NMLS EXAM vc
Exam Solution vc
***NMLS final exam *** 2026 A+ GRADE ASSURED COMP vc vc vc vc vc vc vc vc
LETE SOLUTIONS AND VERIFIED ANSWERS (CAED2)
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QUESTION 1 vc
How long can a fraud alert be on a borrowers credit report?
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ANSWER
1 year
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QUESTION 2 vc
When loan docs are signed and the loan is closed, funded and recorded the same day wh
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at is this called?
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ANSWER
Wet State Closing
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QUESTION 3 vc
What federal law requires housing counseling be sent to borrowers?
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ANSWER
TILA and HOEPA vc vc
QUESTION 4 vc
What is the purpose of the closing agent?
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ANSWER
Verify the identity, notarize documents and disperse funds.
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QUESTION 5 vc
,What federal law was created to prevent misrepresentations in commercial communicati
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ons?
ANSWER
Mortgage Acts and Practices (MAP)
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QUESTION 6 vc
What is the most commonly used FHA loan program?
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ANSWER
Section 203b vc
QUESTION 7 vc
Which federal law prohibits deceptive calls lying about terms the lender is offering?
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ANSWER
Telemarketing and Consumer Fraud Abusive Prevention Act
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QUESTION 8 vc
Economic Growth, Regulatory Relief, and Consumer Protection Act to ammend FACRA an
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d requires which of the following?
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ANSWER
Requires the 3 credit bureaus to provide security freezes free to consumers.
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QUESTION 9 vc
What federal law requires a borrowers demographic info?
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ANSWER
HMDA (Reg C)
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QUESTION 10 vc
An act or practice is considered what when it cannot be reasonably avoided by consumer
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s?
ANSWER
Unfair
, QUESTION 11 vc
When does the late period end for using Late CE course to renew an MLO license?
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ANSWER
February 28th vc
QUESTION 12 vc
The Telemarketing and Consumer Fraud Abusive Prevention Act include the:
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ANSWER
Telemarketing Sales Rule vc vc
QUESTION 13 vc
Is it the LOs job to make sure their is a complete loan application?
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ANSWER
YES
QUESTION 14 vc
Under TILA a lender is considered to have regularly offered credit more than how many
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times in a calendar year?
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ANSWER
25 times
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QUESTION 15 vc
Fraud alerts have been extended from 90 days to ______?
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ANSWER
1 Year
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QUESTION 16 vc
When MLOs review a borrowers bank statements they are looking for?
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ANSWER
Account ownership and large deposits
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Exam Solution vc
***NMLS final exam *** 2026 A+ GRADE ASSURED COMP vc vc vc vc vc vc vc vc
LETE SOLUTIONS AND VERIFIED ANSWERS (CAED2)
vc vc vc vc vc
QUESTION 1 vc
How long can a fraud alert be on a borrowers credit report?
vc vc vc vc vc vc vc vc vc vc vc
ANSWER
1 year
vc
QUESTION 2 vc
When loan docs are signed and the loan is closed, funded and recorded the same day wh
vc vc vc vc vc vc vc vc vc vc vc vc vc vc vc vc
at is this called?
vc vc vc
ANSWER
Wet State Closing
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QUESTION 3 vc
What federal law requires housing counseling be sent to borrowers?
vc vc vc vc vc vc vc vc vc
ANSWER
TILA and HOEPA vc vc
QUESTION 4 vc
What is the purpose of the closing agent?
vc vc vc vc vc vc vc
ANSWER
Verify the identity, notarize documents and disperse funds.
vc vc vc vc vc vc vc
QUESTION 5 vc
,What federal law was created to prevent misrepresentations in commercial communicati
vc vc vc vc vc vc vc vc vc vc
ons?
ANSWER
Mortgage Acts and Practices (MAP)
vc vc vc vc
QUESTION 6 vc
What is the most commonly used FHA loan program?
vc vc vc vc vc vc vc vc
ANSWER
Section 203b vc
QUESTION 7 vc
Which federal law prohibits deceptive calls lying about terms the lender is offering?
vc vc vc vc vc vc vc vc vc vc vc vc
ANSWER
Telemarketing and Consumer Fraud Abusive Prevention Act
vc vc vc vc vc vc
QUESTION 8 vc
Economic Growth, Regulatory Relief, and Consumer Protection Act to ammend FACRA an
vc vc vc vc vc vc vc vc vc vc vc
d requires which of the following?
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ANSWER
Requires the 3 credit bureaus to provide security freezes free to consumers.
vc vc vc vc vc vc vc vc vc vc vc
QUESTION 9 vc
What federal law requires a borrowers demographic info?
vc vc vc vc vc vc vc
ANSWER
HMDA (Reg C)
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QUESTION 10 vc
An act or practice is considered what when it cannot be reasonably avoided by consumer
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s?
ANSWER
Unfair
, QUESTION 11 vc
When does the late period end for using Late CE course to renew an MLO license?
vc vc vc vc vc vc vc vc vc vc vc vc vc vc vc
ANSWER
February 28th vc
QUESTION 12 vc
The Telemarketing and Consumer Fraud Abusive Prevention Act include the:
vc vc vc vc vc vc vc vc vc
ANSWER
Telemarketing Sales Rule vc vc
QUESTION 13 vc
Is it the LOs job to make sure their is a complete loan application?
vc vc vc vc vc vc vc vc vc vc vc vc vc
ANSWER
YES
QUESTION 14 vc
Under TILA a lender is considered to have regularly offered credit more than how many
vc vc vc vc vc vc vc vc vc vc vc vc vc vc vc
times in a calendar year?
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ANSWER
25 times
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QUESTION 15 vc
Fraud alerts have been extended from 90 days to ______?
vc vc vc vc vc vc vc vc vc
ANSWER
1 Year
vc
QUESTION 16 vc
When MLOs review a borrowers bank statements they are looking for?
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ANSWER
Account ownership and large deposits
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