NMLS Prep #3
Authored by Jay Sedrowski
Business
Professional Development
Used 17+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
How many days are the estimated closing costs on the Loan Estimate valid for?
7 Business Days
3 Business Days
10 Business Days
30 Business Days
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If a Loan Estimate is changed, when must a revised Loan Estimate be sent to the customer?
Within 4 business days of the change
Within 7 business days of the change
Within 3 days of consumation
Within 3 business days of the change
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
How many days prior to loan consummation must the initial Loan Estimate be sent to the customer?
7 business days by US mail prior to consummation
10 business days by US mail prior to consummation
4 business days by US mail prior to consummation
3 business days by US mail prior to consummation
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If a customer does not express an intent to proceed with a loan transaction, how long is the Loan Estimate valid for?
5 business days
10 business days
30 calendar days
10 calendar days
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A lender must send the initial Loan Estimate to the customer no later than:
7 business days after the application
No later than when the appraisal is completed
3 business days after the application
3 business days prior to consummation
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If a lender must re-disclose a Loan Estimate for a valid change of circumstance, the lender must send it:
Within 1 business day of discovering the change
3 business days before loan consummation
At least 7 business days prior to loan consummation
Within 3 business days of discovering the change
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The initial Loan Estimate sent to the customer how many days prior to loan consummation?
7 business days
3 business days
4 business days
10 business days
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