NMLS License TEST Questions and Answers Rated A

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NMLS License TEST Questions and Answers Rated A The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nick... named: 1. Price fixing 2. Redlining 3. Steering 4. Blockbusting ✔✔4. Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet ✔✔1.CHARM Booklet How many days in advance of transferring a loan to another lender must the current mortgage servicer inform that customer of the transfer to another lender who will subsequently be servicing the loan? 1. 15 2. 20 3. 3 4. 45 ✔✔1. 15 After meeting with the borrowers to complete a loan application, you return to your office and order a Tri-Merged credit report. Now that you have a credit report, what Loan Disclosure must you now prepare and mail (or give) to them? 1.Notice to Home Loan Applicant 2.Credit Authorization Consent 3.Denial Letter 4.Rapid Rescore ✔✔1.Notice to Home Loan Applicant In a face-to-face application, what do you do if the borrower refuses to fill out the race, ethnicity and gender section on Section X of the 1003? 1.Continue with the loan application, but be sure to get the information completed before submitting the loan to the underwriter. 2.Process and complete the loan entirely without the information. 3.Use your best guess and complete the information in Section X of the 1003. 4.End the application process. ✔✔3.Use your best guess and complete the information in Section X of the 1003. Which is not part of the original loan application? 1.Borrower's marital status 2.ECOA disclosure 3.Borrower provided ethnicity 4.Borrower provided birth date ✔✔2.ECOA disclosure Which is not an application disclosure? 1.Servicing disclosure 2.Environmental hazard disclosure 3.Appraisal disclosure 4.APR disclosure ✔✔2.Environmental hazard disclosure How many days prior to this loan transfer does the current mortgage servicer have to inform the customer? 1. 15 2. 20 3. 3 4. 45 ✔✔1. 15 What is not likely to happen if the lender/investor finds fraud? 1. A 1% interest rate increase on the loan 2. The lender and/or broker will be required to repurchase the loan 3. The entire loan can be called due and payable 4. The loan officer must pay back any premium made on the loan ✔✔1. A 1% interest rate increase [Show More]

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