NMLS Test Correct Questions And Answers(Latest Update 2023)

What is the pass rate for the NMLS Test and how long is it? - ANSWER 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? - ANSWER Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. What is the requirement under Fair Lending, Fair Housing, and ECOA? - ANSWER All consumers have the right to apply for a loan unless they are under 18 years of age Which law and regulation is Home Ownership Equity Protection Act (HOEPA) under? - ANSWER Truth in Lending Act (TILA) aka Reg Z What are the items restricted under Home Ownership Equity Protection Act (HOEPA)? - ANSWER Predatory Lending, Abusing Lending Practices, Negative Amortization, Prepayment Penalties, Balloon Lending, Subprime Lending, Equity Stripping, and not meeting Ability to Repay (ATR) requirements. What is the minimum period for a balloon? - ANSWER A 30-year amortized loan that is due in 60 months. What is the Average Prime Offered Rate (APOR)? - ANSWER An index that is published weekly. It is added to High Cost and High Priced Triggers. Who publishes the Average Prime Offered Rate (APOR) index? - ANSWER Federal Financial Institutions Examination Council (FFIEC) What is the regulation for High Cost Loans? - ANSWER Section 1026.32 (Section 32) What are the three triggers for High Cost Lending? - ANSWER 6.5% on a first mortgage, 8.5% on a second mortgage, and a 5% fee trigger for loans over $20,000. What are the triggers for High Priced Lending? - ANSWER 1.5% for a first mortgage, 3.