NMLS EXAM STUDY GUIDE QUESTIONS AND ANSWERS |FALL
2025/2026 UPDATE | 100% CORRECT
Question 1
Which of the following is NOT a TILA or RESPA mandated disclosure?
Select one:
A. Closing Disclosure
B. Loan Estimate
C. Mortgage Servicing Disclosure
D. An Adverse Action Statement
Correct Answer
D. An Adverse Action Statement
Question 2
Which of the following does not affect a Veterans Funding fee?
Select one:
A. Loan Amount
B. Prior Service (Active/ Reserve)
C. Marital Status
D. Prior Use of Entitlement
Correct Answer
C. Marital Status
Page 1 of 109
,Question 3
FACTA requires that if a lender uses credit scores in making or arranging loans that it must provide certain information.
Which of the following is not required?
Select one:
A. The range of possible credit scores under the model used
B. If any factors adversely affected the consumer's score, up to 4 key factors that adversely affected the score (including
inquiries)
C. Suggestions on how to improve credit scores
D. The date the credit score was created
Correct Answer
C. Suggestions on how to improve credit scores
Question 4
Under TILA, a consumer lawsuit must begin within ___ year(s) of the actual violation?
Select one:
A. 1
B. 2
C. 3
D. 5
Correct Answer
A. 1
Page 2 of 109
,Question 5
The Federal National Mortgage Association is which of the following?
Select one:
A. FEMA
B. FHLMC
C. GSE
D. Freddie Mac
Correct Answer
C. GSE
Question 6
Which of the following best describes the Home Mortgage Disclosure Act?
Select one:
A. HMDA is a disclosure law that relies upon public scrutiny for its effectiveness
B. For HMDA to be effective it relies on strict quotas for MSAs
C. For HMDA to be effective, lenders must provide excess services to underserved communities
D. For HMDA to be effective, it must provide that certain disclosures go out to customers within three (3) days of
application
Correct Answer
A. HMDA is a disclosure law that relies upon public scrutiny for its effectiveness
Page 3 of 109
, Question 7
Which type of property or transaction is not covered or protected under RESPA?
Select one:
A. Condominium
B. An owner-occupied duplex
C. 6-unit apartment complex
D. Home equity line of credit on residence
Correct Answer
C. 6-unit apartment complex
Question 8
Which of the following would restrict the CRA from supplying prescreened consumer report information on a potential
borrower?
Select one:
A. Working for a licensed broker and not a licensed lender
B. Attempting to order the report to just determine if the borrower is credit worthy
C. The borrower had elected to opt out from being included on prescreened lists
D. The borrower had already allowed another mortgage loan originator to order the report
Correct Answer
C. The borrower had elected to opt out from being included on prescreened lists
Page 4 of 109
2025/2026 UPDATE | 100% CORRECT
Question 1
Which of the following is NOT a TILA or RESPA mandated disclosure?
Select one:
A. Closing Disclosure
B. Loan Estimate
C. Mortgage Servicing Disclosure
D. An Adverse Action Statement
Correct Answer
D. An Adverse Action Statement
Question 2
Which of the following does not affect a Veterans Funding fee?
Select one:
A. Loan Amount
B. Prior Service (Active/ Reserve)
C. Marital Status
D. Prior Use of Entitlement
Correct Answer
C. Marital Status
Page 1 of 109
,Question 3
FACTA requires that if a lender uses credit scores in making or arranging loans that it must provide certain information.
Which of the following is not required?
Select one:
A. The range of possible credit scores under the model used
B. If any factors adversely affected the consumer's score, up to 4 key factors that adversely affected the score (including
inquiries)
C. Suggestions on how to improve credit scores
D. The date the credit score was created
Correct Answer
C. Suggestions on how to improve credit scores
Question 4
Under TILA, a consumer lawsuit must begin within ___ year(s) of the actual violation?
Select one:
A. 1
B. 2
C. 3
D. 5
Correct Answer
A. 1
Page 2 of 109
,Question 5
The Federal National Mortgage Association is which of the following?
Select one:
A. FEMA
B. FHLMC
C. GSE
D. Freddie Mac
Correct Answer
C. GSE
Question 6
Which of the following best describes the Home Mortgage Disclosure Act?
Select one:
A. HMDA is a disclosure law that relies upon public scrutiny for its effectiveness
B. For HMDA to be effective it relies on strict quotas for MSAs
C. For HMDA to be effective, lenders must provide excess services to underserved communities
D. For HMDA to be effective, it must provide that certain disclosures go out to customers within three (3) days of
application
Correct Answer
A. HMDA is a disclosure law that relies upon public scrutiny for its effectiveness
Page 3 of 109
, Question 7
Which type of property or transaction is not covered or protected under RESPA?
Select one:
A. Condominium
B. An owner-occupied duplex
C. 6-unit apartment complex
D. Home equity line of credit on residence
Correct Answer
C. 6-unit apartment complex
Question 8
Which of the following would restrict the CRA from supplying prescreened consumer report information on a potential
borrower?
Select one:
A. Working for a licensed broker and not a licensed lender
B. Attempting to order the report to just determine if the borrower is credit worthy
C. The borrower had elected to opt out from being included on prescreened lists
D. The borrower had already allowed another mortgage loan originator to order the report
Correct Answer
C. The borrower had elected to opt out from being included on prescreened lists
Page 4 of 109
