SAFE NMLS Exam Prep Questions with Correct Answers

SAFE NMLS Exam Prep Questions with Correct Answers The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many business days of receiving a loan application? - Answer-A. 1 B. 3 C. 5 D. 10 B. How often must a summary of escrow activity statement be sent to the borrower? - Answer-A. Once a month B. Once every 3 months C. Once every 6 months D. Once a year D. RESPA requires which of the following to be given to the borrower when the loan servicer changes? - Answer-A. Servicing Transfer Statement B. Good Faith Estimate C. Truth in Lending Disclosure D. Initial Escrow Statement A. When must a referring party give the Affiliated Business Arrangement Disclosure to the consumer? - Answer-A. Within 3 days of the loan application B. Within 15 days of the loan application C. At or prior to the time of referral D. At closing C. A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing? - Answer-A. 1 B. 3 C. 5 D. 7 A. After an escrow account analysis, money must be refunded if the over-paid amount equals or exceeds: - Answer-A. $50 B. $100 C. $250 D. $500 A.