Loan Officer – NMLS Questions and Answers Graded A+

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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 Settlement Procedures Act TIL/TILA - REG Z ✔✔Truth in Lending Act (2015) Deals with: (Of Consumer Loans) Credit APR Advertising HPA ✔✔Homeowners Protection Act Deals With: PMI - Private Mortgage Insurance - Protects Lender, NOT borrower Conventional Loans NOT MIP NOT Government Loans 20% Down SAFE ✔✔SECURE and Fair Enforcement Act Created by HERA* HERA ✔✔Housing and Economic Recovery Act Law that created the SAFE Act* TILA - REG Z requires lenders... ✔✔To disclose the COMPLETE COST OF CREDIT to consumer loan applicants. Tell the WHOLE STORY of the loan. 3-Day Right of Recission ✔✔ESTABLISHED BY TILA - REG Z - Creditor must return any money collected related to the loan within 20 CALENDAY DAYS - Consumers may rescind the credit transaction UNTIL MIDNIGHT OF THE THIRD BUSINESS DAY. - Borrowers must receive TWO COPIES of a Notice of Right to Rescind. Cooling Off Period ✔✔3 Days to change your mind (TILA) [Show More]

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