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NMLS Exam Practice Questions With Correct Answers 2024
NMLS Exam Practice Questions With Correct Answers 2024
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NMLS Exam Practice Questions WithCorrect Answers 2024
which bfederal bagency badministers bRegulation bB bimplementing bECOA, bRgulation bC
bimplementig bHMDA band bRegulation bZ bimplementing bTILA? b- bcorrect banswer.FEDERAL
bRESERVE bSYSTEM
the bclause bin ba bmortgage bthat ballows bthe blender bto bforeclose bif bthe bborrower bdefaults bis
bthe b- bcorrect banswer.Acceleration bClause
at bclosing ba bborrower bmay bdeposit bfunds bto bestablish breserves bfor bwhich bof bthe
bfollowing? b- bcorrect banswer.TAXES bAND bINSURANCE
in ba bqualification bof ban bapplicant bwho breceives bchild bsupport band balimony b- bcorrect
banswer.CHILD bSUPPORT bINCOME bCAN bBE bGROSSED bUP
a bhomeowner bhad ba bhome bworth b200k. bhe bhas ban boutstanding bloan bof b165k band ba
bHELOC bwith ba blimit bof b30k bwhich bhe bhas bdrawn b12k. bWhich bof bthe bfollowing bis bnot
btrue? b- bcorrect banswer.His bTLTV bis b94% b
you bmust bcalculate bLTV, bCLTV, band bTLTV
TLTV bis bhigher bthan bCLTV band bLTV
test bmortgage btransferred bservicing brights bof bsome bof bits bmortgage bloans bto banswer
bmortgage, bLender bmust bsend ba bservicing btransfer bstatement bto bthe baffected bborrowers
bhow bmany bdays bbefore bthe beffective bdate bof btransfer? b- bcorrect banswer.15 bdays bbefore
bthe beffective bdate bof btransfer ba bLender bmust bsend bthe bservicing btransfer bstatement bto
bthe baffected bborrowers
following bsection bIX b(acknowledgements) bin bthe b1003 bloan bapplication, bthe bform bis bto
bbe bsigned bto bsignify bthat b- bcorrect banswer.the bapplicant brepresents bthat ball binformation
bcontained bin bthe bform bis btruthfully brepresented
As bthe bdeadline bapproaches bfor bthe bclosing bdate bestablished bin bthe bbuyer's bsale
bagreement, bthe bbuyer's bloan bapplication bhas bnot byet bbeen bapproved bbut bseems bto bbe
bheaded bfor bapproval. bthe bloan boriginator bshould... b- bcorrect banswer.Notify bthe breal
bestate bbroker bto btry bto bget ban bextension bof bclosing bdeadline
The blowest bpayment boption bfor ban boption bARM bis b- bcorrect banswer.minumum bpayment
Fannie bMae brequires boccupancy bwith bin b- bcorrect banswer.60 bdays
,The bpurpose bof ba bMarket bConditions bAddendum bis bto b- bcorrect banswer.Provide bthe
bLender bwith ba bclear bunderstanding bof bthe bmarket btrends band bconditions bin ba bsubject
bneighborhood
The bECOA bprevents bdiscvrimination bagainst bwhich bof bthe bfollowing? b- bcorrect
banswer.DISABILITIES
a b240/60, b20k bloan bis bmade bwith binterest bat b9% bper byear. bWhich bis btrue? b- bcorrect
banswer.this bis ba bballon bloan bwith ba bloan bterm bof bfive byears b
240/12= bnumber bof byears bin bloan
60/12= bnumber bof byears buntil bfully bamortized band bneeds bto bbe bpaid boff bor brefinance
the bacronym bPFC bstands bfor b- bcorrect banswer.PREPAID bFINANCE bCHARGES
the brules brelating bto bthe bFederal bTrade bCommission's b"no bcall" bregistry ballows bcalls bto
bpersons bon bthe b"no bcall" blist b- bcorrect banswer.for bup bto b18 bmonths bafter bbusiness
btransaction bhas bbeen bcompleted bwith bthem band bup bto b3 bmonths bafter bthey binquiry
a bcopy bof bthe bappraisal bis bprovided b- bcorrect banswer.at bclose bof bescrow
the brisk bthat ban bagent bmay bnot bhave bhis bclients bbest binterest bat bheart bis bcalled b- bcorrect
banswer.Principal-Agent brisk
the bfederal bregulation bthat bimplements bthe bReal bEstate bSettlement bProcedures bAct
b(RESPA) bis b- bcorrect banswer.Regulation bX
a bloan bapplicnats bemployment bis busually bverified bby ba b- bcorrect banswer.VEO
b(VERIFICATION bOF bEMPLOYMENT)
The bUNIFORM bRESIDENTIAL bLOAN bAPPLICATION b(1003) bincludes ba bsection
breqiesting binformation bfor bgovernment bmonitoring. bapplicants bmust bcomplete bthis
bsection b- bcorrect banswer.ONLY bIF bTHEY bWISH
interest bonlu bhas bwhat bfeature? b- bcorrect banswer.can bbe bpaid boff bfaster bthan bfully
bamortized
Right bto bRescind bis bnot bvalid bon bwhich bof bthe bfollowing b- bcorrect banswer.Commercial
bPurchase
the bHUD-1 bSettlement bStatement bincludes ball bof bthe bfollowing bExcept b- bcorrect
banswer.housing bexpense bratio
what bis bthe bbest bdescription bfor ba b360/180 bloan? b- bcorrect banswer.Ballon bloan
, a bproperty bthat bis bappraised bwith ba bhigher bthan bmarket bvalue bresults bin b- bcorrect
banswer.an binflated bappraisal
which blaw bprohibits ba blender/ bmortgage bbroker bfrom bmakinf bany boral/ bwritten bstatement,
bin badvertising bor botherwise bto bapplicants bor bprospective bapplicants bthat bwould
bdiscourage ba breasonable bperson bfrom bmaking bor bpursuing ban bapplication b- bcorrect
banswer.ECOA
an bapplicant bfor ba breal bestate bloan bcan bnot bbe basked babout bhis b- bcorrect
banswer.RELIGION
RESPA bdoes bnot brequire blender bdisclosures bof bclosing bcosts band bprocedures bfor bwhich
bof bthe bfollowing bloans? b- bcorrect banswer.CONSTRUSCTION bLOANS
A blender bis bobligated bto bprovide ba bborrower bwith ba bHUD-1 bSettlement bStatement bhow
bmany bdays bprior bto bclosing? b- bcorrect banswer.1day
which bof bthe bfollowing bis btrue bregarding bprepayment bpenalties bin btodays bmortgage
bmarket? b- bcorrect banswer.the bare balmost balways bused bin bpredatory bloans
when bis bthe bappraisal bdisclosure brequired bto bbe bdelivered b- bcorrect banswer.when
bcomplete bapplication bis btaken
service brelease bpremium brepresents b- bcorrect banswer.the bprofits ba bbank bmakes bwhen
bselling bthe bservicing brights bto ba bloan
what bis bthe bvariance ballowed bon badjustments bfor bappraisals baccording bto bFNM band
bFreddie? b- bcorrect banswer.20%
the bprimary bpurpose bof bECOA bis bto bensure bthat b- bcorrect banswer.all bborrowers bget
bequal bchance bto bloan
what bis bconsidered ba billegal breferral? b- bcorrect banswer.Lead bgenerating bloan boriginator
bgets b% bof bloan bamount bon bclosed bdeal
a bLoan boroginator bcreates ba bmarketing bplan bto bmake bbetween b2-4k bper bloan. bHe
bagrees bto bdo bthe b300k bloan bfor bhis bcousin bfor ba b0.75% bcommission band b400$
bprocessing bfee. bthis btransaction bis b- bcorrect banswer.legal band bEthical bbecause bhe bis
bwith bin bhis bmarketing bplan
it bis bok bto bdiscriminate bon bage bwhen? b- bcorrect banswer.NEVER
Truth bin bLending bprovides bfor ba bright bto brescind bcertain bloans bsecured bby ba bprincipal
bresidence. bThe brescission bperiod bis b- bcorrect banswer.3 bbusiness bdays
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