Exam (elaborations)
NMLS Exam; Questions with Solutions 100% Solved
NMLS Exam; Questions with Solutions 100% Solved
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NMLS Exam; Questions with Solutions 100% SolvedThe Pois have just closed on their mortgage loan at a formal settlement meeting. What is
mortgage loan originator Leilani Luau's responsibility after loan closing?
A. She must provide any required re-disclosures
B. None; Leilani's tasks are complete
C. She must provide another set of disclosures, showing final costs and expenses
D. She must record the transaction with the county recorder CORRECT ANS-B. None;
Leilani's tasks are complete
In order for a small creditor to originate a balloon payment qualified mortgage, the small
creditor must hold the loan in its portfolio for:
A. Twelve months
B. Three years
C. Two years
D. Five years CORRECT ANS-B. Three years
When a seller provides all or part of the financing for the borrower in order to finance a
purchase transaction, it is known as:
, NMLS Exam; Questions with Solutions 100% Solved
A. For sale by owner (FSBO)
B. Seller carry-back
C. Seller concessions
D. Seller self-financed CORRECT ANS-B. Seller carry-back
Which section of the URLA contains questions which, depending on the applicant's answer,
could result in immediate rejection of the application?
A. Information for Government Monitoring Purposes
B. Declarations
C. Details of the Transaction
D. Acknowledgement and Agreement CORRECT ANS-B. Declarations
With what type of loan do payments, including principal and interest, remain constant
throughout the life of the loan?
A. A balloon loan, as long as the maturity date is beyond ten years
B. An ARM with a conversion option
C. Fixed rate
D. An FHA loan CORRECT ANS-C. Fixed rate
, NMLS Exam; Questions with Solutions 100% Solved
If a financial institution intends to share consumer information with nonaffiliated third
parties, an initial privacy notice is due to a consumer at what point?
A. Within seven business days of a customer providing nonpublic personal information
sufficient to pull a credit report
B. Within three business days of initial contact between the consumer and the financial
institution
C. No later than three business days prior to settlement
D. No later than the time at which a customer relationship is established CORRECT ANS-D.
No later than the time at which a customer relationship is established
The preferred debt-to-income ratio for applicants for VA loans is:
A. 35%
B. 43%
C. 50%
D. 41% CORRECT ANS-D. 41%
When would a license be suspended without a hearing?
A. If a licensee fails to renew
, NMLS Exam; Questions with Solutions 100% Solved
B. If a licensee fails to request a hearing with the state regulator
C. If a licensee has failed to complete pre-licensing requirements
D. If a licensee has already executed a right to a hearing for a previous violation CORRECT
ANS-B. If a licensee fails to request a hearing with the state regulator
After a borrower allows the assumption of his or her VA loan, he or she may use his or her VA
privilege again only after:
A. Five years have passed
B. The home is sold to a new owner
C. The original VA loan is satisfied
D. The original VA loan is moved from his or her name into the name of the assuming
borrower CORRECT ANS-C. The original VA loan is satisfied
In order to qualify for an adjustable-rate mortgage, a consumer must be able to show that he
or she can:
A. Make regularly scheduled payments that are calculated using the loan's introductory rate
B. Make amortizing payments that are calculated using the fully indexed rate for the ARM
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