NMLS Test Prep CompuCram Test | 120 Questions with 100% Correct Answers | Verified | Latest Update
Question : 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)?
Correct answer: Wednesday, Jan. 6
Question : Who manages the National Do Not Call Registry?
Correct answer: Federal Trade Commission
Question : What federal legislation regulates credit reporting
agencies and lenders concerning credit reporting?
Correct answer: FCRA
Question : What is not prohibited to be included in the loan
terms for HOEPA covered items?
Correct answer: late fees.
Question : Commissions of real estate brokers or agents
would be listed:
Correct answer: In "Other"
Question : A Loan Application Report is due by March 1st of
each year as a result of the enactment of the
Correct answer: Home Mortgage Disclosure Act.
Question : What action would not be considered "adverse
action" according to the Fair Credit Reporting Act?
Correct answer: granting a mortgage loan based on the terms
the consumer applied for
Question : Which loans are not covered under HMDA?
Correct answer: commercial loans
Question : A loan generally cannot be considered a qualified
mortgage (QM) if the points and fees paid by the consumer exceed _____ percent (%) of the total loan amount.
Correct answer: 3
Question : Which disclosure is not required by HOEPA?
Correct answer: right to credit score
Question : According to the SAFE Act, which would be
considered a task that would require someone to be a licensed MLO?
Correct answer: assisting a borrower in obtaining a mortgage
loan by offering to negotiate terms with a lender.
Question : The loan estimate must include the address of the
property. If the address is unavailable, what must you use?
Correct answer: a description of the location of the property
Question : A borrower elects to lower his settlement costs by
paying a slightly higher interest rate. This appears on the Loan Estimate as a
Correct answer: a credit to the borrower
Question : What may be used to convert the construction loan
into permanent financing?
Correct answer: a modification agreement
Question : Actual charges at settlement listed on the CD can
increase more than 10% from the estimates shown on the LE for what fee?
Correct answer: Homeowners insurance
Question : The loan requested divided by the total cost of the
project is referred to as the what?
Correct answer: loan to cost
Question : Which financial arrangement is exempt from the
Real Estate Settlement Procedures Act?
Correct answer: Bridge loans
Question : ABC Mortgage Company has been accused of
inappropriately calling two consumers on the National Do No Call Registry. What is the fine ABC could incur for this?