Practice Test Geeks(NMLS) National Mortgage Licensing System Practice Test
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Mortgage Loan Origination Activities Flashcards

7 cards from real NMLS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Mortgage Loan Origination Activities flashcards as text

  1. RESPA Section 8 prohibits which of the following?

    Answer: Giving or accepting a kickback or unearned fee for referral of settlement service business

    Section 8 bans kickbacks and unearned fees for referrals of settlement services.

  2. When must a creditor provide the CHARM booklet to a consumer applying for an ARM?

    Answer: At the time of application or within 3 business days

    The CHARM booklet (or a suitable substitute) must be provided on or within 3 business days of application for adjustable-rate loans.

  3. The estimated charges on a Loan Estimate must remain available to the consumer for at least how long after delivery (unless revised)?

    Answer: 10 business days

    Estimates must be available for at least 10 business days after delivery or mailing.

  4. After a valid changed circumstance, a revised Loan Estimate must be provided within 3 business days of receiving the information and no later than:

    Answer: 4 business days before consummation

    A revised LE cannot be provided later than 4 business days before consummation.

  5. Under the SAFE Act and Regulation Z, an originator's NMLS unique identifier must appear on which documents?

    Answer: Loan application, note, and security instrument

    The NMLS ID must be on the credit application, note, and security instrument.

  6. The right of rescission under TILA applies to which transaction?

    Answer: Refinance with a new creditor secured by the borrower's principal dwelling

    Rescission covers non-purchase credit secured by a principal dwelling, such as refinances and HELOCs.

  7. The borrower exercises the right of rescission. How long does the consumer have?

    Answer: Until midnight of the third business day after consummation, delivery of notice, or disclosures, whichever is last

    The rescission period runs 3 business days from the latest of consummation, notice, or material disclosures.

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