NMLS Test Questions from MEC (Latest 2026 /
2027 Update) Questions and Verified Answers |
100% Correct | Grade A+
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Terms in this set (56)
The following two disclosures are LE and AfBA
required by RESPA, if applicable
1. 1003 and AfBA
2. LE and AfBA
3. 1003 and 1008
4. Borrower's Signature Auth and
GFE
Which of the following must be
provided to the client on an ARM
loan
1. The "consumer handbook on
ARM"
2. The "ARM Handbook"
3. When your home is on the line"
4. Your settlement costs and your
booklet
,If you are a seller, it is acceptable to 1. if the requirement pertains to the sellers own
require the use of a specific title policy
provider:
1. if the requirement pertains to the
sellers own policy
2. if the other service provider is an
affiliate
3. as long as you provide the
borrower with the appropriate
disclose within 3 business days of
the loan application
4. only if the service provider is
licensed
The practice of getting people to 4. Blockbusting
sell their homes at bargain prices
by suggesting that certain ethnic
groups are going to move in the
area are nicknamed:
1. Price Fixing
2. Redlining
3. Steering
4. Blockbusting
, You and the borrower believe an 1. CHARM Booklet
Adjustable Rate Mortgage would
be best for the borrower. What
is the name of the booklet you are
required to give?
1. CHARM Booklet
2. ARM Disclosure
3. Fair Lending Practices Booklet
4. RESPA Booklet
How many days in advance of 1. 15 days
transferring a loan to another
lender must the current mortgage
servicer inform that customer of the
transfer to another lender who will
subsequently be servicing the
loan?
1. 15 days
2. 20 days
3. 3 days
4. 45 days
After meeting with the borrowers to 1. Notice to Home Loan Applicant
complete a loan application, you
return to your office and order a
Tri-Merges credit report. Now you
have a credit report, what Loan
Disclosure must you not prepare
and mail (or give) to them?
1. Notice to Home Loan Applicant
2. Credit Authorization Consent
3. Denial Letter
4. Rapid Rescore
2027 Update) Questions and Verified Answers |
100% Correct | Grade A+
Save
Terms in this set (56)
The following two disclosures are LE and AfBA
required by RESPA, if applicable
1. 1003 and AfBA
2. LE and AfBA
3. 1003 and 1008
4. Borrower's Signature Auth and
GFE
Which of the following must be
provided to the client on an ARM
loan
1. The "consumer handbook on
ARM"
2. The "ARM Handbook"
3. When your home is on the line"
4. Your settlement costs and your
booklet
,If you are a seller, it is acceptable to 1. if the requirement pertains to the sellers own
require the use of a specific title policy
provider:
1. if the requirement pertains to the
sellers own policy
2. if the other service provider is an
affiliate
3. as long as you provide the
borrower with the appropriate
disclose within 3 business days of
the loan application
4. only if the service provider is
licensed
The practice of getting people to 4. Blockbusting
sell their homes at bargain prices
by suggesting that certain ethnic
groups are going to move in the
area are nicknamed:
1. Price Fixing
2. Redlining
3. Steering
4. Blockbusting
, You and the borrower believe an 1. CHARM Booklet
Adjustable Rate Mortgage would
be best for the borrower. What
is the name of the booklet you are
required to give?
1. CHARM Booklet
2. ARM Disclosure
3. Fair Lending Practices Booklet
4. RESPA Booklet
How many days in advance of 1. 15 days
transferring a loan to another
lender must the current mortgage
servicer inform that customer of the
transfer to another lender who will
subsequently be servicing the
loan?
1. 15 days
2. 20 days
3. 3 days
4. 45 days
After meeting with the borrowers to 1. Notice to Home Loan Applicant
complete a loan application, you
return to your office and order a
Tri-Merges credit report. Now you
have a credit report, what Loan
Disclosure must you not prepare
and mail (or give) to them?
1. Notice to Home Loan Applicant
2. Credit Authorization Consent
3. Denial Letter
4. Rapid Rescore
