NMLS Recordkeeping and Reporting 3

Question 1

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

Accepted Answer

Credit score

Answer

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.

Question 2

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

Accepted Answer

30 days

Answer

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

Question 3

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

Accepted Answer

Loan Estimate

Answer

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

Question 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?

Accepted Answer

SAFE Act

Answer

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

Question 5

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

Accepted Answer

3 years

Answer

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

(NMLS) National Mortgage Licensing System Practice Test

(NMLS) National Mortgage Licensing System Practice Test

NMLS Recordkeeping and Reporting 3