NMLS Test Prep CompuCram Test Questions with correct answers

A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? Answer Wednesday, Jan. 6 Who manages the National Do Not Call Registry? Answer Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? Answer FCRA What is not prohibited to be included in the loan terms for HOEPA covered items? Answer late fees. Commissions of real estate brokers or agents would be listed: Answer In "Other" A Loan Application Report is due by March 1st of each year as a result of the enactment of the Answer Home Mortgage Disclosure Act. What action would not be considered "adverse action" according to the Fair Credit Reporting Act? Answer granting a mortgage loan based on the terms the consumer applied for Which loans are not covered under HMDA? Answer