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Exam (elaborations)

NMLS EXAM test guide questions and correct answers GRADED A+

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NMLS EXAM test guide questions and correct answers GRADED A+ NMLS EXAM test guide questions and correct answers GRADED A+ NMLS EXAM test guide questions and correct answers GRADED A+ NMLS EXAM test guide questions and correct answers GRADED A+ NMLS EXAM test guide questions and correct answers GRADED A+

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NMLS
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NMLS EXAM TEST GUIDE
QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026

Reg C - ANS-HMDA (Home Mortgage Disclosure Act)



Why were HMDA laws written? - ANS-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? -
ANS-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? - ANS-Loan Applicant Register (LAR). 3 Years.



HMDA data must be maintained and available upon request for how many years? - ANS-3 Years



What is the community reinvestment act (CRA)? - ANS-Regulation to help meet credit needs of
communities



Federal Financial Institutions Examination Council (FFIEC) - ANS-Composed of 5 banking regulators.
Compiles information as individual disclosure statements for EACH institution in the form of aggregate
reports.
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