Hmda test - Study guides, Class notes & Summaries
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HMDA Test Study Guide 2| Questions with 100% Correct Answers (A Rated)
- Exam (elaborations) • 15 pages • 2024
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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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HMDA Test | Questions with 100% Correct Answers (A Rated)
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. Which type of loan transaction is NOT covered under the HMDA reporting 
requirements? 
A. A loan secured by a multifamily dwelling 
B. An unsecured home improvement loan 
C. A loan to purchase a residential lot 
D. Both b and c - ANSWER D. Both b and c 
Neither unsecured home improvement loans nor loans on unimproved land are 
covered transactions. As of January 1, 2018, HMDA coverage requires a lien on a 
dwelling.
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HMDA Test Study Guide| Questions with 100% Correct Answers (A Rated
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Government Monitoring Information (GMI) - ANSWER reported information about the race, 
sex, and ethnicity of the applicant(s). 
A Metropolitan Division (MD) - ANSWER is a county or group of counties within an Metropolitan 
Statistical Area (MSA) thatis urban, population over 2.5 million AND consists of one or more 
main/secondary counties that represent 
an employment center or centers plus adjacent counties associated with the main/secondary 
county or counties through commuting ties.
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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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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...
Too much month left at the end of the money?
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MLO SAFE NMLS safe test practice questions and answers latest updated
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MLO SAFE NMLS safe test practice questions and answers latest updated 
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. 
 
 
 
 
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NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS
- Exam (elaborations) • 20 pages • 2024
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NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS 
 
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 Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - Answer-TAXES AND INSURANCE 
 
in a qualification of an applicant w...
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NMLS PRACTICE QUESTIONS with correct answers
- Exam (elaborations) • 32 pages • 2023
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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 Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? Answer TAXES AND INSURANCE 
 
in a qualification of an applicant who receives child support and alimony Answer CHILD SUPPORT...
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NMLS VERIFIED COMPLETE PRACTICE QUESTIONS 2024.
- Exam (elaborations) • 25 pages • 2024
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NMLS VERIFIED COMPLETE PRACTICE QUESTIONS 2024. 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - correct answer FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - correct answer Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - correct answer TAXES AND INSURANCE 
 
in a qualifi...
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HMDA Exam Guide 2024 | Questions with 100% Correct Answers (A Rated)
- Exam (elaborations) • 5 pages • 2024
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HMDA is.... - ANSWER requires certain financial institutions to collect, report, and disclose 
information about their mortgage lending activity 
Is subject to HMDA if it meets all of the following? - ANSWER - asset threshold from the 
preceding year 
- location test: preceding year, home or branch office located in a metropolitan statistical area 
(MSA) 
- loan activity test: preceding year, originated at least one home purchase loan or refinancing of 
a home purchase loan secured by a first li...
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