NMLS - Practice Exam With Questions and Answers RATED A+ 2023|2024 LATEST UPDATE

NMLS - Practice Exam 2023 With Questions and Answers RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - ANSWER d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a) Credit reporting agency b) HUD c) Mortgage broker d) The consumer - ANSWER a) Credit reporting agency An annual escrow analysis is used to do which of the following? a) Report underwriting errors b) Ensure the loan is properly amortized c) Reduce burden on the servicer d) Prevent escrow overages - ANSWER d) Prevent escrow overages If a mortgage professional advertises a loan product at "7.25% APR for the first six months! After six months, APR is 10.5%, subject to increase based on market conditions," What if any additional disclosures does TILA require? a) No other information is required b) The finance charges for the loan