NMLS TEST PREP COMPUSRAC ACTUAL EXAM
2026 SOLVED QUESTIONS AND ANSWERS
GUARANTEED TO PASS
◉Who manages the National Do Not Call Registry? Answer: Federal
Trade Commission
◉What federal legislation regulates credit reporting agencies and
lenders concerning credit reporting? Answer: FCRA
◉What is not prohibited to be included in the loan terms for HOEPA
covered items? Answer: late fees.
◉Commissions of real estate brokers or agents would be listed: Answer:
In "Other"
◉A Loan Application Report is due by March 1st of each year as a result
of the enactment of the Answer: Home Mortgage Disclosure Act.
◉What action would not be considered "adverse action" according to
the Fair Credit Reporting Act? Answer: granting a mortgage loan based
on the terms the consumer applied for
,◉Which loans are not covered under HMDA? Answer: commercial
loans
◉A loan generally cannot be considered a qualified mortgage (QM) if
the points and fees paid by the consumer exceed _____ percent (%) of
the total loan amount. Answer: 3
◉Which disclosure is not required by HOEPA? Answer: right to credit
score
◉According to the SAFE Act, which would be considered a task that
would require someone to be a licensed MLO? Answer: assisting a
borrower in obtaining a mortgage loan by offering to negotiate terms
with a lender.
◉The loan estimate must include the address of the property. If the
address is unavailable, what must you use? Answer: a description of the
location of the property
◉A borrower elects to lower his settlement costs by paying a slightly
higher interest rate. This appears on the Loan Estimate as a Answer: a
credit to the borrower
, ◉What may be used to convert the construction loan into permanent
financing? Answer: a modification agreement
◉Actual charges at settlement listed on the CD can increase more than
10% from the estimates shown on the LE for what fee? Answer:
Homeowners insurance
◉The loan requested divided by the total cost of the project is referred to
as the what? Answer: loan to cost
◉Which financial arrangement is exempt from the Real Estate
Settlement Procedures Act? Answer: Bridge loans
◉ABC Mortgage Company has been accused of inappropriately calling
two consumers on the National Do No Call Registry. What is the fine
ABC could incur for this? Answer: $80,000
◉When must a re-certification of value be performed? Answer: 120
days
◉Lenders who are authorized to underwrite their own FHA loan
applications have what type of underwriters in their office? Answer:
Direct endorsers
2026 SOLVED QUESTIONS AND ANSWERS
GUARANTEED TO PASS
◉Who manages the National Do Not Call Registry? Answer: Federal
Trade Commission
◉What federal legislation regulates credit reporting agencies and
lenders concerning credit reporting? Answer: FCRA
◉What is not prohibited to be included in the loan terms for HOEPA
covered items? Answer: late fees.
◉Commissions of real estate brokers or agents would be listed: Answer:
In "Other"
◉A Loan Application Report is due by March 1st of each year as a result
of the enactment of the Answer: Home Mortgage Disclosure Act.
◉What action would not be considered "adverse action" according to
the Fair Credit Reporting Act? Answer: granting a mortgage loan based
on the terms the consumer applied for
,◉Which loans are not covered under HMDA? Answer: commercial
loans
◉A loan generally cannot be considered a qualified mortgage (QM) if
the points and fees paid by the consumer exceed _____ percent (%) of
the total loan amount. Answer: 3
◉Which disclosure is not required by HOEPA? Answer: right to credit
score
◉According to the SAFE Act, which would be considered a task that
would require someone to be a licensed MLO? Answer: assisting a
borrower in obtaining a mortgage loan by offering to negotiate terms
with a lender.
◉The loan estimate must include the address of the property. If the
address is unavailable, what must you use? Answer: a description of the
location of the property
◉A borrower elects to lower his settlement costs by paying a slightly
higher interest rate. This appears on the Loan Estimate as a Answer: a
credit to the borrower
, ◉What may be used to convert the construction loan into permanent
financing? Answer: a modification agreement
◉Actual charges at settlement listed on the CD can increase more than
10% from the estimates shown on the LE for what fee? Answer:
Homeowners insurance
◉The loan requested divided by the total cost of the project is referred to
as the what? Answer: loan to cost
◉Which financial arrangement is exempt from the Real Estate
Settlement Procedures Act? Answer: Bridge loans
◉ABC Mortgage Company has been accused of inappropriately calling
two consumers on the National Do No Call Registry. What is the fine
ABC could incur for this? Answer: $80,000
◉When must a re-certification of value be performed? Answer: 120
days
◉Lenders who are authorized to underwrite their own FHA loan
applications have what type of underwriters in their office? Answer:
Direct endorsers
