Module 1 NMLS exam questions with complete answers latest update

Module 1 NMLS exam questions with complete answers latest update A permissible purpose is required... - Answer-When obtaining a credit report. Under FCRA, lenders and mortgage progessionals must provide the consumer reporting agency with a certification of permissible purpose in order to pull credit. Loan qualification is considered a permissible purpose. The Gramm-Leach Bliley Act does not protect... - Answer-Publicly-available information. This includes information that can be found in government real estate records, information available from the phonebook, and information included on a public unrestricted website. The loan estimate must be provide... - Answer-No later than 3 business days after receiving a completed application. No later than 7 business days prior to consummation The Closing Disclosure must be provided... - Answer-At least three business days prior to consummation Exemptions under ECOA - Answer-Although ECOA prohibits inquires about protected personal characteristics, mortgage professional are permitted to ask HMDA questions. Inquires about protected characteristics may also be used to determine the eligibility for special-purpose credit, such as assistance programs through non- profits. The purpose of the Homeowners Protection Act is.. - Answer-The Homeowners Protection Act was enacted to facilitate the cancellation of private mortgage insurance (PMI). Borrowers can request cancellation when their loan reaches 80% loan-to-value (20% equity), but the law requires automatic discontinuation of PMI at 78% LTV (22% equity)