NMLS PRACTICE TEST QUESTIONS
1) Seller can Sell property at a premium/profit with Fannie Mae financing after?
30 days
•60 days
•90 days - Answers -•90 days
2) A COFI index is defined as?
Cost of funds index
•Cost of financial index
•Cost of funding insurance - Answers -cost of fund index
13) The last portion of the 1003 contains government monitoring data on?
Sex and race of applicant
•Sex, marital status, and race of applicant
•Race, ethnicity, and gender - Answers -•Race, ethnicity, and gender
1) Which of the following charges have no tolerance restriction?
Transfer taxes
The lender's or mortgage broker's origination charge
While the borrower's interest rate is locked, the credit or charge for the interest rate
chosen
Settlement services selected by a borrower who shopped for his own service provider -
Answers -Transfer Taxes
2) Inclusion of the premium for single-premium credit life insurance in the principal loan
amount without the borrower's informed consent is one example of
planned unit development.
programmed urban district.
planned urban district.
planned unit district. - Answers -planned unit development.
9) The rules relating to the Federal Trade Commission's "no call" registry allow calls to
persons on a "no call" list
for up to 18 months after a business transaction has been completed with them.
for up to three months after they have made an inquiry.
Both A and B
Neither A nor B - Answers -Both A and B
10) A credit report will always display which of the following?
Name and Social Security number
Current account balances and payments for the past five years
Bankruptcy filing at any time
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.