NMLS Practice Test Exam Questions with Complete Answers

NMLS Practice Test Exam Questions with Complete Answers 9) When a telemarketer calls a person on the do not call list in violation of the do not call regulations, he is subject to a fine of $5,000. •$7,500. •$12,000. •$16,000 - Answer-16,000 10) An escrow account is set up to assure the borrower's loan payments are made promptly. •is intended to ensure timely payment of taxes and other charges related to the property. •does not necessitate sending out any statements to the borrower. •protects the borrower in the event he is unable to make his tax payments. - Answer-•is intended to ensure timely payment of taxes and other charges related to the property. 11) Hal has an adjustable rate loan with a payment cap that allows him to pay less than the amount needed to pay all of the interest being charged on the loan. The term to describe this is •partial amortization. •negative amortization. •full amortization. •interest only. - Answer-negative amortization 12) Government agency that regulates RESPA? •ECOA •HUD •FBI - Answer-HUD 13) The last portion of the 1003 contains government monitoring data on? Sex and race of applicant •Sex, marital status, and race of applicant •Race, ethnicity, and gender - Answer-•Race, ethnicity, and gender 1) Which of the following charges have no tolerance restriction?