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NMLS MLO 10 2017 ACTUAL EXAM QUESTIONS WITH ALL CORRECT ANSWERS
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NMLS MLO 10 2017 ACTUAL EXAM QUESTIONS WITH ALL CORRECT ANSWERS When an interest rate adjustment would result in a monthly interest payment that exceeded the payment cap, which of the following would result if the borrower took advantage of the payment cap: - Answer-Negative amortization, Appra...

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  • January 9, 2025
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  • 2024/2025
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NMLS MLO 10 2017 ACTUAL EXAM
QUESTIONS WITH ALL CORRECT
ANSWERS

When an interest rate adjustment would result in a monthly interest payment that
exceeded the payment cap, which of the following would result if the borrower took
advantage of the payment cap: - Answer-Negative amortization,

Appraisers must report and consider any prior sales of a comparable sale for how many
years prior to the date of the appraisal - Answer-1 year

When completing the 1003 Form, the loan amount should be rounded to the nearest: -
Answer-$50.00

When appraising special purpose properties, which of the following appraisal
approaches would be likely to be most appropriate: - Answer-Cost Approach

In addition to the loan origination fee listed on the Loan Estimate, what fees may a
lender charge for making a loan: - Answer-The only two fees for making the loan are the
loan origination fee and a fee for a specific interest rate ( yield spread premium or
discount points). Other permissible fees relate to fees for services rather than for just
making the loan. Appraisal fees, for instance, would be a fee for service.

The Notice of Right to Appraisal Report disclosure form is now incorporated into the: -
Answer-Loan Estimate Form.

The prohibition against unfair, deceptive, or abusive acts and practices is found in: -
Answer-The Dodd-Frank Act

During the real estate boom up through 2006, Wall Street investment firms purchased a
tremendous number of mortgages for inclusion in - Answer-C. Collateralized Debt
Obligations;

The Mortgage Acts and Practices (MAP) Rule is found in: - Answer-Regulation N

Jerry obtained his mortgage loan originator license in 2009. In 2013, he allowed his
license to lapse. In 2016 he wanted to regain his license. In order to become licensed
again, Jerry would be required to complete what continuing education requirements

, under the Model State Law? - Answer-The MSL would require Jerry to complete the
continuing education requirements only for the last year when he was previously
licensed (2015)

The Model State Law and the SAFE Act both require that several topics be covered for
specific time amounts as part of the continuing education requirements. Which of the
following is the actual allocation of these required topics? - Answer-3 hours on federal
law and regulations, 2 hours on ethics (including fair lending), and 2 hours on
nontraditional lending.


The difference between the prelicense and continuing education requirements is that
the ethics category is 3 hours for prelicense education and 2 hours for continuing
education.

A registered mortgage loan originator is an individual who acts as a mortgage loan
originator and who is an employee of: - Answer-depository institutions or their
subsidiaries

If the CFPB determines that a state supervisory agency is not in compliance with the
SAFE Act and Regulation H, what is the ultimate, highest penalty the CFPB could
impose? - Answer-C. The CFPB could create its own state licensing system.

Which of the following statements is true regarding the provisions of the E-SIGN Act is
correct? - Answer-A. A consumer has the right to terminate consent to having electronic
documents and electronic signatures, but the consequences could include termination
of the relationship.
B. A consumer has the right to consent to only receiving certain documents
electronically and not others.
C. The consumer must be notified of the hardware and software requirements for
receiving electronic documents and providing electronic signatures.
D. All of these statements are true.

According to the FRB Statement on Subprime Lending, which of the following would be
an example of "risk layering: - Answer-The FRB Statement on Subprime Lending
defines the practice of "risk layering" as any type of sub prime loan that has two or more
high-risk factors. Choice A is a no-doc loan, which means the income is not verified and
is a 5/1 ARM, which means the interest rate is fixed for the first five years and then
becomes adjustable. Both of these are significant risk factors and would therefore
constitute risk layering.

When a consumer refuses to answer the question about the applicant's race or ethnicity
the MLO taking the application should answer the question based on - Answer-Either
visual observation or the applicant's surname.

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