Exam (elaborations)
NMLS Exam Practice With Latest Verified Questions And Answers 2024
NMLS Exam Practice With Latest Verified Questions And Answers 2024
[Show more]
Content preview
NMLS Exam Practice With Latest VerifiedQuestions And Answers 2024
An napplication nmust nbe naccompanied nby nfingerprints nwhen napplying nfor n
a. nLicensed nMLO
b. nRegistered nMLO
c. nnot nrequired
d. nrequired nfor nboth nlicensed nand nregistered nMLO n- ncorrect nanswer.d
Quarterly nmortgage ncall nreports nmust nbe nfiled n
a. nwithin n30 ndays nof nthe nend nof nthe ncalendar nquarter
b. nwithin n30 ndays nof nthe nend nof nthe nfiscal nquarter
c. nwithin n45 ndays nof nthe nend nof nthe ncalendar nquarter
d. nwithin n45 ndays nof nthe nend nof nthe nfiscal nquarter n- ncorrect nanswer.c. nwithin45 ndays nof
nthe nend nof nthe ncalendar nquarter
Which nof nthe nfollowing nGovernment nSponsored nEntities ndoes nNOT nbuy nmortgage nloans
nin nthe nsecondary nmarket?
a. nFannie nMae
b. nGinnie nMae
c. nFreddie nMac
d. nAll nof nthese nGSEs nbuy nloans nin nthe nsecondary nmarket n- ncorrect nanswer.B. nGinnie
nMae ndoes nnot nbuy nor nsell nloans n- nit nguarantees nprincipal nand ninterest npayment nfor
ninvestors nwho nbuy nmortgage npools
Which nof nthe nfollowing nwould nbe nways nthat nFannie nMae nimpacts nthe nprimary nmortgage
nmarket?
a. nit nultimately nserves nto nprovide nadditional nfunds nfor nthe nprimary nmarket
b. nit ninfluences nlenders' nstandards nfor nmaking nmortgage nloans
c. nboth
d. nnone n- ncorrect nanswer.c. nFannie nMae nbuys nmortgages nin nthe nsecondary nmortgage
nmarket nwhich nmakes nmore nfunds navailable nto nlenders nto nmake nloans nin nthe nprimary
nmarket. nIt nalso nsets nstandards nfor nthe nqualifying nrequirements nlenders nuse nwhen nthey
nmake nloans nin nthe nprimary nmarket, nsince nthey nwant nto nbe nable nto nsell nloans nto nFannie
nMae
A nperson nwho nhas nfailed nthe nnational nportion nof nthe nNMLS nexamination nthe nthird
nattempt:
,a. nis nprohibited nfrom ntaking nthe ntest nagain
b. nmust nwait none nyear nto nretake nthe ntest
c. nmust nwait n180 ndays nto nretake nthe ntest
d. nmust nwait n30 ndays nto nretake nthe ntest n- ncorrect nanswer.c n180 ndays
A nregistered nLO nmust ncomplete nhow nmany nhours nof ncontinuing neducation ncourses
neach nyear?
a. n20
b. n12
c. n0
d. n8 n- ncorrect nanswer.c
In norder nto nbecome na nstate nlicensed nLO, nthe napplicant nmust ncomplete nhow nmany nhours
nof nprelicense neducation ncourses n
within n30 ndays nof nthe nend nof nthe nfiscal nquarter
a. n45
b. n30
c. n25
d. n20 n- ncorrect nanswer.d
A nlender nwhich nwill nmake nmortgage nloans nto ncustomers, nbut nwill nimmediately nsell neach
nof ntheir nloans nto na nlarger nlender n(under na ncontract nrelationship) nis ncalled na:
a. nWholesale nlender
b. nRetail nlender
c. nCorrespondent nlender
d. nMortgage nbroker n- ncorrect nanswer.C. nCorrespondent nlender, nsince nit nimmediately
nsells nits nloans nto na nlarger n(often nwholesale) nlender
If nthe nFed nwhere nto nbuy ngovernment nsecurities, nthe nmoney nsupply nwould nlikely:
a. nDecrease
b. nIncrease
c. nStabilize
d. nAppreciate n- ncorrect nanswer.B. nWhen nthe nFed nbuys nUS nGovernment nsecurities, nthe
nmoney nsupply nwould nincrease, nsince nthe nmoney nwould ngo nout ninto nthe neconomy
The nprimary ndifference nbetween na nmortgage nbanker nand na nmortgage nbroker nis:
a. nwhether nit nis nregulated nby nthe nstate nor nfederal ngovernment
b. nwhether nit nis na ndepository ninstitution
c. nwhether nit nparticipates nin nthe nprimary nor nsecondary nmortgage nmarket
d. nwhether nit nmakes nloans nor nonly nacts nas nintermediary n- ncorrect nanswer.D. nMortgage
nbrokers nonly nact nas nintermediaries, nbringing ntogether nborrowers nand nlenders. nMortgage
nbankers nwill ndo nthat nas nwell, nbut nwill nalso nloan nout ntheir nown nmoney
If na nState nLicensed nLO nallows nhis nor nher nlicense nto nexpire, nthat nperson nwill nhave nto
nretest nif nthe nlicense nin nnot nrenewed nwithin:
a. n5 nyrs
,b. n3 nyrs
c. n2 nyrs
d. n1 nyr n- ncorrect nanswer.a. n5 nyears
Smalltown nBank nmakes na nloan nto na nhomebuyer nand nimmediately nafter nclosing nthe nloan
nSmalltown nBank nsells nthe nloan nto nthe nlarger nBigcity nBank. nSmalltown nBank nis nacting nas
na:
a. nMortgage nBanker
b. nMortgage nBroker
c. nWholesale nLender n
d. nCorrespondence nLender n- ncorrect nanswer.D. nIt nmade nthe nloan nto nthe nborrower nin nits
nown nname nbut nimmediately nsold nit nto na nlarger nlender
Lenders nwhich nmake nloans nonly nthrough nmortgage nbrokers nand nmortgage nbankers nand
ndo nnot ndeal ndirectly nwith nborrowers nare ncalled:
a. nCorrespondent nlenders n
b. nWholesale nlenders
c. nLOs
d. nRetail nlenders n- ncorrect nanswer.B
A ntype nof nmortgage nlender nwhich nraises nits ncapital nprimarily nthrough nstock nand nother
nsecurities nofferings nand nthen nmakes nmortgage nloans nto nindividuals nwould nbe ncalled na:
a. nBank
b. nSavings nand nloan nassociation
c. nMortgage nbanker
d. nMortgage nbroker n- ncorrect nanswer.C. nMortgage nbankers ndo nnot nraise ncapital nfrom
ndepositors. nThey nsell nstock nand nother nsecurities nto nraise nfunds, nthen nmake nmortgage
nloans nto ncustomers
Each nof nthe nfollowing nactions nby nthe nFederal nReserve nBoard nwould nbe nlikely nto
nincrease nthe nmoney nsupply, nEXCEPT: n
a. nSelling nU.S. nGovernment nSecurities
b. nBuying nU.S. nGovernment nSecurities
c. nLowering nthe ndiscount nrate n
d. nLowering nthe nreserve nrequirement n- ncorrect nanswer.a. nIF nthe nFBR nwere nto nsell nU.S>
nGovernment nsecurities nthe nmoney nsupply nwould ncome nout nof nthe neconomy nand ninto
nthe nFRB
A nborrower nwould napply nfor na nloan nn nthe
a. nPrimary nMarket
b. nSecondary nmortgage nmarket
c. nConventional nmortgage nmarket
d. nPrivate nmortgage nmarket n- ncorrect nanswer.A. nLoans nare napplied nfor nand nmade nin nthe
nprimary nmarket
, A ntype nof nmortgage nlender nwhich nwould nbe nBOTH na nretail nlender nand na ndepository
ninstitution nwould nbe na:
a. nSavings nand nloan nassociation
b. nMortgage nbanker
c. nMortgage nbroker n
d. nWholesale nlender n- ncorrect nanswer.A. nSavings nand nloan nassociations ntake ndeposits
nfrom ncustomers n(checking nand nsavings naccounts) nand nmake nmortgage nloans ndirectly
nto nconsumers, nwhich nmakes nthem nalso nretail nlenders
Fannie nMae nand nFreddie nMac ncan nrequire na nmortgage nlender nto nbuy nback na nloan nif nthe
nloan ngoes ninto ndefault nwithin nhow nmany nmonths nof nits norigination>
a. n12 nmonths n
b. n18 nmonths
c. n9 nmonths
d. n6 nmonths n- ncorrect nanswer.
The nNational nMortgage nLicensing nSystem n(NMLS) noperates nunder nthe nauthority nof:
a. nThe nReal nEstate nSettlement nProcedure nAct
b. nThe nTruth n-in-Lending nAct
c. nThe nSAFE nMortgage nLicensing nAct
d. nThe nGramm-Leach nBliley nAct n- ncorrect nanswer.C.
When nis nan nadjustable nrate nmortgage nrecalculated n(recast):
a. nWhen nthe nunderlying nindex nrate nis nadjusted
b. nwhen nthe nnegative namortization ncap nis nreached
c. nwhen nthe ninitial ncap nis nreached
d. nwhen nthe nlifetime ncap nis nreached n- ncorrect nanswer.B. nThe nloan nis nrecast nwhen nthe
nnegative namortization ncap nis nreached. nThe nmonthly npayment nwould nbe nrecomputed
nbased non nthe nhigher nloan namount nover nthe nremaining nterm nof nthe nloan
Loan norigination nfees ncan nbe nexpressed nas:
a. nDiscount npoints n
b. nLoan npoints n
c. nEither ndiscount npoints nor nloan npoints
d. nNeither ndiscount npoints nor nloan npoints n- ncorrect nanswer.B. nAny npoint nis n1 npercent nof
nthe nloan namount. nDiscount npoints nare nused nonly nto nbuydown nthe ninterest nrates, nso
norigination nfees ncould nbe nexpressed nas nloan npoints nbut nnot ndiscount npoints
The nFHA's nHome nEquity nConversion nMortgage n(HECM) nis na ntype nof n
a. nHome nequity nline nof ncredit
b. nReverse nMortgage n
c. nHome nequity nloan n
d. nclosed-end nmortgage n- ncorrect nanswer.b. nReverse nmortgage
When nis nan nOPTION nARM nrecast
a. nAt nregular nintervals, ntypically nevery nfiver nyears n
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RANKGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now