The Department of Real Estate needs to manage all Mortgage Loan Originator (MLO) license endorsements, which is done through the NMLS. The U. S. NMLS Exam Prep Test will help the Mortgage Originator with the tools they need to pass the Nationwide Mortgage Licensing System Test and kick their journey into the real estate sector. Try it out, and good luck.
Passport number
Credit card number
Taxpayer identification number
Alien identification number
Good Faith Estimate (GFE)
Notice of right to rescind
Servicing disclosure statement
Affiliated business arrangement disclosure
The mortgage broker only
The real estate agent only
Both are in violation
Neither is in violation
Information about the borrower only
Information about the spouse only
Information about the borrower and the spouse
Information cannot be provided about the borrower or spouse
. The lender must automatically cancel the PMI
The homeowner can request cancellation of the PMI
The PMI gets automatically cancelled after 30 days
The PMI gets cancelled 20 days after the request is submitted
Reduce home insurance costs
Ensure the accuracy of the information in the consumer reports
Help consumer receive lower interest rates
Provide consumers with many finance options to choose from
Provider is an associate of the lender
Provider has an outstanding loan with the lender
The lender and the provider use the same attorney for legal services
The lender has repeatedly used the services of the provider in the last 12 months
Consumers can take more than one mortgage
By make mortgage products available to consumers
Freddie Mac does not ask for a private mortgage insurance (PMI)
If a consumer is unable to pay the installments, they can approach Freddie Mac for time
A copy of the borrower’s rights under the Consumer Loan Act
A redisclosure of the fee including a clear written explanation for the increase
The details of the mortgage broker’s trust account including subaccounts
The details of the mortgage broker’s surety bond company and the amount of the bond
Only the mortgage company is in violation of the Real Estate Settlement Procedures Act (RESPA)
Only the real estate licensee is in violation or RESPA
Both the mortgage company and the real estate licensee are in violation of RESPA
Neither the mortgage company nor the real estate licensee is in violation of RESPA
Redisclosures
A discount on the fees
Refund of the GFE fee
Additional discount points
Only the mortgage broker is in violation of the Real Estate Settlement Procedures Act (RESPA)
Only the title company is in violation of the Real Estate Settlement Procedures Act (RESPA)
Bothe the mortgage broker and the title company are in violation of the Real Estate Procedure Act (RESPA)
Neither the mortgage broker nor the title company is in violation of the Real Estate Settlement Procedure Act (RESPA)
Estimated closing costs
Credit history of the borrower
Key details of the property on which loan was taken
Key terms of the credit transaction
Loan originator
Independent contractor
Mortgage broker licensee
Designated mortgage broker
Mortgage broker
Consumer credit counseling agencies
Credit reporting agencies
Board of Governors of the Federal Reserve Systems
Property offers
Credit transactions
Real estate practices
Property evaluation
Borrower’s right to refuse a PMI
Borrower’s right to cancel PMI
Lender’s right to extend the time for monthly payments for a PMI
Lender’s right to increase the monthly payment amount for PMI
Hotel
Fourplex
Mobile home park
Apartment building
The location of the house
The total area of the house
The annual percentage rate
The annual property taxes
About an applicant was obtained from a legal firm
About an applicant was obtained from another creditor
Was requested and obtained from a source after 1997
Was obtained from a consumer reporting agency without the creditor requesting it
10%
15%
20%
30%
1
2
3
4
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Trust accounting record
Mortgage transaction documents
Continuing education course contents
The payment period for the loan
The finance charge for the loan
No financial information is required
Last date for the offer at the same rate
A new disclosure for the refinancing of credit
The disclosure for the initial credit will have to be reissued
A new disclosure for the refinancing credit only if the borrower requests it
No new disclosures are required if a disclosure was provided for the initial credit
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Here's an interesting quiz for you.