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. A borrower disputes information in their credit report used in a mortgage decision. Under FCRA, the credit reporting agency must investigate and resolve the dispute within how many days?

    Answer: 30 days

    Under the FCRA, credit bureaus must investigate consumer disputes and report results within 30 days (extendable to 45 days in some circumstances).

  2. Which report must mortgage servicers file with regulators to disclose patterns of mortgage servicing activity, including delinquencies and foreclosures?

    Answer: Mortgage Call Report (MCR)

    The Mortgage Call Report (MCR), filed through NMLS, requires state-licensed companies to disclose mortgage origination and servicing volumes including delinquencies.

  3. Under Regulation Z, a Closing Disclosure must be received by the borrower at least how many business days before consummation?

    Answer: 3 business days

    TRID requires the Closing Disclosure to be received by the consumer at least 3 business days before loan consummation.

  4. An MLO who 'structures' cash deposits to avoid CTR reporting thresholds is committing which federal crime?

    Answer: Structuring (smurfing)

    Deliberately breaking up cash transactions to avoid the $10,000 CTR threshold is called structuring, which is a federal crime under 31 U.S.C. § 5324.

  5. Under the SAFE Act, how frequently must a licensed MLO submit a renewal application through NMLS?

    Answer: Annually

    The SAFE Act requires MLO licenses to be renewed annually, typically by December 31 of each year.

  6. Which regulation requires mortgage lenders to provide applicants with a copy of their appraisal report promptly, and no later than 3 days before closing?

    Answer: ECOA/Regulation B

    Regulation B (ECOA) requires lenders to provide applicants a copy of all appraisals and written valuations promptly, and at least 3 business days before consummation.

  7. When a lender receives a qualified written request (QWR) from a borrower regarding their mortgage account, the servicer must acknowledge receipt within how many business days?

    Answer: 5 business days

    Under RESPA, a servicer must acknowledge a QWR within 5 business days of receipt and must resolve it within 30 business days.