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NMLS Exam Study Guide Questions And Answers 100% Guaranteed Success.
NMLS Exam Study Guide Questions And Answers 100% Guaranteed Success.
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NMLS Exam Study Guide Questions AndAnswers 100% Guaranteed Success.
Which gof gthe gfollowing gis gNOT gtrue gabout gan gAffiliated gBusiness gArrangement
gDisclosure gStatement? g- gcorrect ganswer. g g g gThe gdisclosure gmay gbe gprovided ginstead gof
gthe glist gof gthird-party gservice gproviders gfrom gwhich gthe gborrower gcan gshop gfor gservices
Which gof gthe gfollowing gwould gmost glikely gnot gbe gconsidered ga gfederally-related
gmortgage gloan gas gdefined gby gRESPA? g- gcorrect ganswer. g g g gHard gmoney, gprivately-
placed gloan
The grule gdealing gwith gthe gaccurate gdisclosure gof gthe gcost gand gterms gof gcredit gis: g-
gcorrect ganswer. g g g gRegulation gZ
A glender gmay gnot gcharge gfor gthe gpreparation gof gany gdocuments grequired gin ga gfederally-
regulated gmortgage gloan gtransaction, gbased gon gprovisions gof gthe: g- gcorrect ganswer. g g g
gReal gEstate gSettlement gProcedures gAct
Which gof gthe gfollowing gstatements gabout gthe gLoan gEstimate gis gNOT gtrue? g- gcorrect
ganswer. g g g gThe gLoan gEstimate gneed gnot gbe gprovided gif gthe gborrower gis gseeking ga
grefinance gof gan gexisting gloan
Which gof gthe gfollowing gis gnot gconsidered gone gof gthe gsix gessential gpieces gof ginformation
gconstituting gan gapplication gunder gRESPA? g- gcorrect ganswer. g g g gLoan gprogram
According gto gRESPA, gwhen gwould gfee gsplitting gbe gallowed? g- gcorrect ganswer. g g g gIf gall
gparties grender ga gservice
A gborrower greceives ga gdocument gwhich gcontains ga glist gof gall gclosing gcosts, ga gdisclosure
gof gthe gborrower gcredits greceived gon gthe gtransaction, gan gestimate gof gthe gcash gthe
,gborrower gneeds gto gbring gin gto gclosing, gand gthe gsales gprice. gWhich gof gthe gfollowing gbest
gidentifies gthis gdocument? g- gcorrect ganswer. g g g gLoan gEstimate
Which gof gthe gfollowing gcircumstances gis gleast glikely gto glead gto ga gdetermination gthat gtwo
gentities gare goperating ga gsham gaffiliated gbusiness garrangement gunder gRESPA? g-
gcorrect ganswer. g g g gThe gsame gperson gowns gboth gentities
Which gof gthe gfollowing gwould gnot gbe gconsidered ga gsettlement gservice gas gdefined gby
gRESPA? g- gcorrect ganswer. g g g gLoan gmodification gservices
Which gof gthe gfollowing gis gtrue gregarding ga gborrower's gability gto gqualify gfor gFHA
gfinancing gif gtheir gcredit gscore gis g560? g- gcorrect ganswer. g g g gthey gare geligible gfor gFHA
gfinancing gup gto g90% gLTV
Which gof gthe gfollowing gtransactions gwould gcarry gmonthly gmortgage ginsurance? g- gcorrect
ganswer. g g g gFHA g30-year gfixed, g20% gdown
Loan glimits gfor gproducts glike gconforming gloans gand gFHA gloans gvary gbased gon: g- gcorrect
ganswer. g g g gCounty
A gveteran gwith gfull geligibility gand gwho gis gseeking ga gloan ggreater gthan g$144,000 gwould
gbe gable gto gobtain ga gmaximum gguaranty gof: g- gcorrect ganswer. g g g g25% gof gthe gloan
gamount
In gorder gfor ga gloan gto gbe gconsidered ga gqualified gmortgage, gwhich gof gthe gfollowing gis
gtrue? g- gcorrect ganswer. g g g gThe gloan gmay ginclude ga gprepayment gpenalty gfor gup gto gthe
gfirst gthree gyears
A gborrower grequesting gmaximum gFHA gfinancing gmust ghave ga gcredit gscore gof gat gleast: g-
gcorrect ganswer. g g g g580
When gwould ga glender gbe grequired gto gcancel gprivate gmortgage ginsurance? g- gcorrect
ganswer. g g g gOnce gthe gLTV greaches g78%, gbased gon gthe glower gof gthe goriginal gappraisal
gor gpurchase gprice
A gjumbo gloan: g- gcorrect ganswer. g g g gExceeds gconforming gloan glimits
The gInteragency gGuidance gon gNontraditional gMortgage gProducts gapplies gto: g- gcorrect
ganswer. g g g gAny gmortgage gwhich gallows gthe gdeferment gof gprincipal gor ginterest
All gof gthe gfollowing gcould gbe gused gto gcorrectly gdescribe gFannie gMae, gexcept: g- gcorrect
ganswer. g g g gGovernment gOwned
Which gof gthe gfollowing gcontains gonly gterms gwhich gapply gto gVA gloans? g- gcorrect ganswer.
g g g gResidual gincome, gguarantee, gcertificate gof greasonable gvalue
, According gto gthe gInteragency gGuidance gon gNontraditional gMortgage gProduct gRisks, ga
gborrower's grepayment gability: g- gcorrect ganswer. g g g gShould gbe gbased gon ga gfully-
amortizing grepayment gschedule
Which gof gthe gfollowing gis gNOT ga grequired gcharacteristic gof ga gqualified gmortgage g(QM)?
g- gcorrect ganswer. g g g gThe gborrower gmust gmake ga gdown gpayment
What gis gthe gmaximum gprepayment gpenalty gwhich gmay gbe gcharged gin gthe gfirst gyear gof
gthe gloan gif gthe gloan gis gconsidered ga gqualified gmortgage? g- gcorrect ganswer. g g g g2% gof gthe
goutstanding gbalance
Which gof gthe gfollowing grefers gto gthe gamount gthat gthe ggovernment gwill gguarantee gto
grepay ga glender gof ga gVA gloan gin gthe gcase gof gborrower gdefault? g- gcorrect ganswer. g g g
gEntitlement
According gto gthe gStatement gon gSubprime gMortgage gLending, gwhich gof gthe gfollowing
gwould gnot gbe ga gcharacteristic gof ga gsubprime gborrower? g- gcorrect ganswer. g g g ga gcredit
gscore gof g645
If ga gborrower's gdebt-to-income gratio gis gmore gthan g43%: g- gcorrect ganswer. g g g gThe gloan
gmay gnot gbe gconsidered ga gqualified gmortgage
A ghomeowner ghas gan gFHA gmortgage gthat gis gassumable. gThe ghomeowner gwould glike gto
gsell ghis ghome gand garrange gfor gthe gbuyer gto gtake gon gthe gmortgage gas git gis. gThe
ghomeowner's gcurrent gFHA gloan gwould gnot gbe gpaid goff. gWhich gof gthe gfollowing gis gmost
gtrue? g- gcorrect ganswer. g g g gThe ghomeowner gcan glegally gallow gthe gbuyer gto gassume gthe
gexisting gloan, gprovided gthat gthe gbuyer gis gqualified
Assume ga gborrower gwas gallowed gto gshop gfor gtitle ginsurance gand gchose ga gprovider
glisted gon gthe gcreditor's gpreferred gprovider glist. gWhich gof gthe gfollowing gbest gdescribes
gthe gapplicable gtolerance? g- gcorrect ganswer. g g g g10% gtolerance
Which gof gthe gfollowing gis gtrue gabout gSelf-Employed gIncome g- gcorrect ganswer. g g g gIt gmay
gbe gaveraged gover gthe gtwo-year gperiod gprior gto gthe gloan gapplication
What gis ghe gtolerance glimit gwhen git gcomes gto gEscrow gAccounts? g- gcorrect ganswer. g g g
gThere gis gno gTolerance gRequirement
The gacronym gCHARM grefers gto gwhich gof gthe gfollowing? g- gcorrect ganswer. g g g gA gbooklet
gwhich gmust gbe ggiven gto ga gborrower gapplying gfor gan gadjustable-rate gloan
Which gof gthe gfollowing gdoes gnot gneed gto gbe gmailed gto gthe gborrower gwithin gthree gdays
gof gthe gloan gapplication gfor ga gpurchase gtransaction? g- gcorrect ganswer. g g g gRight gof
gRescission gNotice
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