NMLS Test Outline Questions and
Answers Already Passed
RESPA disclosures?
due dates? ✔✔3 days after application:
Home loan tool kit
Loan estimate
List of HUD counselors
Mortgage Servicing Disclosure Statement
Kno
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NMLS Test Outline Questions and
Answers Already Passed
RESPA disclosures?
due dates? ✔✔3 days after application:
Home loan tool kit
Loan estimate
List of HUD counselors
Mortgage Servicing Disclosure Statement
Know before you owe booklet
Special Info Booklet
3 days before consummation:
Initial Closing Disclosure
AfBA disclosure
At consummation:
Final Closing Disclosure
Initial Escrow Statement (45 days after closing)
After closing:
Annual Escrow Statement
Servicing Transfer Statement (sent 15 days before transfer)
RESPA covers which loan types?
exempt loan types? ✔✔FHA,VA,conventional, USDA,purchase loans, REFI, HELOC
all cash sales
RESPA 4 sections ✔✔Section 6: Mortgage Servicing Disclosure Statement: mortgage servicers
are required to correct errors and work with home buyers if payments aren't being made.
Section 8: No kickbacks/referral fees
Section 9: Seller cannot require borrower use a specific title insurance company
Section 10: limits amounts a lender can require a borrower to put into escrow account to 1/12
disbursement and 2 reserves. Requires annual escrow analysis.
RESPA properties types?
exempt? ✔✔owner occupied 1-4 unit residential property
Agricultural 25+ acres
Businesses
Commercial
Temporary Financing
Vacant Land
Assumes existing 1st lien
The Loan Estimate combines which old disclosures? ✔✔GFE and Initial TIL Statement
How long are Loan Estimate terms available? ✔✔10 business days
What if the changed circumstance causes third party charges subject to a cumulative 10% tolerance
to increase? ✔✔creditor must send a revised Loan Estimate and refund excess money within 60
days
Are there any restrictions on how many days before consummation a revised Loan Estimate may
be provided? ✔✔- receives revised LE at least 4 business days before consummation
- cannot provide revised LE after providing closing disclosure
What is a "changed circumstance"? ✔✔Event beyond the control
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