NMLS Exam Questions with verified
Answers (Graded A+)
TILA requires creditors to maintain records that they complied with the disclosure
requirements for how many years? - Answer-two (2)
A telemarketer can be fined how much per incident for calling someone registered on
the National Do Not Call Registry? - Answer-$16,000
The appraiser determines the home's value based on differences between the home
and recent - Answer-sold homes in the area
One of the many tasks of the Consumer Financial Protection Bureau (CFPB) is to -
Answer-ensure borrowers understand the fine print that explains the risks involved in
using financial services
The main purpose of Regulation V is to - Answer-create reasonable procedures about
confidentiality and accuracy of credit consumer information.
When disclosing the amount of premium for title insurance: - Answer-The creditor must
disclose the amount of premium for lender's title coverage without any adjustment made
for the owner's title policy
The Loan ID # is - Answer-the creditor's identification number
The loan estimate and closing disclosure must be used for most _________
mortgages? - Answer-Closed-End
An MLO is not required to provide a borrower with a Loan Estimate if the lender turns
down the loan within - Answer-3 business days
Phil is refinancing his home, that is his principle residence, and signs the loan papers.
How much time does Reg Z give him to change his mind? - Answer-3 business days
To comply with Ability to Repay provisions, lenders cannot base their evaluation of a
consumer's ability to repay on - Answer-introductory (teaser) rates
Lisa is applying for a loan to purchase a home. Under the terms of Reg Z, how long will
Lisa have to rescind the loan after she signs off on it? - Answer-0 days; there is no right
of rescission
The right a lender has to require payment in full immediately due to a broken convenant
in the mortgage document is known as - Answer-acceleration clause
Answers (Graded A+)
TILA requires creditors to maintain records that they complied with the disclosure
requirements for how many years? - Answer-two (2)
A telemarketer can be fined how much per incident for calling someone registered on
the National Do Not Call Registry? - Answer-$16,000
The appraiser determines the home's value based on differences between the home
and recent - Answer-sold homes in the area
One of the many tasks of the Consumer Financial Protection Bureau (CFPB) is to -
Answer-ensure borrowers understand the fine print that explains the risks involved in
using financial services
The main purpose of Regulation V is to - Answer-create reasonable procedures about
confidentiality and accuracy of credit consumer information.
When disclosing the amount of premium for title insurance: - Answer-The creditor must
disclose the amount of premium for lender's title coverage without any adjustment made
for the owner's title policy
The Loan ID # is - Answer-the creditor's identification number
The loan estimate and closing disclosure must be used for most _________
mortgages? - Answer-Closed-End
An MLO is not required to provide a borrower with a Loan Estimate if the lender turns
down the loan within - Answer-3 business days
Phil is refinancing his home, that is his principle residence, and signs the loan papers.
How much time does Reg Z give him to change his mind? - Answer-3 business days
To comply with Ability to Repay provisions, lenders cannot base their evaluation of a
consumer's ability to repay on - Answer-introductory (teaser) rates
Lisa is applying for a loan to purchase a home. Under the terms of Reg Z, how long will
Lisa have to rescind the loan after she signs off on it? - Answer-0 days; there is no right
of rescission
The right a lender has to require payment in full immediately due to a broken convenant
in the mortgage document is known as - Answer-acceleration clause
