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NMLS TEST FINAL EXAM AND PRACTICE EXAM QUESTIONS ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$16.99
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NMLS TEST FINAL EXAM AND PRACTICE EXAM QUESTIONS ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
NMLS TEST FINAL EXAM AND
PRACTICE EXAM QUESTIONS 2024-
2025 ACTUAL EXAM COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
NMLS TEST FINAL EXAM AND
PRACTICE EXAM QUESTIONS 2024-
2025 ACTUAL EXAM COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
VERSION A
Which law restricts the sharing of information given
when a consumer applies for a mortgage loan?
A. Fair Credit Reporting Act
B. FTC Disposal Rules
C. Gramm-Leach-Bliley Act
D. Consumer Regulatory Protection Act -
....ANSWER...C. Gramm-Leach-Bliley Act
Which document actually contains the borrower's
promise to repay the loan?
,A. The deed
B. The mortgage
C. The note
D. The TIL Disclosure - ....ANSWER...C. The note
The practice of intentionally targeting borrowers in
poor or underserved areas with predatory loans is
known as:
A. Redlining
B. Steering
C. Misappropriation
D. Reverse redlining - ....ANSWER...D. Reverse
redlining
If a lender wants to obtain copies of a borrower's tax
returns, the borrower is asked to sign what?
A. 4506-T
B. A waiver of financial information
C. 1003
D. 1040 - ....ANSWER...A. 4506-T
,An increase in fees and issuance of a revised Loan
Estimate to reflect the new amounts is permitted in
which of the following cases?
A. The creditor failed to provide an accurate estimate
of transfer taxes and wants to issue a revised Loan
Estimate showing actual costs
B. The consumer is not allowed to shop for flood
zone determination services and the actual costs are
more than the estimated costs
C. The title company affiliated with the lender
decides to charge more for its services than initially
disclosed
D. The consumer has failed to respond to a loan
officer within ten business days and the lending
terms have changed - ....ANSWER...D. The consumer
has failed to respond to a loan officer within ten
business days and the lending terms have changed
All of the following are true of FHA fixed-rate loans,
except:
A. They require upfront MIP on all loans
B. They are available in 15- and 30-year terms
C. The borrower is only required to carry MIP until
the LTV reaches 78%
, D. The borrower must make at least a 3.50%
investment - ....ANSWER...C. The borrower is only
required to carry MIP until the LTV reaches 78%
Previously used as compensation for mortgage
professionals, yield spread premiums must now be
used:
A.As referral fees paid to the broker by a settlement
service provider
B. As credits to the borrower to help pay settlement
costs
C. As commissions paid in addition to mortgage
broker compensation
D. As credits off of the interest rate of the loan -
....ANSWER...B. As credits to the borrower to help
pay settlement costs
On which portion of the loan application would one
find a street address and legal description of the
property?
A. Section X
B. Section II
C. Section XV
D. Section III - ....ANSWER...B. Section II
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