NMLS 2024 National Exam Questions and Answers | Latest Version | Graded A+

NMLS 2024 National Exam Questions and Answers | Latest Version | Graded A+ $10,000 per incident plus one year jail time What are the penalties for violating Section 8 of RESPA? The Disposal Rule Which rule dictates how instructions are required to dispose of consumer's information? within three business days of the loan application. The Borrower is entitled to the disclosure of the costs of a mortgage loan through the Loan Estimate: 1 year An MLO is looking over a borrower's credit report and sees a fraud alert, under the Economic Growth, Regulatory Relief and Consumer Protection Act, how long can a fraud alert be on a borrower's credit report? Realtor's commission Which of the following is NOT calculated into the APR? Regulation V Under what law is a lender required to provide an adverse action disclosure if the borrower's credit is the reasoning for all or part of the decision to deny the loan application: Underwriter Who of the following would be an appropriate person to discuss the borrower's credit with to determine whether they qualify for the proposed loan or not? the Community Reinvestment Act. The responsibility of financial institutions to meet both the deposit and credit needs of the community, including the needs of low- income families, is called? Always referring to the man as borrower and the woman as co-borrower According to Regulation B, which of the following is not recommended? A borrower has no right to a free copy of his credit scores According to the Fair and Accurate Credit Transaction Act, when are borrowers entitled to get a copy of their credit scores? Regulation P An MLO is required to protect a borrower's non-public personal information, per what federal law? Classify the property as a rental property even though the borrower intends to reside there