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NMLS Test| 2023/2024 Latest Update| Correct Answers

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If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - ANSWER The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - ANSWER Value What law allows the borrower to challenge the value stated in the appraisal? - ANSWER ECOA (Reg B), Equal Credit Opportunity Act What is ECOA? - ANSWER Equal Credit Opportunity Act (Reg B) ECOA requires the regulators to what? - ANSWER Be equal. What is HMDA? - ANSWER Home Mortgage Disclosure Act (Reg C) What does HMDA do? - ANSWER Allows regulators to "C" where possible discrimination is taking place. Where is HMDA information found? - ANSWER Section 10 of the Loan Application. What is RESPA? - ANSWER Real Estate Settlement Procedures Act (Reg X) How do you remember what regulation is RESPA? - ANSWER "REXPA" (Reg X) What is TIL/TILA? - ANSWER Truth in Lending Act (Reg Z) How do you remember TILA? - ANSWER TILA the GODZILLA What does TILA deal with? - ANSWER Credit, APR, and advertising of consumer loans.

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