NMLS Test Exam Questions with Correct Answers (Rated A+)

NMLS Test Exam Questions with Correct Answers (Rated A+) How long are Loan Estimate terms available? - Answer-10 business days What if the changed circumstance causes third party charges subject to a cumulative 10% tolerance to increase? - Answer-creditor must send a revised Loan Estimate and refund excess money within 60 days Are there any restrictions on how many days before consummation a revised Loan Estimate may be provided? - Answer-- receives revised LE at least 4 business days before consummation - cannot provide revised LE after providing closing disclosure What is a "changed circumstance"? - Answer-Event beyond the control Inaccurate info used in Loan Estimate New info that creditor didn't know when providing Loan Estimate Mailbox Rule - Answer-creditor needs to place Loan Estimate in mail 3 days after application and 7 days before consummation The Closing Disclosure combines which old disclosures? - Answer-HUD-1 and Final TIL Statement Who is responsible for providing the closing disclosure to the: borrower? when? seller? when? - Answer-creditor to borrower settlement/title agent to seller Name some valid change in circumstances that require you to revise the Closing Disclosures? - Answer-changes before consummation that require 3 day waiting period - change in APR - change loan product - add prepayment penalty changes before consummation that do not require 3 day waiting period - consumer requests revised CD - at consummation - any other changes