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Exam (elaborations)

NMLS Test Questions with Complete Solutions

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NMLS Test Questions with Complete Solutions

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  • September 12, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
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NMLS Test Questions with Complete Solutions


A conventional loan would have what form of backing from the federal government or quasi-

government agencies? CORRECT ANS-They are not issued, insured or guaranteed by any

government agency




Each of the following statements regarding jumbo loans is correct EXCEPT? CORRECT ANS-

When jumbo loans are difficult to obtain, fixed rate loans are usually easier to obtain than

adjustable rate loans




Which of the following types of loans would most likely be assumable? CORRECT ANS-An

FHA Loan (Federal Housing Administration)




What is the down payment requirement for an FHA Loan for a borrower with a credit score at

or above 580? CORRECT ANS-3.5%...Scores from 500-579 are 10% downpayment




What contribution can a seller make towards the buyer's closing costs when the buyer is

obtaining an FHA Loan? CORRECT ANS-6% of the purchase of the property (none go to

down payment)

, NMLS Test Questions with Complete Solutions
In an FHA refinancing loan, what is the amount of the UFMIP? CORRECT ANS-1%, nut in

reality its 1.75%




What is the Maximum Housing Ratio and Debt-to-Income Ratio, respectively, for FHA loans?

CORRECT ANS-31% and 43%




What is the Maximum Housing Ratio and Debt-to-Income Ratio, respectively, for VA loans?

CORRECT ANS-41% and 41%




What is the Maximum Housing Ratio and Debt-to-Income Ratio, respectively, for Conventional

loans? CORRECT ANS-28% and 36%


Which of the following would NOT be considered a depository institution? CORRECT ANS-

Mortgage Broker




The primary difference between a mortgage banker and a mortgage broker is: CORRECT

ANS-Whether it makes loans or acts as intermediary

, NMLS Test Questions with Complete Solutions
A lender which keeps its loans and does not sell them to investors is called a: CORRECT

ANS-Portfolio Lender




Fannie Mae and Freddie Mac can require a lender to repurchase a loan: CORRECT ANS-If

there is evidence of mortgage fraud




If the Fed were to buy government securities, the money supply would likely: CORRECT

ANS-Increase




Under which of the following circumstances would the clerical employee of a MLO be

required to be personally registered or licensed as a mortgage loan originator? CORRECT

ANS-The employee offers a lower rate to the applicant




A Registered or State Licensed MLO is identified in the NMLS by his or her: CORRECT ANS-

Unique Identifier




If a State Licensed MLO allows his or her license to expire, that person will have to retest if the

license is not renewed within: CORRECT ANS-5 years

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