NMLS Flashcards QUESTIONS AND ANSWERS RATED A+ 2025|2026 UPDATE

NMLS Flashcards QUESTIONS AND ANSWERS RATED A+ 2025|2026 UPDATE AfBA/ABA stands for? -What is it? - correct answer -Affiliated Business Arrangement -If referring client to another business of yours (1%) then you must disclose ASAP Other ways to say "Doc Signing" - correct answer -Loan consummation -Loan Settlement -Loan Closing What is an escrow account? - correct answer -account holding money for insurance/taxes -AKA "impound account" or "reverse account" -What's an MU4? -What are requirements? - correct answer -Individual application after NMLS exam -finger printing and credit report -What does RESPA stand for? -Regulation ? RATED A+ 2025|2026 UPDATE NMLS Flashcards QUESTIONS AND ANSWERS-Deals with? -Penalties - correct answer -Real Estate Settlement Procedures Act -Regulation X -Allows customers to be better shoppers for settlements (reduce unnecessarily high settlement costs) -Up to $10k and/or 1yr jail -FACT Act stands for? -Deals with? - correct answer -Fair and Accurate Credit Transactions Act -Identity theft and allows consumers to obtain a free copy of their file once every 12 months -HPA Stands for - correct answer -Homeowners Protection Act NMLS stands for? Pre-Licencing requirements? After License requirements? Who makes requirements? Where does it appear on? - correct answer -Nationwide Mortgage Licensing System -Each broker has their own unique identifier -20 Hours before license -8 hours continuing education -Renew once a year between Nov 1st-Dec 31s