NMLS Exam Bundle with 100% Correct Answers

NMLS Test 100% Correct Solved If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the lender as 30 da...

NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER The preferred debt-to-income ratio for applicants for VA loans is: - 35% - 43% - 50% - 41% - Correct Answer️️ -41% When would a license be suspended without a hearing? - If a licensee fails to renew - If a licensee fails to request a h...

NMLS test 100% Correct Solved How long should you keep mortgage loan records under ECOA? - Correct Answer️️ - 25 months How long is the Do Not Call Registry good? - Correct Answer️️ -When the number is disconnected, reassigned, or when the consumer chooses to remove it How many months c...

NMLS Test Prep CompuCram Test Questions with 100% Correct Answers A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Correct Answ...

NMLS TEST-Affinity 100% Correct Solved What law deals with credit, APR & Advertising of consumer loans? - Correct Answer️️ -TILA Which regulation prohibits kickbacks? - Correct Answer️️ -RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Correct An...

NMLS Test Outline 100% Correct Solved RESPA disclosures? due dates? - Correct Answer️️ -3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: ...

NMLS EXAM 2024 QUESTIONS AND ANSWERS Fraud for money Laundering - Correct Answer️️ --Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash....

NMLs Practice Exam Questions and Answers 100% Pass A person wanting a loan originator license in four states - Correct Answer️️ -must pass the state component of the license test in each state. The correct answer is B. A person can be licensed in all of the states, provided he is employed b...

NMLS MLO Exam Questions and Answers What must a borrower do to avoid having late payments reported to a credit bureau? - Correct Answer️️ -Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Correct Answer️️ -3 times...

California State NMLS Practice Test 100% Correct Answers "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the N...

NMLS Exam Questions and Answers 100% Pass Acceleration Clause - Correct Answer️️ -Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Correct Answer️️ -Says you must repay your mort...

NMLS Practice Test 100% Correct Solved 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Correct Answer️️ -•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance ...