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NMLS COURSE - FINAL TEST QUESTIONS AND VERIFIED ANSWERS 100% CORRECT GRADE A+
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NMLS COURSE - FINAL TEST QUESTIONSAND VERIFIED ANSWERS| 100% CORRECT
|GRADE A+
Under ECOA, which of the following may NOT be considered adversely when underwriting the loan? -
ANS-borrower's receipt of public assistance
The Privacy Rule of the Gramm-Leach Bliley Act requires financial institutions to provide the borrower
with a Consumer Privacy policy - ANS-before disclosing information to non-affiliated third parties.
While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this
information be included on the loan application? - ANS-Home Mortgage Disclosure Act
Which federal law requires financial institutions to file reports of cash transactions exceeding a daily
aggregate amount of $10,000? - ANS-BSA/AML
Which rule requires all financial institutions to design, implement, and maintain safeguards to protect
customer information while it is in the custody and control of the institution and its agents? - ANS-
Safeguards Rule
The rule that bans providers of mortgage foreclosure rescue and loan modification services from
collecting fees until homeowners have a written offer from their lender or servicer that they decide is
acceptable is the - ANS-MARS Rule.
A borrower is refinancing her house, which gives the right to rescind the loan for - ANS-three business
days including Saturday, and excluding Sunday and federal holidays.
RESPA applies to all - ANS-real estate credit transactions for one- to four-family dwellings.
According to the FCRA, how many days does a credit information provider usually have to respond to
the consumer after receiving a notice of a dispute? - ANS-30
As a result of the Mortgage Disclosure Improvement Act, how soon can a residential loan close? - ANS-
on the seventh business day after delivery of required disclosures
If an applicant works 32 hours every week and is paid $16.75 per hour, what is the applicant's monthly
income? - ANS-$2,323.00
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