NMLS Practice Test Hard Questions with
Complete Solutions
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 requirement for private mortgage insurance is generally is continued when
the loan-to-value
, NMLS Practice Test Hard Questions with
Complete Solutions
ratio falls below:
A.) 20%
B.) 50%
C.) 80%
D.) 90% - answerC.) 80%
Which of the following documents itemizes all settlement costs including lender
charges?
A.) Agreement of sale
B.) HUD-1/closing Disclosure
C.) Form 1003
D.) Forbearance agreement - answerB.) HUD-1/closing Disclosure
According to the Truth-in-Lending Act (TILA), the term "refinance" applies to
A.) A change in a payment schedule
B.) A reduction in annual percentage rate
, NMLS Practice Test Hard Questions with
Complete Solutions
C.) The renewal of a single payment obligation with no change in the original
terms
D.) The satisfaction of an existing obligation and its replacement by a new
obligation - answerD.)
The satisfaction of an existing obligation and its replacement by a new
obligation
What does a loan originator use to determine the estimated value of a property
based on an
analytical comparison of similar property sales?
A.) An appraisal
B.) A market survey
C.) An area survey
D.) A Cost-benefit analysis - answerA.) An appraisal
Which of the following methods of disclosure does NOT meet the requirements
of Equal Credit
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