NMLS ProSchools Mortgage Lending 2026/2027 – Study Guide, Practice Questions & Exam Review

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NMLS - Proschools - Mortgage Lending Flashcards
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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)




NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf

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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.


NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf

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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-



NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf

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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




NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf NMLS - Proschools - Mortgage Lending.pdf