NMLS TEST-Affinity Exam Questions with Verified Answers

What law deals with credit, APR & Advertising of consumer loans? - Answer-TILA Which regulation prohibits kickbacks? - Answer-RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which law? - Answer-RESPA RESPA is the acronym used to describe which law? - Answer-Real Estate Settlement Procedures Act What type of mortgage requires a non-refundable funding fee? - Answer-VA Loan What is the provision in a mortgage enabling a lender to demand full repayment if the borrower DEFAULTS on the loan? - Answer-Acceleration Clause What is the provision in a mortgage enabling a lender to demand full repayment if the borrower TRANSFERS the loan? - Answer-Alienation Clause What does CFPB stand for? - Answer-Consumer Financial Protection Bureau What two laws created the CFBP? - Answer-Dodd Frank Act and Consumer Finance Protection Act Which regulation is designed to help meet the Credit needs of the Communities in which it operates? - Answer-CRA- Community Reinvestment Act Under ECOA rules and regulations, how many days the borrower have to request a copy of an appraisal report? - Answer-90 Under ECOA rules and regulations, how many days does the lender have to provide a copy of an appraisal report, once requested by the borrower? - Answer-30 If a loan application is APPROVED, Under ECOA rules & regulations, when MUST a copy of the appraisal be provided to the borrower? - Answer-3 business days Conforming loans follow guidelines of which regulators? - Answer-Fannie Mae and Freddie Mac