NMLS Test Questions with accurate answers, Graded A. 2022/2023

NMLS Test Questions with accurate answers, Graded A. 2022/2023. Document Content and Description Below NMLS Test Questions with accurate answers, Graded A. 2022/2023. If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Value What law allows the borrower to challenge the value stated in the appraisal? - ECOA (Reg B), Equal Credit Opportunity Act What is ECOA? - Equal Credit Opportunity Act (Reg B) ECOA requires the regulators to what? - Be equal. What is HMDA? - Home Mortgage Disclosure Act (Reg C) What does HMDA do? - Allows regulators to "C" where possible discrimination is taking place. Where is HMDA information found? - Section 10 of the Loan Application. What is RESPA? - Real Estate Settlement Procedures Act (Reg X) How do you remember what regulation is RESPA? - "REXPA" (Reg X) What is TIL/TILA? - Truth in Lending Act (Reg Z) How do you remember TILA? - TILA the GODZILLA What does TILA deal with? - Credit, APR, and advertising of consumer loans. What is HPA? - Homeowners Protection Act What does HPA deal with? - PMI and not MIP. PMI happens when? - The borrower puts less than 20% down. PMI is on what kind of loans? - Conventional not government. PMI protects who? - The lender not the borrower. What is SAFE? - Secure and Fair Enforcement Act What is HERA? - Housing and Economic Recovery Act HERA is the law that created what? - The SAFE Act What is FCRA? - Fair Credit Reporting Act (Reg V) What does FCRA deal with? - Credit reports and credit reporting agencies. What is the FACTA? - Fair and Accurate Credit Transaction Act What does the FACTA deal with? - Identity Theft and Red Flag Rules What is GLBA? - Gramm Leach Bliley Act What is required by GLBA? - (SPF), Safeguarding, Pretexting, Financial Protection policies. Remember SPF like sunscreen protection. What is a safeguarding policy? - A policy on how credit card information is going to be kept SAFE when used in stores. What is a pretexting policy? - A policy to keep others from gaining access to your information under FALSE pretenses. (Pretenders) What is financial privacy policy? - A policy that governs the collection of non-public information and how it is shared with affiliates. (Opt-in/Opt-out) What is a HOEPA section 32 loan? - High-Cost Loans (Part of TILA) What is a HOEPA section 35 loan? - High-Priced Loans (Part of TILA) What is HOEPA? - Home Owners Equity Protection Act What is AfBA/ABA? - Affiliated Business Arrangement What percent interest in a company requires a disclosure under ABA? - 1% not 10% When does ABA require disclosure? - Immediately, prior to document signing, right away, at time of referral, etc. Civils Rights Act of 186