NMLS EXAM ms
Exam Solution
ms
***NMLS final exam *** 2026 A+ GRADE ASSURED COM ms ms ms ms ms ms ms ms
PLETE SOLUTIONS AND VERIFIED ANSWERS (C40BC)
ms ms ms ms ms
QUESTION 1 ms
How long can a fraud alert be on a borrowers credit report?
ms ms ms ms ms ms ms ms ms ms ms
ANSWER
1 year
ms
QUESTION 2 ms
When loan docs are signed and the loan is closed, funded and recorded the same day
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
what is this called?
ms ms ms
ANSWER
Wet State Closing
ms ms
QUESTION 3 ms
What federal law requires housing counseling be sent to borrowers?
ms ms ms ms ms ms ms ms ms
ANSWER
TILA and HOEPA
ms ms
QUESTION 4 ms
What is the purpose of the closing agent?
ms ms ms ms ms ms ms
ANSWER
Verify the identity, notarize documents and disperse funds.
ms ms ms ms ms ms ms
QUESTION 5 ms
,What federal law was created to prevent misrepresentations in commercial communic
ms ms ms ms ms ms ms ms ms ms
ations?
ANSWER
Mortgage Acts and Practices (MAP)
ms ms ms ms
QUESTION 6 ms
What is the most commonly used FHA loan program?
ms ms ms ms ms ms ms ms
ANSWER
Section 203b ms
QUESTION 7 ms
Which federal law prohibits deceptive calls lying about terms the lender is offering?
ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
Telemarketing and Consumer Fraud Abusive Prevention Act
ms ms ms ms ms ms
QUESTION 8 ms
Economic Growth, Regulatory Relief, and Consumer Protection Act to ammend FACRA
ms ms ms ms ms ms ms ms ms ms ms
and requires which of the following?
ms ms ms ms ms
ANSWER
Requires the 3 credit bureaus to provide security freezes free to consumers.
ms ms ms ms ms ms ms ms ms ms ms
QUESTION 9 ms
What federal law requires a borrowers demographic info?
ms ms ms ms ms ms ms
ANSWER
HMDA (Reg C) ms ms
QUESTION 10 ms
An act or practice is considered what when it cannot be reasonably avoided by consu
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
mers?
ANSWER
Unfair
, QUESTION 11 ms
When does the late period end for using Late CE course to renew an MLO license?
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
February 28th ms
QUESTION 12 ms
The Telemarketing and Consumer Fraud Abusive Prevention Act include the:
ms ms ms ms ms ms ms ms ms
ANSWER
Telemarketing Sales Rule ms ms
QUESTION 13 ms
Is it the LOs job to make sure their is a complete loan application?
ms ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
YES
QUESTION 14 ms
Under TILA a lender is considered to have regularly offered credit more than how ma
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
ny times in a calendar year?
ms ms ms ms ms
ANSWER
25 times
ms
QUESTION 15 ms
Fraud alerts have been extended from 90 days to ______?
ms ms ms ms ms ms ms ms ms
ANSWER
1 Year
ms
QUESTION 16 ms
When MLOs review a borrowers bank statements they are looking for?
ms ms ms ms ms ms ms ms ms ms
ANSWER
Account ownership and large deposits
ms ms ms ms
Exam Solution
ms
***NMLS final exam *** 2026 A+ GRADE ASSURED COM ms ms ms ms ms ms ms ms
PLETE SOLUTIONS AND VERIFIED ANSWERS (C40BC)
ms ms ms ms ms
QUESTION 1 ms
How long can a fraud alert be on a borrowers credit report?
ms ms ms ms ms ms ms ms ms ms ms
ANSWER
1 year
ms
QUESTION 2 ms
When loan docs are signed and the loan is closed, funded and recorded the same day
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
what is this called?
ms ms ms
ANSWER
Wet State Closing
ms ms
QUESTION 3 ms
What federal law requires housing counseling be sent to borrowers?
ms ms ms ms ms ms ms ms ms
ANSWER
TILA and HOEPA
ms ms
QUESTION 4 ms
What is the purpose of the closing agent?
ms ms ms ms ms ms ms
ANSWER
Verify the identity, notarize documents and disperse funds.
ms ms ms ms ms ms ms
QUESTION 5 ms
,What federal law was created to prevent misrepresentations in commercial communic
ms ms ms ms ms ms ms ms ms ms
ations?
ANSWER
Mortgage Acts and Practices (MAP)
ms ms ms ms
QUESTION 6 ms
What is the most commonly used FHA loan program?
ms ms ms ms ms ms ms ms
ANSWER
Section 203b ms
QUESTION 7 ms
Which federal law prohibits deceptive calls lying about terms the lender is offering?
ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
Telemarketing and Consumer Fraud Abusive Prevention Act
ms ms ms ms ms ms
QUESTION 8 ms
Economic Growth, Regulatory Relief, and Consumer Protection Act to ammend FACRA
ms ms ms ms ms ms ms ms ms ms ms
and requires which of the following?
ms ms ms ms ms
ANSWER
Requires the 3 credit bureaus to provide security freezes free to consumers.
ms ms ms ms ms ms ms ms ms ms ms
QUESTION 9 ms
What federal law requires a borrowers demographic info?
ms ms ms ms ms ms ms
ANSWER
HMDA (Reg C) ms ms
QUESTION 10 ms
An act or practice is considered what when it cannot be reasonably avoided by consu
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
mers?
ANSWER
Unfair
, QUESTION 11 ms
When does the late period end for using Late CE course to renew an MLO license?
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
February 28th ms
QUESTION 12 ms
The Telemarketing and Consumer Fraud Abusive Prevention Act include the:
ms ms ms ms ms ms ms ms ms
ANSWER
Telemarketing Sales Rule ms ms
QUESTION 13 ms
Is it the LOs job to make sure their is a complete loan application?
ms ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
YES
QUESTION 14 ms
Under TILA a lender is considered to have regularly offered credit more than how ma
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
ny times in a calendar year?
ms ms ms ms ms
ANSWER
25 times
ms
QUESTION 15 ms
Fraud alerts have been extended from 90 days to ______?
ms ms ms ms ms ms ms ms ms
ANSWER
1 Year
ms
QUESTION 16 ms
When MLOs review a borrowers bank statements they are looking for?
ms ms ms ms ms ms ms ms ms ms
ANSWER
Account ownership and large deposits
ms ms ms ms
