Hmda is - Study guides, Class notes & Summaries
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NMLS Test Prep CompuCram Test | 120 Questions with 100% Correct Answers | Verified | Latest Update 2024
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A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. 
What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial 
hardship)? - Wednesday, Jan. 6 
Who manages the National Do Not Call Registry? - Federal Trade Commission 
What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - 
FCRA 
What is not prohibited to be included in the loan terms for HOEPA covered i...
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MLO Test Questions & Answers 100% correct 2024
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Which of the following best describes a 2nd mortgage loan? 
(A) A conventional mortgage that is conforming 
(B) A conventional mortgage that is non-conforming 
(C) A conforming loan that is non-conventional 
(D) A non-conforming loan that is non-conventional correct answers(B) A conventional mortgage that is non-conforming 
 
WHY? 
 
Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guidelines 
 
It is important to understand that a conforming lo...
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SAFE MLO Exam Prep | Questions with 100% Correct Answers | Verified | Latest Update 2024
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ECOA is Regulation ______ - Regulation B 
TILA is administered by ______ - CFPB 
HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 
5% 
For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days 
Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB 
Loan amount, gender, race, & age; which is not required on HMDA? - Age 
HMDA does not - Set lending quotas for protected classes 
Bankruptcies are ke...
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SAFE MLO Exam Prep Questions with Complete Solution
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ECOA is Regulation ______ - ANSWER Regulation B 
TILA is administered by ______ - ANSWER CFPB 
HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan 
amount? - ANSWER 5% 
For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 
ANSWER 7 days 
Home Mortgage Disclosure Act (HMDA) implemented by _____ - ANSWER FRB 
Loan amount, gender, race, & age; which is not required on HMDA? - ANSWER Age 
HMDA does not - ANSWER Set lending...
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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 al
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Prepxl Practice Test 3 Questions With All Correct Answers Already Passed!!
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In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They 
would like to hold onto as much of their savings as they can, but they have chosen to make a down 
payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they 
can make to reach the conforming loan limit but still retain savings? 
- $47,900 
- $35,900 
- $95,800 
- $54,900 - $35,900. 
The down payment in this scenario will be $35,900. This is just enough to kee...
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SAFE MLO Exam Prep | Questions with 100% Correct Answers | Verified | Latest Update 2024
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ECOA is Regulation ______ - Regulation B 
TILA is administered by ______ - CFPB 
HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 
5% 
For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days 
Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB 
Loan amount, gender, race, & age; which is not required on HMDA? - Age 
HMDA does not - Set lending quotas for protected classes 
Bankruptcies are ke...
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MLO SAFE NMLS safe test practice questions and (VERIFIED) answers rated A
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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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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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Nmls Safe Exam Prep With 100% Correct And Verified Answers
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Nmls Safe Exam Prep With 100% Correct And Verified Answers 
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 allow...
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