1 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
1. Gramm-Leach-Bliley
- Implemented by Regulation P
Act - Enforcement re disclosure of nonpublic personal finan-
cial information by CFPB
- Includes:
Safeguards Rule
Financial Privacy Rule
2. Gramm-Leach-Bliley
- Governs collection/disclosure of customers' personal
Act - Financial financial information
Privacy Rule - Requires provision of pricacy notice to consumer prior to
disclosing nonpublic personal information to nonaffiliated
third party
3. Gramm-Leach-Bliley-Protected by the Gramm-Leach=-Bliley Act
Act - Nonpublic -Information collected by financial institution in connection
Personal with providing financial product or service to consumer
Information (NPI) -Includes:
Name & Address
Social Security Number
Account numbers
- Does not include publicly available information
4. Gramm-Leach-Bliley
- Required under Gramm-Leach-Bliley
Act - Opt-Out - Must be given with initial privacy notice
Notice - Advises customer of right/manner in which to opt out of
having his nonpublic personal information shared
5. Gramm-Leach-Bliley
- Required under Gramm-Leach-Bliley
Act - Privacy - Provides financial instituation's privacy/information shar-
Notice ing policies
- must be given to consumer prior to providing nonpublic
personal information to nonaffiliated third party
- customer must be provided annual notice
6. Gramm-Leach-Bliley
- Not included in term "nonpublic personal information"
Act - Publicly - includes information in:
Available government real estate record (e.g., mortgage records,
Information deeds)
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 2 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
widely distributed media (e.g., phonebook; on public,
unrestricted websites)
7. Gramm-Leach-Bliley
- Implements security requirements of
Act - Safeguards Gramm-Leach-Bliley
Rule - Financial institutions must implement and maintain poli-
cies to ensure safety/confidentiality of customer informa-
tion.
- Entity must:
conduct risk assessment
have safeguards to control risks identified
periodically update security program
8. Higher-Priced
Mortgage
9. Higher-Priced
Mortgage
Appraisal Rule
(HPML Rule) (1)
10. Higher-Priced
Mortgage
Appraisal Rule
(HPML Rule) (2)
11. Home Mort-
gage Disclosure
Act: Applicable
Transactions
12. Home Mort-
gage Disclosure
Act: Government
Monitoring Pro-
vision
13.
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 3 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
Home Mortgage
Disclosure Act:
Required Data
14. Home Mortgage
Disclosure Act
15. Homeowners
Protection Act
(HPA)
16. Homeowners
Protection Act:
Automatic
Cancellation of
PMI
17. Homeowners
Protection Act:
Requested
Cancellation of
PMI
18. Homeowners
Protection Act:
Required
Disclosure
19. Home Owner-
ship and Equi-
ty Protection Act
(HOEPA)
20. Home Owner-
ship and Equi-
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 4 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
ty Protection Act:
Exempt Loans
21. Home Owner-
ship and Eq-
uity Protection
Act: High-Cost
Home Loan
Rates Threshold
22. Home Owner-
ship and Equi-
ty Protection Act:
High-Cost Home
Loan points/fees
Threshold
23. Home Owner-
ship and Eq-
uity Protection
Act: High-Cost
Home Loan Pre-
payment Penalty
Limits
24. Hybrid Loans
25. Loan Estimate
26. Loan Estimate -
Tolerance 1
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
1. Gramm-Leach-Bliley
- Implemented by Regulation P
Act - Enforcement re disclosure of nonpublic personal finan-
cial information by CFPB
- Includes:
Safeguards Rule
Financial Privacy Rule
2. Gramm-Leach-Bliley
- Governs collection/disclosure of customers' personal
Act - Financial financial information
Privacy Rule - Requires provision of pricacy notice to consumer prior to
disclosing nonpublic personal information to nonaffiliated
third party
3. Gramm-Leach-Bliley-Protected by the Gramm-Leach=-Bliley Act
Act - Nonpublic -Information collected by financial institution in connection
Personal with providing financial product or service to consumer
Information (NPI) -Includes:
Name & Address
Social Security Number
Account numbers
- Does not include publicly available information
4. Gramm-Leach-Bliley
- Required under Gramm-Leach-Bliley
Act - Opt-Out - Must be given with initial privacy notice
Notice - Advises customer of right/manner in which to opt out of
having his nonpublic personal information shared
5. Gramm-Leach-Bliley
- Required under Gramm-Leach-Bliley
Act - Privacy - Provides financial instituation's privacy/information shar-
Notice ing policies
- must be given to consumer prior to providing nonpublic
personal information to nonaffiliated third party
- customer must be provided annual notice
6. Gramm-Leach-Bliley
- Not included in term "nonpublic personal information"
Act - Publicly - includes information in:
Available government real estate record (e.g., mortgage records,
Information deeds)
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 2 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
widely distributed media (e.g., phonebook; on public,
unrestricted websites)
7. Gramm-Leach-Bliley
- Implements security requirements of
Act - Safeguards Gramm-Leach-Bliley
Rule - Financial institutions must implement and maintain poli-
cies to ensure safety/confidentiality of customer informa-
tion.
- Entity must:
conduct risk assessment
have safeguards to control risks identified
periodically update security program
8. Higher-Priced
Mortgage
9. Higher-Priced
Mortgage
Appraisal Rule
(HPML Rule) (1)
10. Higher-Priced
Mortgage
Appraisal Rule
(HPML Rule) (2)
11. Home Mort-
gage Disclosure
Act: Applicable
Transactions
12. Home Mort-
gage Disclosure
Act: Government
Monitoring Pro-
vision
13.
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 3 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
Home Mortgage
Disclosure Act:
Required Data
14. Home Mortgage
Disclosure Act
15. Homeowners
Protection Act
(HPA)
16. Homeowners
Protection Act:
Automatic
Cancellation of
PMI
17. Homeowners
Protection Act:
Requested
Cancellation of
PMI
18. Homeowners
Protection Act:
Required
Disclosure
19. Home Owner-
ship and Equi-
ty Protection Act
(HOEPA)
20. Home Owner-
ship and Equi-
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 4 (UPDATED:NMLS - Proschools - Mortgage Lending: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS - Proschools - Mortgage Lending Flashcards
Study online at https://quizlet.com/_3w40qp
ty Protection Act:
Exempt Loans
21. Home Owner-
ship and Eq-
uity Protection
Act: High-Cost
Home Loan
Rates Threshold
22. Home Owner-
ship and Equi-
ty Protection Act:
High-Cost Home
Loan points/fees
Threshold
23. Home Owner-
ship and Eq-
uity Protection
Act: High-Cost
Home Loan Pre-
payment Penalty
Limits
24. Hybrid Loans
25. Loan Estimate
26. Loan Estimate -
Tolerance 1
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
