1 (UPDATED:NMLS Refresher EXAM #2: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS Refresher EXAM #2
Study online at https://quizlet.com/_3tuwes
1. A customer asks his mortgage broker for the She is not required to
name of a good title company. the broker has give the customer an
a list of several companies with whom she has AfBA disclosure is she
done business in the past. At what point, accord- has no ownership or
ing to RESPA, must she give the customer an other interest in any of
AfBA disclosure? the title companies on
the list.
2. A mortgage broker also owns a title company. Is Yes, as long as the title
this business arrangement allowed by RESPA? company is legitimate
and the arrangement is
disclosed.
3. The minimum down payment contribution need- $4,620.
ed for a home with an FHA-appraised value of
$132,000 (assuming appropriate FICO score) is
4. As a mortgage broker puts together an ad to TILA
attract some new customers, what law should he
be most concerned about?
5. Of these loans, which would require reporting home equity lines of
under the Home Mortgage Disclosure Act? credit
6. For a loan that has escrow included, RESPA re- annually.
quires a lender to perform an escrow analysis
7. A borrower elects to lower his settlement costs credit to the borrower.
by paying a slightly higher interest rate. This
appears on the GFE as a
8. A seller agrees to pay two points on a buyer's $960
loan. The price is $60,000 and the buyer is mak-
ing a 20% down payment. Two points equal
9. What two regulations require financial disclo- Regulation X and Regu-
sures be provided to the applicant within three lation Z
business days of a completed mortgage loan
application?
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 2 (UPDATED:NMLS Refresher EXAM #2: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS Refresher EXAM #2
Study online at https://quizlet.com/_3tuwes
10. According to the SAFE Act definitions, a non-tra- Any mortgage loan that
ditional mortgage is? is not a 30-year fixed
rate mortgage loan
11. Which is NOT a purpose for the Mortgage Ser- to inform the consumer
vicing Disclosure Statement? the likelihood that the
mortgage could be sold
12. Identify which attribute is NOT considered illegal income level
discrimination in granting credit under the Equal
Credit Opportunity Act.
13. What is the proper title of the SAFE Act? Secure and Fair En-
forcement for Mortgage
Licensing Act
14. Which of these circumstances would NOT be an The mortgage loan orig-
acceptable reason to provide a revised GFE to a inator regretted over-
borrower? looking certain liabilities
in order to qualify the
borrower for a better in-
terest rate.
15. The Fair Credit Reporting Act is also known as Regulation V.
16. A borrower's stable monthly income is $6,800. $739
Every month he pays: $485 car payment, $200
revolving credit payment, and $1,500 alimony.
What is the maximum monthly mortgage pay-
ment for which he would qualify on an FHA mort-
gage loan?
17. Which federal legislation allows a borrower TILA
three business days to reconsider an owner-oc-
cupied refinance transaction?
18. Which fee would NOT be considered a finance escrow deposit for prop-
charge and would NOT be part of the APR calcu- erty taxes
lation?
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
NMLS Refresher EXAM #2
Study online at https://quizlet.com/_3tuwes
1. A customer asks his mortgage broker for the She is not required to
name of a good title company. the broker has give the customer an
a list of several companies with whom she has AfBA disclosure is she
done business in the past. At what point, accord- has no ownership or
ing to RESPA, must she give the customer an other interest in any of
AfBA disclosure? the title companies on
the list.
2. A mortgage broker also owns a title company. Is Yes, as long as the title
this business arrangement allowed by RESPA? company is legitimate
and the arrangement is
disclosed.
3. The minimum down payment contribution need- $4,620.
ed for a home with an FHA-appraised value of
$132,000 (assuming appropriate FICO score) is
4. As a mortgage broker puts together an ad to TILA
attract some new customers, what law should he
be most concerned about?
5. Of these loans, which would require reporting home equity lines of
under the Home Mortgage Disclosure Act? credit
6. For a loan that has escrow included, RESPA re- annually.
quires a lender to perform an escrow analysis
7. A borrower elects to lower his settlement costs credit to the borrower.
by paying a slightly higher interest rate. This
appears on the GFE as a
8. A seller agrees to pay two points on a buyer's $960
loan. The price is $60,000 and the buyer is mak-
ing a 20% down payment. Two points equal
9. What two regulations require financial disclo- Regulation X and Regu-
sures be provided to the applicant within three lation Z
business days of a completed mortgage loan
application?
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
, 2 (UPDATED:NMLS Refresher EXAM #2: 2026 - 2027 VERIFIED STUDY GUIDE). !!!!!!!!!!!!!!
NMLS Refresher EXAM #2
Study online at https://quizlet.com/_3tuwes
10. According to the SAFE Act definitions, a non-tra- Any mortgage loan that
ditional mortgage is? is not a 30-year fixed
rate mortgage loan
11. Which is NOT a purpose for the Mortgage Ser- to inform the consumer
vicing Disclosure Statement? the likelihood that the
mortgage could be sold
12. Identify which attribute is NOT considered illegal income level
discrimination in granting credit under the Equal
Credit Opportunity Act.
13. What is the proper title of the SAFE Act? Secure and Fair En-
forcement for Mortgage
Licensing Act
14. Which of these circumstances would NOT be an The mortgage loan orig-
acceptable reason to provide a revised GFE to a inator regretted over-
borrower? looking certain liabilities
in order to qualify the
borrower for a better in-
terest rate.
15. The Fair Credit Reporting Act is also known as Regulation V.
16. A borrower's stable monthly income is $6,800. $739
Every month he pays: $485 car payment, $200
revolving credit payment, and $1,500 alimony.
What is the maximum monthly mortgage pay-
ment for which he would qualify on an FHA mort-
gage loan?
17. Which federal legislation allows a borrower TILA
three business days to reconsider an owner-oc-
cupied refinance transaction?
18. Which fee would NOT be considered a finance escrow deposit for prop-
charge and would NOT be part of the APR calcu- erty taxes
lation?
2026/04/06 4/6/2026, 6:29:41 PM 4/6/2026, 6:29:38 PM
