NMLS EXAM 2025 (PRACTICE TERMS, DEFINITIONS, AND QUESTIONS FOR THE NMLS
EXAM) LATEST UPDATE | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION!!
Reg C - (ANSWER)HMDA (Home Mortgage Disclosure Act)
Why were HMDA laws written? - (ANSWER)Laws were written in response to the public concerns that
lenders were "redlining"
Under HMDA how often do institutions need to report public loan data? Regarding what kind of data? -
(ANSWER)Annually, reports due every year in March. Data is in regards to ethnicity, race, and sex of ALL
applicants.
What is the log of applicants that a creditor must keep and provide to the federal gov? How long must
they be maintained? - (ANSWER)Loan Applicant Register (LAR). 3 Years.
HMDA data must be maintained and available upon request for how many years? - (ANSWER)3 Years
What is the community reinvestment act (CRA)? - (ANSWER)Regulation to help meet credit needs of
communities
Federal Financial Institutions Examination Council (FFIEC) - (ANSWER)Composed of 5 banking regulators.
Compiles information as individual disclosure statements for EACH institution in the form of aggregate
reports.
Gramm-Leach-Bliley Act (GLBA) - (ANSWER)Provisions to protect consumer's personal financial
information held by financial institutions
Another name for GLBA - (ANSWER)Financial Services Modernization Act of 1999 (FSMA)
What must a borrower receive at first contact, then yearly if they are a remaining customer? -
(ANSWER)Private Policy Notice
EXAM) LATEST UPDATE | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION!!
Reg C - (ANSWER)HMDA (Home Mortgage Disclosure Act)
Why were HMDA laws written? - (ANSWER)Laws were written in response to the public concerns that
lenders were "redlining"
Under HMDA how often do institutions need to report public loan data? Regarding what kind of data? -
(ANSWER)Annually, reports due every year in March. Data is in regards to ethnicity, race, and sex of ALL
applicants.
What is the log of applicants that a creditor must keep and provide to the federal gov? How long must
they be maintained? - (ANSWER)Loan Applicant Register (LAR). 3 Years.
HMDA data must be maintained and available upon request for how many years? - (ANSWER)3 Years
What is the community reinvestment act (CRA)? - (ANSWER)Regulation to help meet credit needs of
communities
Federal Financial Institutions Examination Council (FFIEC) - (ANSWER)Composed of 5 banking regulators.
Compiles information as individual disclosure statements for EACH institution in the form of aggregate
reports.
Gramm-Leach-Bliley Act (GLBA) - (ANSWER)Provisions to protect consumer's personal financial
information held by financial institutions
Another name for GLBA - (ANSWER)Financial Services Modernization Act of 1999 (FSMA)
What must a borrower receive at first contact, then yearly if they are a remaining customer? -
(ANSWER)Private Policy Notice
