National and UST Mortgage Practice Exam 4 Questions with Correct Answers Latest Update
2025/2026
ECOA applies to the extension of credit for:
A. Loans secured by a first or subordinate lien on residential property
B. Residential, business, commercial, and agricultural loans
C. Business, commercial, and agricultural loans
D. All credit other than government loans - Answers B. Residential, business, commercial, and
agricultural loans
ECOA has a wider range than RESPA and TILA, beyond just loans related to residential
properties. The law also covers loans for businesses, commercial, and agricultural loans.
Which law restricts the sharing of nonpublic personal information given when a consumer
applies for a mortgage loan?
A. Fair Credit Reporting Act
B. FTC Disposal Rules
C. Gramm-Leach-Bliley Act
D. Consumer Regulatory Protection Act - Answers C. Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act is the federal law that limits or restricts the use of a consumer's
nonpublic personal information.
A state-licensed loan originator is:
A. Licensed by the NMLS
B. Not an employee of a depository institution
C. Identified by the unique identifier of his/her employer
, D. An employee of a subsidiary which is owned or controlled by a depository institution -
Answers B. Not an employee of a depository institution
A state-licensed loan originator is an employee of a non-depository institution and is licensed by
the state.
HMDA data is collected and aggregated to determine:
A. The success rate of nontraditional mortgage loans
B. Whether the success of lending terms varies in different geographic areas
C. The extent of creditor compliance with privacy protection laws
D. Whether different credit terms are offered to members of protected classes - Answers D.
Whether different credit terms are offered to members of protected classes
HMDA (Home Mortgage Disclosure Act) data is collected and aggregated to determine whether
different credit terms are offered to members of different protected classes.
A balloon rider, a prepayment penalty rider and a second-home rider may all be part of:
A. A title insurance policy
B. A deed of trust
C. A note
D. A power-of-attorney agreement - Answers B. A deed of trust
A deed of trust is used to secure a note. A deed can carry a rider, or an addendum, which may
include a balloon rider, a prepayment penalty rider and a second-home rider, among others.
How many total hours of ethics are required, at minimum, for continuing education?
A. Three
2025/2026
ECOA applies to the extension of credit for:
A. Loans secured by a first or subordinate lien on residential property
B. Residential, business, commercial, and agricultural loans
C. Business, commercial, and agricultural loans
D. All credit other than government loans - Answers B. Residential, business, commercial, and
agricultural loans
ECOA has a wider range than RESPA and TILA, beyond just loans related to residential
properties. The law also covers loans for businesses, commercial, and agricultural loans.
Which law restricts the sharing of nonpublic personal information given when a consumer
applies for a mortgage loan?
A. Fair Credit Reporting Act
B. FTC Disposal Rules
C. Gramm-Leach-Bliley Act
D. Consumer Regulatory Protection Act - Answers C. Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act is the federal law that limits or restricts the use of a consumer's
nonpublic personal information.
A state-licensed loan originator is:
A. Licensed by the NMLS
B. Not an employee of a depository institution
C. Identified by the unique identifier of his/her employer
, D. An employee of a subsidiary which is owned or controlled by a depository institution -
Answers B. Not an employee of a depository institution
A state-licensed loan originator is an employee of a non-depository institution and is licensed by
the state.
HMDA data is collected and aggregated to determine:
A. The success rate of nontraditional mortgage loans
B. Whether the success of lending terms varies in different geographic areas
C. The extent of creditor compliance with privacy protection laws
D. Whether different credit terms are offered to members of protected classes - Answers D.
Whether different credit terms are offered to members of protected classes
HMDA (Home Mortgage Disclosure Act) data is collected and aggregated to determine whether
different credit terms are offered to members of different protected classes.
A balloon rider, a prepayment penalty rider and a second-home rider may all be part of:
A. A title insurance policy
B. A deed of trust
C. A note
D. A power-of-attorney agreement - Answers B. A deed of trust
A deed of trust is used to secure a note. A deed can carry a rider, or an addendum, which may
include a balloon rider, a prepayment penalty rider and a second-home rider, among others.
How many total hours of ethics are required, at minimum, for continuing education?
A. Three
