NMLS Recordkeeping and Reporting 2

Question 1

Under the Bank Secrecy Act (BSA), mortgage companies must file a Suspicious Activity Report (SAR) within how many days of detecting a suspicious transaction?

Accepted Answer

30 days

Answer

SARs must be filed within 30 days of initial detection of suspicious activity, or up to 60 days if no suspect is identified initially.

Question 2

Which federal agency is primarily responsible for enforcing BSA compliance for non-depository mortgage lenders?

Accepted Answer

FinCEN

Answer

FinCEN (Financial Crimes Enforcement Network) is the primary BSA regulator for non-bank mortgage lenders and brokers.

Question 3

A mortgage company's HMDA Loan Application Register (LAR) must be submitted to regulators by which date each year?

Accepted Answer

March 1

Answer

HMDA LAR data must be submitted to the CFPB by March 1 of the year following data collection.

Question 4

For HMDA purposes, which loan action type must be reported when an applicant withdraws their application before a credit decision is made?

Accepted Answer

Application withdrawn

Answer

When a borrower voluntarily withdraws their application prior to a credit decision, it is reported as 'Application withdrawn' on the LAR.

Question 5

Under RESPA, how long must a mortgage servicer retain escrow account records after a loan is paid off or transferred?

Accepted Answer

3 years

Answer

RESPA requires servicers to retain escrow account records for a minimum of 3 years after the loan is paid in full or transferred.

(NMLS) National Mortgage Licensing System Practice Test

(NMLS) National Mortgage Licensing System Practice Test

NMLS Recordkeeping and Reporting 2