National Mortgage Loan Originator (NMLS) Test
Timed Exam Mode - Simulated Conditions
The National Mortgage Loan Originator (NMLS) Test certifies an individual's competency to originate mortgage loans. It covers federal mortgage-related laws, ethics, loan origination activities, and general mortgage knowledge.
Under TILA, what is the primary purpose of the Annual Percentage Rate (APR) disclosure?
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A
To show the lender's profit margin
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B
To provide a standardized measure of the true cost of credit
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C
To indicate the monthly payment amount
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D
To disclose the loan origination fee only
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