NMLS Test Prep CompuCram Test
Questions
What action would not be considered "adverse action" according to the Fair Credit
Reporting Act? - ✔️✔️granting a mortgage loan based on the terms the consumer
applied for
A borrower signs the note and mortgage for a refinance on his principal residence on
Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed
(assuming no bona fide financial hardship)? - ✔️✔️Wednesday, Jan. 6
Who manages the National Do Not Call Registry? - ✔️✔️Federal Trade Commission
What federal legislation regulates credit reporting agencies and lenders concerning
credit reporting? - ✔️✔️FCRA
What is not prohibited to be included in the loan terms for HOEPA covered items? -
✔️✔️late fees.
Commissions of real estate brokers or agents would be listed: - ✔️✔️In "Other"
A Loan Application Report is due by March 1st of each year as a result of the enactment
of the - ✔️✔️Home Mortgage Disclosure Act.
Which loans are not covered under HMDA? - ✔️✔️commercial loans
A loan generally cannot be considered a qualified mortgage (QM) if the points and fees
paid by the consumer exceed _____ percent (%) of the total loan amount. - ✔️✔️3
Which disclosure is not required by HOEPA? - ✔️✔️right to credit score
According to the SAFE Act, which would be considered a task that would require
someone to be a licensed MLO? - ✔️✔️assisting a borrower in obtaining a mortgage
loan by offering to negotiate terms with a lender.
The loan estimate must include the address of the property. If the address is
unavailable, what must you use? - ✔️✔️a description of the location of the property
, A borrower elects to lower his settlement costs by paying a slightly higher interest rate.
This appears on the Loan Estimate as a - ✔️✔️a credit to the borrower
What may be used to convert the construction loan into permanent financing? - ✔️✔️a
modification agreement
Actual charges at settlement listed on the CD can increase more than 10% from the
estimates shown on the LE for what fee? - ✔️✔️Homeowners insurance
The loan requested divided by the total cost of the project is referred to as the what? -
✔️✔️loan to cost
Which financial arrangement is exempt from the Real Estate Settlement Procedures
Act? - ✔️✔️Bridge loans
ABC Mortgage Company has been accused of inappropriately calling two consumers on
the National Do No Call Registry. What is the fine ABC could incur for this? -
✔️✔️$80,000
When must a re-certification of value be performed? - ✔️✔️120 days
Lenders who are authorized to underwrite their own FHA loan applications have what
type of underwriters in their office? - ✔️✔️Direct endorsers
What are the terms of the "cooling off" period if a loan falls under HOEPA? - ✔️✔️three
business days prior to closing
What information is a mortgage loan originator not allowed to ask a borrower who is
applying for a home mortgage? - ✔️✔️receipt of public assistance
The Closing Disclosure for an ARM indicates an APR of 6.55%. The APR changes to
7% prior to close. This requires an additional waiting period of how long after
redisclosure? - ✔️✔️3 business days
Which of the following is not excluded from ATR/QM rules? - ✔️✔️second homes
For which transaction on a single family property would the Closing Disclosure NOT be
required? - ✔️✔️home equity line of credit (HELOC)
How often is a creditor required to give an escrow statement which accounts for all
funds received and disbursed as part of a mortgage loan transaction? - ✔️✔️Annually
Questions
What action would not be considered "adverse action" according to the Fair Credit
Reporting Act? - ✔️✔️granting a mortgage loan based on the terms the consumer
applied for
A borrower signs the note and mortgage for a refinance on his principal residence on
Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed
(assuming no bona fide financial hardship)? - ✔️✔️Wednesday, Jan. 6
Who manages the National Do Not Call Registry? - ✔️✔️Federal Trade Commission
What federal legislation regulates credit reporting agencies and lenders concerning
credit reporting? - ✔️✔️FCRA
What is not prohibited to be included in the loan terms for HOEPA covered items? -
✔️✔️late fees.
Commissions of real estate brokers or agents would be listed: - ✔️✔️In "Other"
A Loan Application Report is due by March 1st of each year as a result of the enactment
of the - ✔️✔️Home Mortgage Disclosure Act.
Which loans are not covered under HMDA? - ✔️✔️commercial loans
A loan generally cannot be considered a qualified mortgage (QM) if the points and fees
paid by the consumer exceed _____ percent (%) of the total loan amount. - ✔️✔️3
Which disclosure is not required by HOEPA? - ✔️✔️right to credit score
According to the SAFE Act, which would be considered a task that would require
someone to be a licensed MLO? - ✔️✔️assisting a borrower in obtaining a mortgage
loan by offering to negotiate terms with a lender.
The loan estimate must include the address of the property. If the address is
unavailable, what must you use? - ✔️✔️a description of the location of the property
, A borrower elects to lower his settlement costs by paying a slightly higher interest rate.
This appears on the Loan Estimate as a - ✔️✔️a credit to the borrower
What may be used to convert the construction loan into permanent financing? - ✔️✔️a
modification agreement
Actual charges at settlement listed on the CD can increase more than 10% from the
estimates shown on the LE for what fee? - ✔️✔️Homeowners insurance
The loan requested divided by the total cost of the project is referred to as the what? -
✔️✔️loan to cost
Which financial arrangement is exempt from the Real Estate Settlement Procedures
Act? - ✔️✔️Bridge loans
ABC Mortgage Company has been accused of inappropriately calling two consumers on
the National Do No Call Registry. What is the fine ABC could incur for this? -
✔️✔️$80,000
When must a re-certification of value be performed? - ✔️✔️120 days
Lenders who are authorized to underwrite their own FHA loan applications have what
type of underwriters in their office? - ✔️✔️Direct endorsers
What are the terms of the "cooling off" period if a loan falls under HOEPA? - ✔️✔️three
business days prior to closing
What information is a mortgage loan originator not allowed to ask a borrower who is
applying for a home mortgage? - ✔️✔️receipt of public assistance
The Closing Disclosure for an ARM indicates an APR of 6.55%. The APR changes to
7% prior to close. This requires an additional waiting period of how long after
redisclosure? - ✔️✔️3 business days
Which of the following is not excluded from ATR/QM rules? - ✔️✔️second homes
For which transaction on a single family property would the Closing Disclosure NOT be
required? - ✔️✔️home equity line of credit (HELOC)
How often is a creditor required to give an escrow statement which accounts for all
funds received and disbursed as part of a mortgage loan transaction? - ✔️✔️Annually
