Nationwide Multistate Licensing System NMLS Quiz
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FEDERAL MORTGAGE-RELATED LAWS
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Under the Bank Secrecy Act (BSA), mortgage lenders must report which type of transaction?
A
Any single cash transaction exceeding $5,000 in down payment funds from the borrower
B
Any single cash transaction exceeding $10,000 conducted by or on behalf of the same person
C
Any single cash transaction exceeding $15,000 in closing costs paid by the borrower or seller
D
Any single cash transaction exceeding $25,000 in loan proceeds disbursed to the borrower
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