NMLS Test Prep CompuCram Test Questions A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - ANSWER Wednesday, Jan. 6 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
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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 2 / 3
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
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