NMLS Test Outline 2026 Actual with Questions &
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Terms in this set (172)
RESPA disclosures? 3 days after application:
due dates? Home loan tool kit
Loan estimate
List of HUD counselors
Mortgage Servicing Disclosure Statement
Know before you owe booklet
Special Info Booklet
3 days before consummation:
Initial Closing Disclosure
AfBA disclosure
At consummation:
Final Closing Disclosure
Initial Escrow Statement (45 days after closing)
After closing:
Annual Escrow Statement
Servicing Transfer Statement (sent 15 days before
transfer)
,RESPA covers which loan types? FHA,VA,conventional, USDA,purchase loans,
exempt loan types? REFI, HELOC
all cash sales
RESPA 4 sections Section 6: Mortgage Servicing Disclosure
Statement: mortgage servicers are required to
correct errors and work with home buyers if
payments aren't being made.
Section 8: No kickbacks/referral fees
Section 9: Seller cannot require borrower use a
specific title insurance company
Section 10: limits amounts a lender can require a
borrower to put into escrow account to 1/12
disbursement and 2 reserves. Requires annual
escrow analysis.
RESPA properties types? owner occupied 1-4 unit residential property
exempt?
Agricultural 25+ acres
Businesses
Commercial
Temporary Financing
Vacant Land
Assumes existing 1st lien
The Loan Estimate combines which GFE and Initial TIL Statement
old disclosures?
, How long are Loan Estimate terms 10 business days
available?
What if the changed circumstance creditor must send a revised Loan Estimate and
causes third party charges subject refund excess money within 60 days
to a cumulative 10% tolerance to
increase?
Are there any restrictions on how - receives revised LE at least 4 business days
many days before consummation a before consummation
revised Loan Estimate may be - cannot provide revised LE after providing
provided? closing disclosure
What is a "changed circumstance"? Event beyond the control
Inaccurate info used in Loan Estimate
New info that creditor didn't know when
providing Loan Estimate
Mailbox Rule creditor needs to place Loan Estimate in mail 3
days after application and 7 days before
consummation
The Closing Disclosure combines HUD-1 and Final TIL Statement
which old disclosures?
Who is responsible for providing creditor to borrower
the closing disclosure to the: settlement/title agent to seller
borrower? when?
seller? when?
Answers (Latest Update) 100%
Guarantee Pass (Verified Answers)
Save
Terms in this set (172)
RESPA disclosures? 3 days after application:
due dates? Home loan tool kit
Loan estimate
List of HUD counselors
Mortgage Servicing Disclosure Statement
Know before you owe booklet
Special Info Booklet
3 days before consummation:
Initial Closing Disclosure
AfBA disclosure
At consummation:
Final Closing Disclosure
Initial Escrow Statement (45 days after closing)
After closing:
Annual Escrow Statement
Servicing Transfer Statement (sent 15 days before
transfer)
,RESPA covers which loan types? FHA,VA,conventional, USDA,purchase loans,
exempt loan types? REFI, HELOC
all cash sales
RESPA 4 sections Section 6: Mortgage Servicing Disclosure
Statement: mortgage servicers are required to
correct errors and work with home buyers if
payments aren't being made.
Section 8: No kickbacks/referral fees
Section 9: Seller cannot require borrower use a
specific title insurance company
Section 10: limits amounts a lender can require a
borrower to put into escrow account to 1/12
disbursement and 2 reserves. Requires annual
escrow analysis.
RESPA properties types? owner occupied 1-4 unit residential property
exempt?
Agricultural 25+ acres
Businesses
Commercial
Temporary Financing
Vacant Land
Assumes existing 1st lien
The Loan Estimate combines which GFE and Initial TIL Statement
old disclosures?
, How long are Loan Estimate terms 10 business days
available?
What if the changed circumstance creditor must send a revised Loan Estimate and
causes third party charges subject refund excess money within 60 days
to a cumulative 10% tolerance to
increase?
Are there any restrictions on how - receives revised LE at least 4 business days
many days before consummation a before consummation
revised Loan Estimate may be - cannot provide revised LE after providing
provided? closing disclosure
What is a "changed circumstance"? Event beyond the control
Inaccurate info used in Loan Estimate
New info that creditor didn't know when
providing Loan Estimate
Mailbox Rule creditor needs to place Loan Estimate in mail 3
days after application and 7 days before
consummation
The Closing Disclosure combines HUD-1 and Final TIL Statement
which old disclosures?
Who is responsible for providing creditor to borrower
the closing disclosure to the: settlement/title agent to seller
borrower? when?
seller? when?
