NMLS EXAM TEST GUIDE
QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026
Reg C - ANS-HMDA (Home Mortgage Disclosure Act)
Why were HMDA laws written? - ANS-Laws were written in response to the public concerns that lenders
were "redlining"
Under HMDA how often do institutions need to report public loan data? Regarding what kind of data? -
ANS-Annually, reports due every year in March. Data is in regards to ethnicity, race, and sex of ALL
applicants.
What is the log of applicants that a creditor must keep and provide to the federal gov? How long must
they be maintained? - ANS-Loan Applicant Register (LAR). 3 Years.
HMDA data must be maintained and available upon request for how many years? - ANS-3 Years
What is the community reinvestment act (CRA)? - ANS-Regulation to help meet credit needs of
communities
Federal Financial Institutions Examination Council (FFIEC) - ANS-Composed of 5 banking regulators.
Compiles information as individual disclosure statements for EACH institution in the form of aggregate
reports.
QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026
Reg C - ANS-HMDA (Home Mortgage Disclosure Act)
Why were HMDA laws written? - ANS-Laws were written in response to the public concerns that lenders
were "redlining"
Under HMDA how often do institutions need to report public loan data? Regarding what kind of data? -
ANS-Annually, reports due every year in March. Data is in regards to ethnicity, race, and sex of ALL
applicants.
What is the log of applicants that a creditor must keep and provide to the federal gov? How long must
they be maintained? - ANS-Loan Applicant Register (LAR). 3 Years.
HMDA data must be maintained and available upon request for how many years? - ANS-3 Years
What is the community reinvestment act (CRA)? - ANS-Regulation to help meet credit needs of
communities
Federal Financial Institutions Examination Council (FFIEC) - ANS-Composed of 5 banking regulators.
Compiles information as individual disclosure statements for EACH institution in the form of aggregate
reports.
