NMLS TEST PREP COMPUCRAM
EXAMINATION TEST 2026 QUESTIONS
WITH 100% CORRECT ANSWERS
⩥ Reg Z. Answer: TILA
⩥ LE. Answer: Requires business days to include all days open
⩥ Does count for business days for CD include Saturdays?. Answer: No
- requires business days to include all but Sun/Holidays
⩥ Elements of a Completed Application. Answer: Name
Address
Subject property
Value of property
Income
Loan amount
⩥ Material Disclosures. Answer: APR
Finance charges
Total of payments
Payment schedule
,HOEOA discl (if HCM)
⩥ Finance Charges. Answer: (C)losing agent, settlement
(O)rigination, processing, UW - anything creditor keeps
(I)nterest & insurance - MIP, PIM
(M)ortgage broker fees
⩥ Foreclosure Right of Recision tolerances. Answer: - understated by
$35 or less
- more than needed to be disclosed
- broker fee wasn't included in finance charges
- proper format not used for discl
REG Z/TILA
⩥ Right of Rescission - how long does a borrower have to excercise
RoR?. Answer: 3 days - excl Sun/holiday
⩥ Right of Rescission - covers. Answer: - Open and closed for primary
dwelling
- refi w/ new lender
,⩥ Right of Rescission - copies. Answer: Requires 2 to all with
ownership interest at closing
⩥ Right of Rescission - exercising. Answer: Only requires one person to
cancel
⩥ When can the 3 day waiting period for the Right of Rescission be
waived?. Answer: Financial emergency only, requires lender approval
⩥ Right of Rescission - extension. Answer: 3 yrs if not given all
Material Disclosures
⩥ Right of Rescission - time to return funds. Answer: 20 days
⩥ Penalty for violation of Do Not Call. Answer: $16k
⩥ Penalty for Fraud. Answer: $1M and/or 30 years
⩥ Penalty for violation of SAFE Act. Answer: $25k
⩥ Penalty for referral violation. Answer: $10k and/or 1 year
⩥ CFPB has regulatory authority for all but.... Answer: Patriot Act
, Do Not Call
Fair Housing Act
⩥ APR Tolerance under TILA - regular loan. Answer: 1/8%
⩥ APR Tolerance under TILA - irregular loan. Answer: 1/4%
⩥ Finance Charge tolerance under TILA. Answer: 1/2% or $100
⩥ Finance Charge tolerance under TILA - refi with new lender. Answer:
1% or $100
⩥ Loan Estimate Accuracy Tolerance. Answer: 10% aggregate
⩥ Closing Disclosure - what loans does it not apply to?. Answer: Not
ROT -
Reverse
Open
Trailer
⩥ Closing Disclosure - when is it due?. Answer: 3 days before closing
(excl Sun/holiday)
EXAMINATION TEST 2026 QUESTIONS
WITH 100% CORRECT ANSWERS
⩥ Reg Z. Answer: TILA
⩥ LE. Answer: Requires business days to include all days open
⩥ Does count for business days for CD include Saturdays?. Answer: No
- requires business days to include all but Sun/Holidays
⩥ Elements of a Completed Application. Answer: Name
Address
Subject property
Value of property
Income
Loan amount
⩥ Material Disclosures. Answer: APR
Finance charges
Total of payments
Payment schedule
,HOEOA discl (if HCM)
⩥ Finance Charges. Answer: (C)losing agent, settlement
(O)rigination, processing, UW - anything creditor keeps
(I)nterest & insurance - MIP, PIM
(M)ortgage broker fees
⩥ Foreclosure Right of Recision tolerances. Answer: - understated by
$35 or less
- more than needed to be disclosed
- broker fee wasn't included in finance charges
- proper format not used for discl
REG Z/TILA
⩥ Right of Rescission - how long does a borrower have to excercise
RoR?. Answer: 3 days - excl Sun/holiday
⩥ Right of Rescission - covers. Answer: - Open and closed for primary
dwelling
- refi w/ new lender
,⩥ Right of Rescission - copies. Answer: Requires 2 to all with
ownership interest at closing
⩥ Right of Rescission - exercising. Answer: Only requires one person to
cancel
⩥ When can the 3 day waiting period for the Right of Rescission be
waived?. Answer: Financial emergency only, requires lender approval
⩥ Right of Rescission - extension. Answer: 3 yrs if not given all
Material Disclosures
⩥ Right of Rescission - time to return funds. Answer: 20 days
⩥ Penalty for violation of Do Not Call. Answer: $16k
⩥ Penalty for Fraud. Answer: $1M and/or 30 years
⩥ Penalty for violation of SAFE Act. Answer: $25k
⩥ Penalty for referral violation. Answer: $10k and/or 1 year
⩥ CFPB has regulatory authority for all but.... Answer: Patriot Act
, Do Not Call
Fair Housing Act
⩥ APR Tolerance under TILA - regular loan. Answer: 1/8%
⩥ APR Tolerance under TILA - irregular loan. Answer: 1/4%
⩥ Finance Charge tolerance under TILA. Answer: 1/2% or $100
⩥ Finance Charge tolerance under TILA - refi with new lender. Answer:
1% or $100
⩥ Loan Estimate Accuracy Tolerance. Answer: 10% aggregate
⩥ Closing Disclosure - what loans does it not apply to?. Answer: Not
ROT -
Reverse
Open
Trailer
⩥ Closing Disclosure - when is it due?. Answer: 3 days before closing
(excl Sun/holiday)
