consumer protection for loans on residential properties of 1-4 units. 
 
 
 
Nothing of Value 
__________ can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves. 
 
 
 
 
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NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass)
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NMLS SAFE ACT MLO Exam - Federal Law Exam Questions with Correct Answers (100% Pass) 
 
Which Regulation corresponds to The Real Estate Settlement Procedures Act (RESPA) ? 
 
A. regulation Y 
B. regulation V 
C. regulation Z 
D. regulation X - Answer-D. regulation X 
 
The term "Regulation X" can refer to two different regulations in the United States. One, passed by the Federal Reserve Board, concerns credit extended to people who purchase United States Treasury securities. The other, also kn...
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NMLS EXAM STUDY QUESTIONS 2024.
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NMLS EXAM STUDY QUESTIONS 2024. 
1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City - correct answer B. Mortgage Fraud is reported to the FBI and to HUD ( 
 
The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 
 
2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: 
A. The SAFE Act 
B. RESPA 
C. TILA 
D. CRA - correct answer A. S.A.F....
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NMLS Exam Questions with All Correct Answers.docx
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NMLS Exam Questions with All Correct A 
 
Requirement 2 of Safeguard Rule (IARCIEECR) - Answer-Identify and access the risks to customer information as well as evaluate the effectiveness of controlling the risks. 
EXPA (RESPA) - Answer-Applies to federally related mortgage loans Funds insured by the government 
Funds from a lender REGULATED by the government Intended for sale to Fannie or Freddie 
Made by a creditor regulated under TILA 
RESPA - Answer-Real Estate Settlement Procedures Act 
HUD ...
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Prepxl Practice Test 6 Questions With Complete Solutions Rated A+
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Cindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that 
allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for 
the remainder of the loan. What type of loan is this? 
- Variable 
- ARM 
- Option ARM 
- Fixed rate - Answer-Fixed rate. 
This loan is a fixed-rate loan (at 6% for 30 years). The payment example shows an interest-only feature 
for the first five years and then a fully-amortized payment for the ...
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MLO - Laws/Regulations Questions and Answers | Latest Update | 2024/2025 | Already Passed
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MLO - Laws/Regulations Questions and 
Answers | Latest Update | 2024/2025 | 
 
Already Passed 
 
____ copies of the Notice of Right to Rescind must be given to every borrower with the right to 
rescind. 2 
 
_____ hours of continuing education is required every year. 8 
 
_____ hours of pre-licensing education is required for state-licensed MLOs. 20 
 
____________________ ratios are DTI ratios that take into account the payment of the monthly 
mortgage divided by the gross monthly income of the...
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NMLS Test Outline, Exam Questions and answers, VERIFIED/| LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 42 pages • 2024
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NMLS Test Outline, Exam Questions and 
answers, VERIFIED/ 
RESPA disclosures? 
due dates? - -3 days after application: 
Home loan tool kit 
Loan estimate 
List of HUD counselors 
Mortgage Servicing Disclosure Statement 
Know before you owe booklet 
Special Info Booklet 
3 days before consummation: 
Initial Closing Disclosure 
AfBA disclosure 
At consummation: 
Final Closing Disclosure 
Initial Escrow Statement (45 days after closing) 
After closing: 
Annual Escrow Statement 
Servicing Transfer...
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SAFE NMLS Exam Prep Questions and answers, VERIFIED | LATEST UPDATE | EXAM PREDICTION QUESTIONS |
- Exam (elaborations) • 122 pages • 2024
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SAFE NMLS Exam Prep Questions and 
answers, VERIFIED/ 
Real Estate Settlement Procedures Act (RESPA) is implemented as: - -A. Regulation B 
B. Regulation X 
C. Regulation A 
D. Regulation Z 
B. 
Which government agency enforces the RESPA regulations? - -A. CFPB 
B. FCC 
C. FHA 
D. FTC 
A. 
RESPA is concerned with: - -A. Kickbacks 
B. Credit reports 
C. Triggering terms in ads 
D. U.S. security 
A. 
The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days ...
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NMLS Exam Questions with Complete Solutions Latest Update
- Exam (elaborations) • 129 pages • 2024
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NMLS Exam Questions with Complete Solutions Latest Update 
 
c) Loan servicing - Answer-Section 6 of RESPA pertains to: 
 
a) Annual escrow settlement 
b) kickbacks 
c) loan servicing 
 
c) 3 business days of loan application - Answer-The mortgage servicing disclosure statement or ISDS must be provided within: 
 
a) prior to settlement 
b) at settlement 
c) 3 business days of loan application 
 
1) appraisal report changes 
2) expiration of original LE 
3) customer request changes - Answ...
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