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NMLS Exam Review Questions and answers, VERIFIED// LATEST UPDATE [ EXAM PREDICTION QUIZZES]
[Show more]NMLS Exam Review Questions and answers, VERIFIED// LATEST UPDATE [ EXAM PREDICTION QUIZZES]
[Show more]MLO SAFE NMLS safe test practice 
question & Answers, VERIFIED/ 
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, 
frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. - -Predat...
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Add to cartMLO SAFE NMLS safe test practice 
question & Answers, VERIFIED/ 
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, 
frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. - -Predat...
NMLS SAFE EXAM Questions and 
answers, VERIFIED/ 
What does TILA stand for? - -Truth-In-Lending Act, Regulation Z 
What is a HELOC loan? - -a secured loan in that you are borrowing against the equity that has been 
built in your house 
What is a REFI loan? - - 
LTV stands for - -Loan to Value 
Def...
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answers, VERIFIED/ 
What does TILA stand for? - -Truth-In-Lending Act, Regulation Z 
What is a HELOC loan? - -a secured loan in that you are borrowing against the equity that has been 
built in your house 
What is a REFI loan? - - 
LTV stands for - -Loan to Value 
Def...
NMLS Practice Test Hard Questions & 
Answers, Graded A+ 
A discount point is BEST described as a charge the borrower pays to: 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the ...
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Add to cartNMLS Practice Test Hard Questions & 
Answers, Graded A+ 
A discount point is BEST described as a charge the borrower pays to: 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the ...
NMLS EXAM Review Questions and 
answers, rated A+ 
Fraud for money Laundering - --Criminal uses scheme known as value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in 
cash. 
Adver...
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Add to cartNMLS EXAM Review Questions and 
answers, rated A+ 
Fraud for money Laundering - --Criminal uses scheme known as value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in 
cash. 
Adver...
NMLS Practice Test Questions and 
answers, rated A+ 
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 
30 days 
•60 days 
•90 days - -•90 days 
2) A COFI index is defined as? 
Cost of funds index 
•Cost of financial index 
•Cost of funding insurance - -cos...
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answers, rated A+ 
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 
30 days 
•60 days 
•90 days - -•90 days 
2) A COFI index is defined as? 
Cost of funds index 
•Cost of financial index 
•Cost of funding insurance - -cos...
NMLS MLO Exam Questions and 
answers, rated A+ 
What must a borrower do to avoid having late payments reported to a credit bureau? - -Pay within 
30 days of due date 
Max penalty if a borrower is required to use a specific title company or settlement agent? - -3 times 
the fee 
What should not be...
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Add to cartNMLS MLO Exam Questions and 
answers, rated A+ 
What must a borrower do to avoid having late payments reported to a credit bureau? - -Pay within 
30 days of due date 
Max penalty if a borrower is required to use a specific title company or settlement agent? - -3 times 
the fee 
What should not be...
NMLS Exam Review Questions and 
answers, VERIFIED/ 
-AfBA/ABA stands for? 
-What is it? - --Affiliated Business Arrangement 
-If referring client to another business of yours (1%) then you must disclose ASAP 
Other ways to say "Doc Signing" - --Loan consummation 
-Loan Settlement 
-Loan Closing 
...
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answers, VERIFIED/ 
-AfBA/ABA stands for? 
-What is it? - --Affiliated Business Arrangement 
-If referring client to another business of yours (1%) then you must disclose ASAP 
Other ways to say "Doc Signing" - --Loan consummation 
-Loan Settlement 
-Loan Closing 
...
NMLS PRACTICE QUESTIONS and 
answers, rated A+ 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and 
Regulation Z implementing TILA? - -FEDERAL RESERVE SYSTEM 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the...
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Add to cartNMLS PRACTICE QUESTIONS and 
answers, rated A+ 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and 
Regulation Z implementing TILA? - -FEDERAL RESERVE SYSTEM 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the...
NMLS – RESPA Questions and answers, 
rated A+ 
Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by what agency: - 
-Consumer Financial Protection Bureau 
Real Estate Settlement Procedures Act (RESPA) insures that consumers throughout the nation are 
provided with m...
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rated A+ 
Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by what agency: - 
-Consumer Financial Protection Bureau 
Real Estate Settlement Procedures Act (RESPA) insures that consumers throughout the nation are 
provided with m...
NMLS Exam Questions & Answers. 100% 
Accurate/ 
The preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% - -D. 41% 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the s...
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Add to cartNMLS Exam Questions & Answers. 100% 
Accurate/ 
The preferred debt-to-income ratio for applicants for VA loans is: 
A. 35% 
B. 43% 
C. 50% 
D. 41% - -D. 41% 
When would a license be suspended without a hearing? 
A. If a licensee fails to renew 
B. If a licensee fails to request a hearing with the s...
NMLS Exam Questions and answers, 
VERIFIED/ 
RESPA ( Real Estate Settlement Procedure Act) 
Also know as Reg X - -- Allows borrowers to receive pertinent & timely disclosure for the nature and 
cost of real estate settlement process. 
- Protects consumer abusive practices such as Kick backs & pl...
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VERIFIED/ 
RESPA ( Real Estate Settlement Procedure Act) 
Also know as Reg X - -- Allows borrowers to receive pertinent & timely disclosure for the nature and 
cost of real estate settlement process. 
- Protects consumer abusive practices such as Kick backs & pl...
NMLS EXAM 1: Questions and answers, 
VERIFIED/ 
1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City - -B. Mortgage Fraud is reported to the FBI and to HUD ( 
The United States Department of Housing and Urban Development is a Cabinet department in the 
execut...
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VERIFIED/ 
1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City - -B. Mortgage Fraud is reported to the FBI and to HUD ( 
The United States Department of Housing and Urban Development is a Cabinet department in the 
execut...
NMLS EXAM REVIEW QUESTIONS & 
ANSWERS, 
The Department of Financial Services (DFS) is divided into three divisions? - -Division of Consumer 
Services, Office of Fiscal Integrity, Division of Treasury 
What is Financial Services Commission also known as? - -The Commission 
What is the commission co...
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ANSWERS, 
The Department of Financial Services (DFS) is divided into three divisions? - -Division of Consumer 
Services, Office of Fiscal Integrity, Division of Treasury 
What is Financial Services Commission also known as? - -The Commission 
What is the commission co...
NMLS Exam Review Questions and 
answers, VERIFIED/ 
WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT 
WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT 
WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT 
INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE 
MINIMAL CREDIT SCORE TO Q...
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Add to cartNMLS Exam Review Questions and 
answers, VERIFIED/ 
WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT 
WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT 
WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT 
INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE 
MINIMAL CREDIT SCORE TO Q...
Practice NMLS test - 20 Hour Safe, Exam 
Review Questions and answers, 
VERIFIED/ 
An application must be accompanied by fingerprints when applying for 
a. Licensed MLO 
b. Registered MLO 
c. not required 
d. required for both licensed and registered MLO - -d 
Quarterly mortgage call reports must...
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Add to cartPractice NMLS test - 20 Hour Safe, Exam 
Review Questions and answers, 
VERIFIED/ 
An application must be accompanied by fingerprints when applying for 
a. Licensed MLO 
b. Registered MLO 
c. not required 
d. required for both licensed and registered MLO - -d 
Quarterly mortgage call reports must...
NMLS S.A.F.E Exam Practice Questions 
& Answers, rated A+ 
Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for 
the licensing and registration of residential mortgage loan originators was the purpose of the federal act 
known as the: 
a. S.A.F.E. Act ...
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Add to cartNMLS S.A.F.E Exam Practice Questions 
& Answers, rated A+ 
Enhancing protection and reducing fraud by directing states to adopt minimum uniform standards for 
the licensing and registration of residential mortgage loan originators was the purpose of the federal act 
known as the: 
a. S.A.F.E. Act ...
SAFE NMLS Exam Prep Questions and 
answers, VERIFIED/ 
Real Estate Settlement Procedures Act (RESPA) is implemented as: - -A. Regulation B 
B. Regulation X 
C. Regulation A 
D. Regulation Z 
B. 
Which government agency enforces the RESPA regulations? - -A. CFPB 
B. FCC 
C. FHA 
D. FTC 
A. 
RESPA is...
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Add to cartSAFE NMLS Exam Prep Questions and 
answers, VERIFIED/ 
Real Estate Settlement Procedures Act (RESPA) is implemented as: - -A. Regulation B 
B. Regulation X 
C. Regulation A 
D. Regulation Z 
B. 
Which government agency enforces the RESPA regulations? - -A. CFPB 
B. FCC 
C. FHA 
D. FTC 
A. 
RESPA is...
NMLS Exam Questions and answers, 
graded A+ 
What does the SAFE Act stand for and what Act is it the key component of? - -1) Secure and Fair 
Enforcement For Mortgage Licensing Act of 2008 
2) HERA: Housing and Economic Recovery Act of 2008 
All mortgage laws except for what fall under the CFPB? -...
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Add to cartNMLS Exam Questions and answers, 
graded A+ 
What does the SAFE Act stand for and what Act is it the key component of? - -1) Secure and Fair 
Enforcement For Mortgage Licensing Act of 2008 
2) HERA: Housing and Economic Recovery Act of 2008 
All mortgage laws except for what fall under the CFPB? -...
NMLS Exam Review Questions and 
answers. Rated A+ 
Which of the following must be disclosed by estimated assumption example on the Truth in Lending Act 
disclosure on an Adjustable Rate Mortgage loan? - -The index rate, the adjusted interest rate, and 
the resulting payment 
The requirement of di...
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Add to cartNMLS Exam Review Questions and 
answers. Rated A+ 
Which of the following must be disclosed by estimated assumption example on the Truth in Lending Act 
disclosure on an Adjustable Rate Mortgage loan? - -The index rate, the adjusted interest rate, and 
the resulting payment 
The requirement of di...
NMLS Test Outline, Exam Questions and 
answers, VERIFIED/ 
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:...
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Add to cartNMLS Test Outline, Exam Questions and 
answers, VERIFIED/ 
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:...
NMLS Exam Review questions and 
answers, verified. 
The Lender Credit section of the LE and CD can be found where? - -Section J
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answers, verified. 
The Lender Credit section of the LE and CD can be found where? - -Section J
NMLS Mortgage Prep XL: Questions and 
answers, rated A+ 
When ordering an appraisal, it is illegal to... - -Request that the appraiser return a minimum or 
specific value. Mortgage professionals are permitted to communicate their own or the borrower's 
opinion when ordering an appraisal; however...
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Add to cartNMLS Mortgage Prep XL: Questions and 
answers, rated A+ 
When ordering an appraisal, it is illegal to... - -Request that the appraiser return a minimum or 
specific value. Mortgage professionals are permitted to communicate their own or the borrower's 
opinion when ordering an appraisal; however...
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