NMLS Exam Review Questions with Correct Answers

NMLS Exam Review Questions with Correct Answers Fine up to $10,000 and/or prison for one year - Answer-Violation of kickback policies can result in Title insurance - Answer-Protects against defects in title that were not listed on title report Title Insurance - Answer-Protects from claims against his/her ownership interest Treble Damages - Answer-Maximum penalty allowed under RESPA for requiring borrower to use specific title company: 3x the amount of the title fees assessed to buyer 3 business days - Answer-Amount of days until lender must provide documents to borrower once receiving loan application (unless denied) -Good Faith Estimate (GFE) -Mortgage Loan Servicing Disclosure -The Department of Housing and Urban Development's Special Information Booklet on Settlement Costs - Answer-Documents provided to borrower within 3 days of receiving application Business day - Answer-Under RESPA, any day on which the creditor is open to the public Name, SSN, Income, Loan Amount Property Value Estimate, Property Address - Answer-Application is complete (and 3 day clock starts ticking) when you know the following