NMLS TEST PREP COMPUSRAC
COMPREHENSIVE EXAM 2026 QUESTIONS
AND SOLUTIONS GRADED A+
◉A real estate agent receives a $50 restaurant gift certificate from a
mrotgage broker as a token of appreciation for referring a home buyer to
the mortgage broker. Which of law was violated as a result of this
transaction? Answer: RESPA
◉When must a lender advise loan applicants about the status of their
application? Answer: Within 30 days
◉Which of the following scenarios would violate Section 8 of RESPA
and its prohibition against unearned fees?
a. a broker accepts a loan origination fee
b. an attorney accepts payment for performing a title search
c. a broker charges $50 to obtain a $50 credit report
d. a title company pays a mortgage broker $100 per client for referral of
settlement business Answer: a title company pays a mortgage broker
$100 per client for referral of settlement business
◉RESPA does not apply to:
,a. loans for business, commercial, and agricultural purposes
b. subprime mortgage loans
c. loans secured by a lien on a principal dwelling
d. Federally related mortgage loans Answer: loans for business,
commercial, and agricultural purposes
◉What is the primary purpose of the Truth-in-Lending Act? Answer:
To ensure that creditors provide consumers clear disclosure of the terms
of credit
◉Murphy is a mortgage broker who has an ownership interest in a local
title insurance company. When his clients apply for loans and request
referrals to a title compnay, Murphy must: Answer: Immediately
provide an affiliated business arrangement disclosure if he refers them to
the title company in which he has an ownership interes
◉What federal statute primarily serves to control the settlement costs of
residential mortgage loans? Answer: RESPA
◉The rule that established requirements for ensuring that a borrower can
afford to take on a mortgage loan is known as the: Answer: Ability to
Repay Rule
,◉If a mortgage broker decides to use telemarketing to establish leads for
loan origination, which of the following should occur? Answer: The
broker should obtain access to the Do-Not-Call Registry
◉Five siblings have ownership rights to a property. If a refinance
transaction affecting the property is subject to rescission, how many of
these individuals must submit a rescission notice in order to void the
loan? Answer: any one of the 5
◉The Real Estate Settlement Procedures Act applies to: Answer:
Residential Loans
◉There is a ____ accuracy tolerance for amounts stated on the Loan
Estimate and the actual closing costs if the consumer is allowed to shop
for hi/her own settlement service provider. Answer: 10%
◉Which federal agencies has supervisory responsibilities for TILA
compliance? Answer: CFPB
◉Under ECOA, when is a notice concerning the right to obtain a copy
of the appraisal due to a consumer? Answer: within three business days
of loan application
, ◉Under the Fair Credit Reporting Act, which of the following entities
has the burden of protecting a consumer's privacy when his/her credit
information is being reported? Answer: Credit reporting agency
◉RESPA applies to: Answer: Federally-related mortgage loans
◉Requiring a spouse to serve as a cosigner on a loan is not a
discriminatory practice when: Answer: The signature is required by law
in a community property state
◉According to fair lending laws, which of the following may loan
applicants be asked to disclose for HMDA data collection purposes?
Answer: Their race
◉Which of the following is true of the Home Loan Toolkit booklet?
a. if there are multiple borrowers, it is only required to be given to one of
them
b. it can be used for HELOC transactions
c. Mortgage professionals can add or remove any information deemed
necessary
d. It must be given at least 24 hours before consummation Answer: if
there are multiple borrowers, it is only required to be given to one of
them
COMPREHENSIVE EXAM 2026 QUESTIONS
AND SOLUTIONS GRADED A+
◉A real estate agent receives a $50 restaurant gift certificate from a
mrotgage broker as a token of appreciation for referring a home buyer to
the mortgage broker. Which of law was violated as a result of this
transaction? Answer: RESPA
◉When must a lender advise loan applicants about the status of their
application? Answer: Within 30 days
◉Which of the following scenarios would violate Section 8 of RESPA
and its prohibition against unearned fees?
a. a broker accepts a loan origination fee
b. an attorney accepts payment for performing a title search
c. a broker charges $50 to obtain a $50 credit report
d. a title company pays a mortgage broker $100 per client for referral of
settlement business Answer: a title company pays a mortgage broker
$100 per client for referral of settlement business
◉RESPA does not apply to:
,a. loans for business, commercial, and agricultural purposes
b. subprime mortgage loans
c. loans secured by a lien on a principal dwelling
d. Federally related mortgage loans Answer: loans for business,
commercial, and agricultural purposes
◉What is the primary purpose of the Truth-in-Lending Act? Answer:
To ensure that creditors provide consumers clear disclosure of the terms
of credit
◉Murphy is a mortgage broker who has an ownership interest in a local
title insurance company. When his clients apply for loans and request
referrals to a title compnay, Murphy must: Answer: Immediately
provide an affiliated business arrangement disclosure if he refers them to
the title company in which he has an ownership interes
◉What federal statute primarily serves to control the settlement costs of
residential mortgage loans? Answer: RESPA
◉The rule that established requirements for ensuring that a borrower can
afford to take on a mortgage loan is known as the: Answer: Ability to
Repay Rule
,◉If a mortgage broker decides to use telemarketing to establish leads for
loan origination, which of the following should occur? Answer: The
broker should obtain access to the Do-Not-Call Registry
◉Five siblings have ownership rights to a property. If a refinance
transaction affecting the property is subject to rescission, how many of
these individuals must submit a rescission notice in order to void the
loan? Answer: any one of the 5
◉The Real Estate Settlement Procedures Act applies to: Answer:
Residential Loans
◉There is a ____ accuracy tolerance for amounts stated on the Loan
Estimate and the actual closing costs if the consumer is allowed to shop
for hi/her own settlement service provider. Answer: 10%
◉Which federal agencies has supervisory responsibilities for TILA
compliance? Answer: CFPB
◉Under ECOA, when is a notice concerning the right to obtain a copy
of the appraisal due to a consumer? Answer: within three business days
of loan application
, ◉Under the Fair Credit Reporting Act, which of the following entities
has the burden of protecting a consumer's privacy when his/her credit
information is being reported? Answer: Credit reporting agency
◉RESPA applies to: Answer: Federally-related mortgage loans
◉Requiring a spouse to serve as a cosigner on a loan is not a
discriminatory practice when: Answer: The signature is required by law
in a community property state
◉According to fair lending laws, which of the following may loan
applicants be asked to disclose for HMDA data collection purposes?
Answer: Their race
◉Which of the following is true of the Home Loan Toolkit booklet?
a. if there are multiple borrowers, it is only required to be given to one of
them
b. it can be used for HELOC transactions
c. Mortgage professionals can add or remove any information deemed
necessary
d. It must be given at least 24 hours before consummation Answer: if
there are multiple borrowers, it is only required to be given to one of
them
