Nmls tila Study guides, Class notes & Summaries
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NMLS EXAM STUDY QUESTIONS 2024.
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NMLS EXAM STUDY QUESTIONS 2024. 
1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City - correct answer B. Mortgage Fraud is reported to the FBI and to HUD ( 
 
The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 
 
2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: 
A. The SAFE Act 
B. RESPA 
C. TILA 
D. CRA - correct answer A. S.A.F....
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NMLS Safe Test Mortgage Licensing Practice Exam Q's with Complete Solutions
- Exam (elaborations) • 66 pages • 2024
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NMLS Safe Test Mortgage Licensing 
Practice Exam Q's with Complete 
 
Solutions 
 
Which federal law requires that the Loan Estimate be provided to the borrower within three 
business days of the time of loan application is taken? TILA 
 
What type of scam entails homeowners who are encouraged to refinance their property over and 
over until little or no equity remains? Loan flipping or churning 
 
After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, 
r...
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NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED
- Exam (elaborations) • 140 pages • 2024
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NMLS SAFE EXAM QUESTIONS AND 
ANSWERS ALREADY PASSED 
 
Where credit institutions originate loans Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
 
D. The rate maximum the rate can decrease over the life of the loan C. The maximum the 
rate can increase over the life of the loan 
 
When utilizing a temporary ...
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NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS
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NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS 
 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - Answer-TAXES AND INSURANCE 
 
in a qualification of an applicant w...
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NMLS Laws And Regulations Exam Questions 2024.
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NMLS Laws And Regulations Exam Questions 2024. 
CFPB - correct answer Consumer Financial Protection Bureau 
 
What does the CFPB do? - correct answer Regulates RESPA, TILA, ECOA, and HMDA 
 
FTC - correct answer Federal Trade Commission 
 
What does the FTC do? - correct answer Monitors Red Flag Rules 
 
RESPA - correct answer Real Estate Settlement Procedures Act 
 
What does RESPA do? - correct answer •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. ...
Too much month left at the end of the money?
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NMLS QUESTIONS WITH WELL EXPLAINED SOLUTIONS
- Exam (elaborations) • 31 pages • 2023
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NMLS QUESTIONS WITH WELL EXPLAINED SOLUTIONS 
Acceleration Clause - ANS Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
 
Alienation Clause (Due on Sale Clause) - ANS Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) 
 
Appraiser Independence Requirements replaced HVCC - ANS home valuation code of conduct 
 
Due on Demand Clause - ANS (Considered a predatory practice) The ...
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NMLS QUESTIONS WITH SOLUTIONS, GRADED A+
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NMLS QUESTIONS WITH SOLUTIONS, GRADED A+ 
Acceleration Clause 
Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
 
 
 
Alienation Clause (Due on Sale Clause) 
Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) 
 
 
 
 
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Appraiser Independance Requirements replace...
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NMLS Practice Exam Questions and Answers
- Exam (elaborations) • 12 pages • 2024
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NMLS Practice Exam Questions and Answers 
RESP does not apply to: 
 
a) Loans secured by a lien on a principal dwelling 
b) Federally related mortgage loans 
c) Subprime mortgage loans 
d) Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes 
 
Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? 
 
a)...
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The SAFE Act Chapter 6 Latest Update Graded A+
- Exam (elaborations) • 19 pages • 2024
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The SAFE Act Chapter 6 Latest Update 
 
Graded A+ 
 
Nontraditional Mortgage Product Defined by the SAFE Act as any mortgage product other 
than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on Nontraditional 
Mortgage Product Risk, allows a borrower to defer principal and, sometimes, interest. 
 
Registered Loan Originator A natural person who is employed by a depository institution 
that is regulated by a federal banking agency and is exempt from state licensing regulat...
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NMLS TEST-Affinity Study Practice Questions 2024.
- Exam (elaborations) • 25 pages • 2024
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NMLS TEST-Affinity Study Practice Questions 2024.What law deals with credit, APR & Advertising of consumer loans? - correct answer TILA 
 
Which regulation prohibits kickbacks? - correct answer RESPA 
 
Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - correct answer HPA-Homeowners Protection Act 
 
Which Regulation prohibits fee splitting? - correct answer RESPA 
 
Regulation X is the letter used to describe which law? - correct answer RESPA 
 
RESPA is the acr...
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