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MORTGAGE LOAN ORIGINATOR TEST > NMLS BOOK REVIEW > Flashcards

NMLS BOOK REVIEW Flashcards

1
Q

How many questions on the test?

A

120 questions

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2
Q

How many unscored test questions?

A

5 questions

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3
Q

What is the purpose of the unscored test questions?

A

Create new potential test questions

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4
Q

What is the minimum passing score?

A

75%

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5
Q

What does LO stand for?

A

Loan Originator

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6
Q

What is the true test percentage for the Federal Law section?

A

60%-70%

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7
Q

Why is the federal law section so important?

A

The Federal Law section affects all aspects of the mortgage process and there is a federal law/rule for about every process.

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8
Q

Will you know which questions are unscored?

A

No, they will be randomly places throughout the test.

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9
Q

What are the 5 sections of the NML test? Percentages?

A

Federal Mortgage Related Laws (24%)
General Mortgage Knowledge (20%)
Mortgage Loan Origination Activities (27%)
Ethics (18%)
Uniform State Content (11%)

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10
Q

SAFE Act

A

The Secure and Fair Enforcement Act for Mortgage Licensing Act of 2008

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11
Q

TILA

A

Truth in Lending Act

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12
Q

RESPA

A

Real Estate Settlement Procedures Act

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13
Q

HPA

A

The Homeowners Protection Act

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14
Q

HOEPA

A

Homeownership and Equity Protection Act

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15
Q

FCRA

A

Fair Credit Reporting Act

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16
Q

FACTA

A

Fair and Accurate Credit Transactions Act

17
Q

GLBA

A

Gramm-Leach Bliley Act

18
Q

FHA / FH Act

A

Fair Housing Act

19
Q

ECOA

A

Equal Credit Opportunity Act

20
Q

HMDA

A

Home Mortgage Disclosure Act

21
Q

Dodd-Frank

A

Dodd-Frank Wall Street Reform Act

22
Q

BSA / AML

A

Bank Secrecy and Anti-Money Laundering

23
Q

MAP Rule

A

Mortgage Acts and Practices Act

24
Q

E-Sign Act

A

Electronic Signatures in Global and National Commerce Act

25
Q

LO Comp

A

Loan Originator Compensation Rule

26
Q

QM

A

Qualified Mortgage

27
Q

ATR

A

Ability-to-Repay

28
Q

TRID

A

TILA-RESPA Integrated Disclosure Rule

29
Q

FDPA

A

Flood Disaster Protection Act

30
Q

FIRA

A

Flood Insurance Reform Act

31
Q

HFIAA

A

Homeowner Flood Insurance Affordability Act

32
Q

UDAAP

A

Unfair Deceptive Acts and Practices

MORTGAGE LOAN ORIGINATOR TEST (3 decks)

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