FINAL EXAM NMLS COMPLETE GUIDE WITH
QUESTIONS AND VERIFIED ANSWERS|
100% CORRECT |GRADE A+
The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets
from public assistance.
The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets
from public assistance. - ANS-
According the Mortgage Disclosure Improvement Act, a higher-priced loan is a loan secured by the
borrower's principal dwelling where the APR exceeds the applicable average prime offer rate by at least
- ANS-1.5 percentage points for first lien loans. ?
A telemarketer can be fined how much for calling someone registered on the National Do Not Call
Registry? - ANS-$16,000
The legislation that sets out specific procedures and guidelines for closing and settlement procedures is -
ANS-RESPA.
Which law includes prohibitions on steering incentives? - ANS-Dodd-Frank Act
The purpose of the Loan Estimate is to - ANS-give the customer an estimate of the closing costs that will
be charged on the loan.
Which is NOT under the responsibility of and enforced by the Consumer Financial Protection Bureau
(CFPB)? - ANS-Federal Fair Housing Act
Which of the following is considered a triggering event? - ANS-Termination of mortgage insurance
Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry. Max
Mortgage can call Ike - ANS-indefinitely.
Who manages the National Do Not Call Registry? - ANS-Federal Trade Commission
Appraisal Independence does not prohibit an appraiser from - ANS-being paid a fee by a creditor based
on what's customary for that area.
QUESTIONS AND VERIFIED ANSWERS|
100% CORRECT |GRADE A+
The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets
from public assistance.
The Equal Credit Opportunity Act requires lenders to accept any stable income that an applicant gets
from public assistance. - ANS-
According the Mortgage Disclosure Improvement Act, a higher-priced loan is a loan secured by the
borrower's principal dwelling where the APR exceeds the applicable average prime offer rate by at least
- ANS-1.5 percentage points for first lien loans. ?
A telemarketer can be fined how much for calling someone registered on the National Do Not Call
Registry? - ANS-$16,000
The legislation that sets out specific procedures and guidelines for closing and settlement procedures is -
ANS-RESPA.
Which law includes prohibitions on steering incentives? - ANS-Dodd-Frank Act
The purpose of the Loan Estimate is to - ANS-give the customer an estimate of the closing costs that will
be charged on the loan.
Which is NOT under the responsibility of and enforced by the Consumer Financial Protection Bureau
(CFPB)? - ANS-Federal Fair Housing Act
Which of the following is considered a triggering event? - ANS-Termination of mortgage insurance
Ike closes a loan with Max Mortgage. His name is not on the National Do Not Call Registry. Max
Mortgage can call Ike - ANS-indefinitely.
Who manages the National Do Not Call Registry? - ANS-Federal Trade Commission
Appraisal Independence does not prohibit an appraiser from - ANS-being paid a fee by a creditor based
on what's customary for that area.
