NMLS EXAM 2025 (PRACTICE TERMS, DEFINITIONS,
AND QUESTIONS FOR THE NMLS EXAM) LATEST
UPDATE | QUESTIONS AND ANSWERS | WITH
COMPLETE SOLUTION!!
Reg C Answer - HMDA (Home Mortgage Disclosure Act)
Why were HMDA laws written? Answer - 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? Answer - 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? Answer - Loan Applicant
Register (LAR). 3 Years.
HMDA data must be maintained and available upon request for how many
years? Answer - 3 Years
What is the community reinvestment act (CRA)? Answer - Regulation to help
meet credit needs of communities
, Federal Financial Institutions Examination Council (FFIEC) Answer - 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) Answer - Provisions to protect consumer's
personal financial information held by financial institutions
Another name for GLBA Answer - Financial Services Modernization Act of 1999
(FSMA)
What must a borrower receive at first contact, then yearly if they are a
remaining customer? Answer - Private Policy Notice
What right do customers have under the GLBA regarding their information?
Answer - Right to opt out of having info shared with certain third parties
What does SPF stand for under GLBA? Answer - Safeguarding policies,
Pretexting policies, Financial Privacy policies
Safeguarding Answer - Policy how companies keep our credit cards and info
safe when used at their company
Pretexting Answer - Keep others from getting access to information under false
pretenses "PREtenders"
Financial Privacy Answer - Policy that governs collection of non-public info and
how its shared with affiliates. (opt in and opt out)
AND QUESTIONS FOR THE NMLS EXAM) LATEST
UPDATE | QUESTIONS AND ANSWERS | WITH
COMPLETE SOLUTION!!
Reg C Answer - HMDA (Home Mortgage Disclosure Act)
Why were HMDA laws written? Answer - 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? Answer - 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? Answer - Loan Applicant
Register (LAR). 3 Years.
HMDA data must be maintained and available upon request for how many
years? Answer - 3 Years
What is the community reinvestment act (CRA)? Answer - Regulation to help
meet credit needs of communities
, Federal Financial Institutions Examination Council (FFIEC) Answer - 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) Answer - Provisions to protect consumer's
personal financial information held by financial institutions
Another name for GLBA Answer - Financial Services Modernization Act of 1999
(FSMA)
What must a borrower receive at first contact, then yearly if they are a
remaining customer? Answer - Private Policy Notice
What right do customers have under the GLBA regarding their information?
Answer - Right to opt out of having info shared with certain third parties
What does SPF stand for under GLBA? Answer - Safeguarding policies,
Pretexting policies, Financial Privacy policies
Safeguarding Answer - Policy how companies keep our credit cards and info
safe when used at their company
Pretexting Answer - Keep others from getting access to information under false
pretenses "PREtenders"
Financial Privacy Answer - Policy that governs collection of non-public info and
how its shared with affiliates. (opt in and opt out)
