Nmls final exam questions Study guides, Class notes & Summaries

NMLS Final Exam Questions with Correct Answers Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - Answer-C. Gramm-Leach-Bliley Act Whi...

NMLS Final Exam Questions with Correct A Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - Answer-C. Gramm-Leach-Bliley Act Which do...

NMLS Final Exam Questions and Answers Latest Which of the following is one of the stated reasons for implementing the integrated mortgage disclosure forms? a. To reduce identity theft b. To permit lenders to collect fees earlier c. To lower borrowers' costs d. To use clear language that borrowers can understand - Answer-To use clear language that borrowers can understand Five siblings have ownership rights to a property. If a refinance transaction affecting the property is subject...

NMLS final exam questions with 100% Correct answers Which document actually contains the borrower's promise to repay the loan? A. The deed B. The mortgage C. The note D. The TIL Disclosure - Answer-C. The note The practice of intentionally targeting borrowers in poor or underserved areas with predatory loans is known as: A. Redlining B. Steering C. Misappropriation D. Reverse redlining - Answer-D. Reverse redlining If a lender wants to obtain copies of a borrower's tax ret...

NMLS Final Exam Questions With Answers Latest Updated 2023-2024 | 100% Verified. TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclosure must be delivered within how many business days prior to closing a reverse mortgage - ANSWER 7 days The APR must be finalized at least how many days before closing? - ANSWER 3 days A company with which a consumer has an establ...

Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? A.The creditor B.The loan processor C.The consumer D. The CFPB - Answer-A. the creditor Which law restricts the sharing of information given when a consumer applies for a mortgage loan? A. Fair Credit Reporting Act B. FTC Disposal Rules C. Gramm-Leach-Bliley Act D. Consumer Regulatory Protection Act - Answer-C. Gramm-Leach-Bliley Act Which document actually contains the borrower's pro...

Under TILA guidelines, all of the following disclosures are provided for an adjustable-rate loan except: a. The index used to determine rate adjustments b. Statement that the interest rate will be offered for the duration of the loan c. Possibility of changes in the payment amount over time d.Frequency of changes in the annual percentage rate - Answer-Statement that the interest rate will be offered for the duration of the loan According to federal fair lending laws, which of the followin...

NMLS Final Exam Questions and Answers (100% Pass) Which is NOT under the responsibility of and enforced by the Consumer Financial Protection Bureau (CFPB)? - Answer-Federal Fair Housing Act Which of the following is considered a triggering event? - Answer-Termination of mortgage insurance Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry. Max Mortgage can call Ike - Answer-indefinitely. Who manages the National Do Not Call Registry? - Answer-Fe...

NMLS final exam questions with 100% Correct answers Which document actually contains the borrower's promise to repay the loan? A. The deed B. The mortgage C. The note D. The TIL Disclosure - Answer-C. The note The practice of intentionally targeting borrowers in poor or underserved areas with predatory loans is known as: A. Redlining B. Steering C. Misappropriation D. Reverse redlining - Answer-D. Reverse redlining If a lender wants to obtain copies of a borrower's tax retu...

The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets from public assistance. - Answer- According the Mortgage Disclosure Improvement Act, a higher-priced loan is a loan secured by the borrower's principal dwelling where the APR exceeds the applicable average prime offer rate by at least - Answer-1.5 percentage points for...