Practice Test Geeks(NMLS) National Mortgage Licensing System Practice Test
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Recordkeeping and Reporting 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 Recordkeeping and Reporting flashcards as text

  1. Which HMDA data point was added by the 2015 HMDA Rule that was NOT required under the original 1975 regulation?

    Answer: Credit score

    The 2015 HMDA rule added new data points including credit scores, debt-to-income ratios, and NMLS IDs, which were not required under the original regulation.

  2. Under the SAFE Act, a mortgage company must report to NMLS when a licensed MLO is terminated for cause within how many days?

    Answer: 30 days

    Employers must report a for-cause termination of an MLO to NMLS within 30 days of the termination date.

  3. Which document must a mortgage lender provide to a borrower at application that includes a standardized disclosure of loan costs and terms?

    Answer: Loan Estimate

    The Loan Estimate, introduced by TRID in 2015, replaced the GFE and must be provided within 3 business days of receiving a completed application.

  4. An MLO working for a state-licensed mortgage company who originates loans in a state where they are not licensed is violating which federal law?

    Answer: SAFE Act

    The SAFE Act requires MLOs to be licensed in each state where they originate mortgage loans, making unlicensed origination a federal violation.

  5. For record retention under TILA, a creditor must retain evidence of compliance for how long after a mortgage loan is consummated?

    Answer: 3 years

    TILA requires creditors to retain records of compliance for 3 years after the date of consummation of a mortgage loan.

  6. Under HMDA, a financial institution is exempt from reporting if it originated fewer than how many closed-end mortgage loans in each of the two preceding calendar years?

    Answer: 25

    Under the 2015 HMDA rule, institutions that originated fewer than 25 closed-end mortgage loans in each of the two preceding years are exempt from HMDA reporting.

  7. Which NMLS form is used by a company to report changes to its business structure, such as a merger or acquisition?

    Answer: MU1

    The MU1 is the company form in NMLS, and material changes to a company's structure must be reported by amending the MU1 filing.