Nmls Safe Mortgage Loan Originator Exam A+ Grade Assured Complete Solutions And Verified Answers

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NMLS SAFE ACT MLO Exam Federal Law 2026 A+ GRADE vc vc vc vc vc vc vc vc vc vc




ASSURED COMPLETE SOLUTIONS AND VERIFIED ANSW vc vc vc vc vc




ERS (C12CF) vc




QUESTION 1 vc




If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with
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you in regards to a loan, when does right to contact them expire?
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A. 1 monthvc vc



B. 2 months
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C. 3 months
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D. 4 months vc vc




ANSWER

C. 3 months An established business relationship with a company also will be created if you make an in
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quiry to the company, or submit an application to it. This kind of established business relationship exist
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s for three months after the inquiry or application. During this time, the company can call you.
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QUESTION 2 vc




Under the Home Ownership and Equity Protection Act (HOEPA), which loan below would
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be considered a high-cost loan?
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A. $100,000 loan with fees of $7,500
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B. $300,000 loan with fees of $22,500
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C. $420,000 loan with fees of $20,500
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D. $200,000 loan with fees of $16,500
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ANSWER

D. $200,000 loan with fees of $16,500
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QUESTION 3 vc




The Truth in Lending Act requires disclosure of
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A. the property appraisal.
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,B. key terms of the credit transaction.
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C. closing costs.
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D. loan servicing practices.
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ANSWER

B. key terms of the credit transaction. TILA requires a disclosure of the terms of the credit transactions,
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including costs and key provisions. RESPA requires disclosure of closing costs and loan servicing practic
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es. ECOA requires disclosure of the appraisal.
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QUESTION 4 vc




How long does a lender have to cure a tolerance violation?
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A. Within 10 business days after settlement
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B. Within 30 calendar days after settlement
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C. The borrower must be reimbursed at settlement
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D. Within 1 business days after settlement
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ANSWER

B. Within 30 calendar days after settlement RESPA allows lenders to cure the tolerance violation by rei
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mbursing to the borrower the amount by which the tolerance was exceeded, at settlement or within 30
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calendar days after settlement. vc vc vc




QUESTION 5 vc




Which Regulation corresponds to The Real Estate Settlement Procedures Act (RESPA) ?
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A. regulation Y
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B. regulation V
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C. regulation Z
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D. regulation X
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ANSWER

D. regulation X The term "Regulation X" can refer to two different regulations in the United States. One,
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passed by the Federal Reserve Board, concerns credit extended to people who purchase United States T
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reasury securities. The other, also known as the Real Estate Settlement Procedures Act (RESPA) is conce
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rned with the process of completing real estate sales. People who participate in such sales are monitore
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d by the Department of Housing and Urban Development to determine whether or not they are adherin
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g to legislation such as Regulation X.
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QUESTION 6 vc




Which is a disclosure that RESPA requires creditors to give to customers at the time of th
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e mortgage loan closing?
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A. Mortgage Servicing Disclosure Statement
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B. HUD-1
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, C. Settlement Costs and You Booklet
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D. GFE vc




ANSWER

B. HUD-1 The HUD-
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1 Settlement Statement is a standard form in use in the United States of America which is used to itemiz
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e services and fees charged to the borrower by the lender or broker.
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QUESTION 7 vc




The Federal law requiring unrestricted access to public accommodations is the:
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A. Fair Housing act
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B. The public accommodations
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C. Real Estate Settlement procedures act
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D. Americans with Disabilities Act.
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ANSWER

D. Americans with Disabilities Act. The Americans with Disabilities Act which gives civil rights protectio
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n to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex,
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national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in publ
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ic accommodations, employment, transportation, State and local government services, and telecommuni
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cations.



QUESTION 8 vc




If each of the following loans would otherwise require compliance with the Federal Trut
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h-in-Lending ACT, which one would be exempt on the basis of the type of loan itself?
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A. An agricultural loan by a bank
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B. A VA loan from a federally-charted savings and loan association
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C. $25,000 loan from a credit union for home improvement
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D. $20,000 signature loan from a consumer finance company
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ANSWER

A. An agricultural loan by a bank Truth-In-
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Lending Act was designed to protect the borrower by requiring the lender to make a meaningful disclos
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ure of credit terms to the borrower. The Truth-in-
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Lending Act would not cover Agricultural Loans. The right of rescission on a loan begins when Loan doc
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uments are signed by the borrower;
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QUESTION 9 vc




TILA allows consumers _____ to back out of a loan transaction through a right of rescissio
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n.
A. 5 Business days
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B. 3 Business days
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