NMLS EXAM 2025 QUESTIONS WITH |\ |\ |\ |\ |\
ANSWERS
Reg C - CORRECT ANSWERS ✔✔HMDA (Home Mortgage
|\ |\ |\ |\ |\ |\ |\ |\
Disclosure Act) |\
Why were HMDA laws written? - CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS
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✔✔Annually, reports due every year in March. Data is in regards
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to ethnicity, race, and sex of ALL applicants.
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What is the log of applicants that a creditor must keep and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
provide to the federal gov? How long must they be maintained? -
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CORRECT ANSWERS ✔✔Loan Applicant Register (LAR). 3 Years.
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HMDA data must be maintained and available upon request for
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how many years? - CORRECT ANSWERS ✔✔3 Years
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What is the community reinvestment act (CRA)? - CORRECT
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ANSWERS ✔✔Regulation to help meet credit needs of
|\ |\ |\ |\ |\ |\ |\ |\
communities
, Federal Financial Institutions Examination Council (FFIEC) -
|\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Composed of 5 banking regulators.
|\ |\ |\ |\ |\ |\ |\
Compiles information as individual disclosure statements for
|\ |\ |\ |\ |\ |\ |\
EACH institution in the form of aggregate reports.
|\ |\ |\ |\ |\ |\ |\
Gramm-Leach-Bliley Act (GLBA) - CORRECT ANSWERS |\ |\ |\ |\ |\ |\
✔✔Provisions to protect consumer's personal financial |\ |\ |\ |\ |\ |\
information held by financial institutions |\ |\ |\ |\
Another name for GLBA - CORRECT ANSWERS ✔✔Financial
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Services Modernization Act of 1999 (FSMA)
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What must a borrower receive at first contact, then yearly if they
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
are a remaining customer? - CORRECT ANSWERS ✔✔Private
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Policy Notice |\
What right do customers have under the GLBA regarding their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
information? - CORRECT ANSWERS ✔✔Right to opt out of having
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
info shared with certain third parties
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What does SPF stand for under GLBA? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Safeguarding policies, Pretexting policies, Financial Privacy |\ |\ |\ |\ |\ |\
policies
Safeguarding - CORRECT ANSWERS ✔✔Policy how companies |\ |\ |\ |\ |\ |\ |\
keep our credit cards and info safe when used at their company
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS
Reg C - CORRECT ANSWERS ✔✔HMDA (Home Mortgage
|\ |\ |\ |\ |\ |\ |\ |\
Disclosure Act) |\
Why were HMDA laws written? - CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔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? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Loan Applicant Register (LAR). 3 Years.
|\ |\ |\ |\ |\ |\ |\ |\
HMDA data must be maintained and available upon request for
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
how many years? - CORRECT ANSWERS ✔✔3 Years
|\ |\ |\ |\ |\ |\ |\
What is the community reinvestment act (CRA)? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Regulation to help meet credit needs of
|\ |\ |\ |\ |\ |\ |\ |\
communities
, Federal Financial Institutions Examination Council (FFIEC) -
|\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Composed of 5 banking regulators.
|\ |\ |\ |\ |\ |\ |\
Compiles information as individual disclosure statements for
|\ |\ |\ |\ |\ |\ |\
EACH institution in the form of aggregate reports.
|\ |\ |\ |\ |\ |\ |\
Gramm-Leach-Bliley Act (GLBA) - CORRECT ANSWERS |\ |\ |\ |\ |\ |\
✔✔Provisions to protect consumer's personal financial |\ |\ |\ |\ |\ |\
information held by financial institutions |\ |\ |\ |\
Another name for GLBA - CORRECT ANSWERS ✔✔Financial
|\ |\ |\ |\ |\ |\ |\ |\
Services Modernization Act of 1999 (FSMA)
|\ |\ |\ |\ |\
What must a borrower receive at first contact, then yearly if they
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
are a remaining customer? - CORRECT ANSWERS ✔✔Private
|\ |\ |\ |\ |\ |\ |\ |\
Policy Notice |\
What right do customers have under the GLBA regarding their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
information? - CORRECT ANSWERS ✔✔Right to opt out of having
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
info shared with certain third parties
|\ |\ |\ |\ |\
What does SPF stand for under GLBA? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Safeguarding policies, Pretexting policies, Financial Privacy |\ |\ |\ |\ |\ |\
policies
Safeguarding - CORRECT ANSWERS ✔✔Policy how companies |\ |\ |\ |\ |\ |\ |\
keep our credit cards and info safe when used at their company
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
