Nmls Safe Mortgage Loan Originator Exam A+ Grade Assured Complete Solutions And Verified Answers

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Exam Solution ms




NMLS SAFE ACT MLO Exam Federal Law 2026 A+ GRAD
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E ASSURED COMPLETE SOLUTIONS AND VERIFIED ANS
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WERS (AC3ED) ms




QUESTION 1 ms




If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business
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with you in regards to a loan, when does right to contact them expire?
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A. 1 month
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B. 2 months
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C. 3 months
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D. 4 months
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ANSWER

C. 3 months An established business relationship with a company also will be created if you make a
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n inquiry to the company, or submit an application to it. This kind of established business relationsh
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ip exists for three months after the inquiry or application. During this time, the company can call yo
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u.



QUESTION 2 ms




Under the Home Ownership and Equity Protection Act (HOEPA), which loan below wo
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uld be considered a high-cost loan?
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A. $100,000 loan with fees of $7,500
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B. $300,000 loan with fees of $22,500
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C. $420,000 loan with fees of $20,500
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D. $200,000 loan with fees of $16,500
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ANSWER

D. $200,000 loan with fees of $16,500
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QUESTION 3 ms




The Truth in Lending Act requires disclosure of
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A. the property appraisal.
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,B. key terms of the credit transaction.
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C. closing costs.
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D. loan servicing practices.
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ANSWER

B. key terms of the credit transaction. TILA requires a disclosure of the terms of the credit transacti
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ons, including costs and key provisions. RESPA requires disclosure of closing costs and loan servicin
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g practices. ECOA requires disclosure of the appraisal.
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QUESTION 4 ms




How long does a lender have to cure a tolerance violation?
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A. Within 10 business days after settlement
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B. Within 30 calendar days after settlement
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C. The borrower must be reimbursed at settlement
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D. Within 1 business days after settlement
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ANSWER

B. Within 30 calendar days after settlement RESPA allows lenders to cure the tolerance violation by
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reimbursing to the borrower the amount by which the tolerance was exceeded, at settlement or wit
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hin 30 calendar days after settlement.
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QUESTION 5 ms




Which Regulation corresponds to The Real Estate Settlement Procedures Act (RESPA)
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?
A. regulation Y
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B. regulation V
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C. regulation Z
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D. regulation X
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ANSWER

D. regulation X The term "Regulation X" can refer to two different regulations in the United States.
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One, passed by the Federal Reserve Board, concerns credit extended to people who purchase United
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States Treasury securities. The other, also known as the Real Estate Settlement Procedures Act (RES
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PA) is concerned with the process of completing real estate sales. People who participate in such sal
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es are monitored by the Department of Housing and Urban Development to determine whether or n
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ot they are adhering to legislation such as Regulation X.
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QUESTION 6 ms




Which is a disclosure that RESPA requires creditors to give to customers at the time o
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f the mortgage loan closing?
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A. Mortgage Servicing Disclosure Statement
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B. HUD-1 ms

, C. Settlement Costs and You Booklet
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D. GFE ms




ANSWER

B. HUD-1 The HUD-
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1 Settlement Statement is a standard form in use in the United States of America which is used to it
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emize services and fees charged to the borrower by the lender or broker.
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QUESTION 7 ms




The Federal law requiring unrestricted access to public accommodations is the:
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A. Fair Housing act
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B. The public accommodations
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C. Real Estate Settlement procedures act
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D. Americans with Disabilities Act.
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ANSWER

D. Americans with Disabilities Act. The Americans with Disabilities Act which gives civil rights prote
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ction to individuals with disabilities similar to those provided to individuals on the basis of race, col
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or, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabili
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ties in public accommodations, employment, transportation, State and local government services, and
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telecommunications.
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QUESTION 8 ms




If each of the following loans would otherwise require compliance with the Federal Tr
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uth-in-
Lending ACT, which one would be exempt on the basis of the type of loan itself?
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A. An agricultural loan by a bank
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B. A VA loan from a federally-charted savings and loan association
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C. $25,000 loan from a credit union for home improvement
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D. $20,000 signature loan from a consumer finance company
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ANSWER

A. An agricultural loan by a bank Truth-In-
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Lending Act was designed to protect the borrower by requiring the lender to make a meaningful dis
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closure of credit terms to the borrower. The Truth-in-
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Lending Act would not cover Agricultural Loans. The right of rescission on a loan begins when Loan
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documents are signed by the borrower;
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QUESTION 9 ms




TILA allows consumers _____ to back out of a loan transaction through a right of rescis
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sion.
A. 5 Business days
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