Reg c hmda Study guides, Class notes & Summaries
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NMLS 2023 Exam Questions and Answers All Correct (1).docx
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NMLS 2023 Exam Questions and Answers All Correct (1).docx 
An annual escrow analysis is used to do which of the following? 
 
A. Ensure the loan is properly amortized B. Prevent escrow overages 
C. Reduce burden on the servicer 
D. Report underwriting errors - Answer-B. Prevent escrow overages 
 
The disclosure requirements of RESPA would apply to which of the following loans? 
 
A. A loan to purchase 75 acres of land B. A farm loan 
C. A loan to purchase a property that includes a gas station a...
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MLO Test 223 Questions with Complete Solutions
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Which of the following best describes a 2nd mortgage loan? 
(A) A conventional mortgage that is conforming 
(B) A conventional mortgage that is non-conforming 
(C) A conforming loan that is non-conventional 
(D) A non-conforming loan that is non-conventional Correct Answer: (B) A conventional mortgage that is non-conforming 
 
WHY? 
 
Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guidelines 
 
It is important to understand that a conforming ...
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MLO Top Predicted Exam Questions and CORRECT Answers
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ECOA (Reg B) Equal Credit Opportunity Act (Reg B) Prohibit discrimination 
HMDA Home Mortgage Disclosure Act (Reg C) 
requires lenders to report public loan data on both approved and denied loans 
FCRA Fair Credit Reporting Act (Reg V) 
promotes accuracy and ensures privacy of consumer credit information 
RESPA Real Estate Settlement Procedure Agreement (Reg X) disclosure laws
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NMLS Test Questions with accurate answers, Graded A. 2022/2023
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NMLS Test Questions with accurate answers, Graded A. 2022/2023. 
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NMLS Test Questions with accurate answers, Graded A. 2022/2023. If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Value What law allows the borrower to challenge the ...
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Loan Officer - NMLS exam with complete solutions
- Exam (elaborations) • 43 pages • 2023
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ECOA - REG B 
Equal Credit Opportunities Act 
 
If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver 
 
 
 
HMDA - REG C 
Home Mortgage Disclosure Act 
 
Found in: 
Section 10 of 10-03 Loan App 
Government Monitoring Section 
 
Eliminates / Identifies Possible Discrimination 
 
 
 
RESPA - REG X 
Real Estate Settlement Procedures Act 
 
 
 
TIL/TILA - REG Z 
Truth in Lending Act (2015) 
 
Deals with: (Of Consumer Loans) 
Credit ...
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NMLS SAFE EXAM PREP With Correct Solutions 2024
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NMLS SAFE EXAM PREP With Correct Solutions 2024
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NMLS Test 166 QUESTIONS WITH COMPLETE SOLUTIONS
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If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? Correct Answer: The borrower has 90 to request and the lender as 30 days to deliver. 
 
Appraisal equals? Correct Answer: Value 
 
What law allows the borrower to challenge the value stated in the appraisal? Correct Answer: ECOA (Reg B), Equal Credit Opportunity Act 
 
What is ECOA? Correct Answer: Equal Cr...
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Loan Officer – NMLS Questions and Answers Graded A+
- Exam (elaborations) • 45 pages • 2023
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Loan Officer – NMLS Questions and Answers Graded A+ 
Document Content and Description Below 
Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Le nder has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate ...
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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERS
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NMLS SAFE EXAM PREP QUESTIONS AND ANSWERSNMLS SAFE EXAM PREP QUESTIONS AND ANSWERS 
 
PMI - Answer-Private mortgage insurance 
 
TILA deals with - Answer-advertising of loans, cerdit, APR 
 
PMI protects who - Answer-The Lender 
 
SAFE - Answer-Secure And Fair Enforcement Act 
 
HERA - Answer-Housing and Economic Recovery Act 
 
HERA created what act - Answer-SAFE Act 
 
FCRA - Reg V - Answer-Fair Credit Reporting Act
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Loan Officer - NMLS QUESTIOS AND ANSWERS
- Exam (elaborations) • 31 pages • 2022
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ECOA - REG B - Answer - Equal Credit Opportunities Act 
 
If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver 
 
HMDA - REG C - Answer - Home Mortgage Disclosure Act 
 
Found in: 
Section 10 of 10-03 Loan App 
Government Monitoring Section 
 
Eliminates / Identifies Possible Discrimination 
 
RESPA - REG X - Answer - Real Estate Settlement Procedures Act 
 
TIL/TILA - REG Z - Answer - Truth in Lending Act (2015) 
 
Deals with: ...
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