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NMLS 192 > NMLS Exam Cheat Sheet > Flashcards

NMLS Exam Cheat Sheet Flashcards

1
Q

How does ECOA differ from the Fair Housing Act?

A
  1. FHA includes family status and handicap

2. FHA does NOT include CCPA and public assistance income

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2
Q

How many years is the statute of limitations for ECOA actions?

A

5 years

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3
Q

When do you receive the copy of an appraisal?

A

Within 3 business days of application (if borrower receives Adverse Action, borrower gets appraisal within 30 days)

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4
Q

How many days to receive disclosures regarding monitoring programs?

A

Within 3 days of application

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5
Q

What is the LAR?

A

Loan application register (spreadsheet to report HMDA data)

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6
Q

What is the MSA?

A

Metropolitan Statistical Area (pop over 50,000)

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7
Q

RESPA

A

protects consumers from excessive costs/fees, and allows them to shop for settlement services

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8
Q

What is section 6 of RESPA

A

Transfer of Servicing

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9
Q

How many days notice do you need to give when servicers are being transferred?

A

15

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10
Q

After how many days are borrowers considered late when making payments to their older servicer?

A

60

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11
Q

What is section 8 of RESPA

A

No kickbacks/referral fees

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12
Q

What is section 10 of RESPA

A

Escrow Account

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13
Q

How many days to receive an initial escrow statement

A

within 45 days

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14
Q

How many months cushion can an escrow account demand?

A

2 months or 1/6 annual escrows

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15
Q

What RESPA disclosure is included for purchases only?

A

Settlement Costs Book

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16
Q

When is an Affiliated Business Arrangement disclosure needed?

A

at time of referral

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17
Q

When is a HUD 1 settlement statement required?

A

For purchase money mortgages/refinance

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18
Q

When are HUD-1A needed?

A

Refi only

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19
Q

When can a preliminary HUD-1/HUD-1A be requested?

A

can be requested by the borrower 1 day prior to settlement

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20
Q

How many days old can a list of housing counseling organizations be?

A

No more than 30 days old

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21
Q

If a revised GFE provided, how many days must it be issued?

A

Within 3 days of the LO becoming aware of the info that constitutes changed circumstances.

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22
Q

GFE charges that cannot exceed 10%

A

government recording charges, title services, title insurance

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23
Q

What is the acronym/description of a completed loan application?

A 
ALIENS: 
A-address
L-loan amount
I-income
E-estimate of value
N-name of borrower
S-SSN
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24
Q

Which disclosures need 5 year record retention

A

Servicing Disclosure
HUD1
AFBA Disclosure

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25
Q

Cost Disclosure will replace what?

A

Final TIL and HUD 1

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26
Q

Notice of the Right to Rescind is given to whom and how many copies?

A 
All parties (anyone with title)
2 copies
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27
Q

Rescission extends from 3 days to how long if not everyone receives 2 copies?

A

3 years

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28
Q

What are the 3 TILA disclosures?

A

Truth in Lending
Special Information Books
ARM Disclosures .

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29
Q

How many days must a borrower wait to settle after the initial TIL disclosure?

A

7 days (3 days to settle after re-disclosure)

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30
Q

When is the CHARM booklet issued?

A

Purchase & Refis for ARMs

Also includes early arm program disclosures

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31
Q

What information booklet is issued with HELOCs?

A

When Your Home is On the Line-What You Should Know About Equity

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32
Q

Initial Rate Adjustment Disclosure provided within how many days?

A

210-240 before first adjusted payment.

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33
Q

Subsequent rate adjustment disclosure provided within how many days?

A

60-120 days

25-120 days before adjustments that occur every 60 days or less

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34
Q

HOEPA rate thresholds

A

6.5/8.5% above APOR

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35
Q

HOEPA fee thresholds

A

5%/8% (+- 20K)

36
Q

HOEPA PPP thresholds

A

36 mos/2%

37
Q

What did Dodd Frank expand HOEPA to include?

A

HELOCS

Purchase Money Mortgages

38
Q

HPML rate thresholds

A
  1. 5% for 1st liens over APOR
  2. 5% for jumbo first liens over APOR
  3. 5% for subordinate liens
39
Q

Can HPMLs have PPP?

A

No

40
Q

How many minimum years do mandatory escrow accounts for taxes and insurance exist?

A

5 years minimum

Can request cancellation after 5 years if LTV >=80%

41
Q

What kind of appraisals do HPMLs require?

A

Full appraisal to include physical visit AND interior inspection

42
Q

What do additional appraisal requirements intend to curb?

A

Property flipping

43
Q

HPML 2nd appraisal requirements

A

0-90 days: 10-19.99%

91-180 days: 20%+

44
Q

What does GBL protect

A

nonpublic personal and financial info of consumers

45
Q

When is a privacy notice due?

A

when the consumer becomes a customer

46
Q

What does the HPA do?

A

borrowers can cancel PMI on CONFORMING LOANS

47
Q

FTC Red Flag rule

A

ID theft, must update program regularly

48
Q

Who created the SAFE Act?

A

Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR)

49
Q

Registration vs Licensing

A

Depository vs Non Depository

50
Q

Pre Licensing Education hours breakdown

A

20, L/E/N=3/3/2 rest is electives

51
Q

Continuing Education hours breakdown

A

8 hours annually, 3/2/2 (1 elective)

52
Q

NMLS form MU1

A

Business Entity Registration

53
Q

NMLS form MU2

A

Business Ownership Registration

54
Q

NMLS form MU3

A

Branch Registration

55
Q

NMLS form MU4

A

MLO registration

56
Q

How many days to CRAs have to resolve credit disputes

A

30 days

57
Q

How many years are unpaid/paid tax liens on credit reporting?

A

15 years/7 years

58
Q

How many years are public records kept?

A

10 years

59
Q

What does MARS stand for?

A

Mortgage Assistance Relief Services

60
Q

What types of loan modifications MARS offer?

A

term, IR, payment, principal, short sale, forbearance, deed in lieu of foreclosure

61
Q

In regards to MARS, how many months are records retained?

A

24 months

62
Q

What agency regulates interstate call?

A

FTC

63
Q

What agency regulates intrastate calls?

A

FCC

64
Q

When do you have to update the Do not call list?

A

every 31 days

65
Q

How much is a violation under the Do not call act?

A

16K

66
Q

How many months can you contact a borrower after closing?

A

18 months

67
Q

How many months can you contact a consumer who inquires about your business?

A

3 months

68
Q

In regards to the Do not Call Act, how many months must records be retained?

A

24 months

69
Q

Fair Housing Act

A

prohibits discrimination in housing activities (sale, rental, and financing)

70
Q

How does the FHA diver from ECOA?

A

FHA covers marital status/disability

FHA DOES NOT cover public assistance income or CCPA

71
Q

What US department is FinCEN within?

A

US Treasury Department

72
Q

How many days do you have to make a suspicious activity report? And how many years must you keep records?

A

30 days/5 years

73
Q

How many months banks statements are required when documenting a conforming loan?

A

2 months bank/asset statements

74
Q

How many months reserves does a O/O need for a conforming loan?

A

2 months PITI

75
Q

How many months PITI reserves for a Non O/O for a conforming loan?

A

6 months PITI

76
Q

For FHA loans with borrowers that have credit scores 579-500, what is the minimum down payment?

A

10%

77
Q

What is the max % of seller concessions for FHA loans?

A

6%

78
Q

How much in capital reserves does the Mutual Mortgage Insurance Fund?

A

30 year loss estimates +2%

79
Q

What do title theory states convey?

A

deed of trust

80
Q

What do lien theory states retain?

A

borrower retains title to property. A MORTGAGE evidences lien against the property

81
Q

Fee Simple

A

ownership of house and land

82
Q

Leasehold or “Ground Rent”

A

Ownership of HOUSE ONLY

83
Q

Joint Tenancy

A

share equal and undivided ownership and rights to the property (rights of survivorship)

84
Q

Tenants in Common

A

separate and undivided interest in the property. NO SURVIVORSHIP RIGHTS

85
Q

What act includes pmi regulations?

A

Hpa

86
Q

Tenants by the Entirety

A

Similar to Joint Tenancy, but reserved to lawfully married couples

NMLS 192 (9 decks)

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