NMLS - Champion Test Questions with correct answers

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? Answer FCRA Which agency manages the National Do Not Call Registry? Answer Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? Answer The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? Answer Acceptable Which law sets forth escrow requirements for higher priced mortgage loans? Answer Truth in Lending Act Which federal act introduced the idea of a qualified mortgage? Answer Dodd-Frank Act The federal Truth In Lending Act Answer regulates advertising with references to mortgage interest rates.