100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NMLS Exam; Questions with Solutions 100% Solved $16.99   Add to cart

Exam (elaborations)

NMLS Exam; Questions with Solutions 100% Solved

 5 views  0 purchase

NMLS Exam; Questions with Solutions 100% Solved

Preview 4 out of 46  pages

  • September 12, 2024
  • 46
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1223)
avatar-seller
TheeGrades
NMLS Exam; Questions with Solutions 100% Solved


The Pois have just closed on their mortgage loan at a formal settlement meeting. What is

mortgage loan originator Leilani Luau's responsibility after loan closing?


A. She must provide any required re-disclosures


B. None; Leilani's tasks are complete


C. She must provide another set of disclosures, showing final costs and expenses


D. She must record the transaction with the county recorder CORRECT ANS-B. None;

Leilani's tasks are complete




In order for a small creditor to originate a balloon payment qualified mortgage, the small

creditor must hold the loan in its portfolio for:


A. Twelve months


B. Three years


C. Two years


D. Five years CORRECT ANS-B. Three years




When a seller provides all or part of the financing for the borrower in order to finance a

purchase transaction, it is known as:

, NMLS Exam; Questions with Solutions 100% Solved
A. For sale by owner (FSBO)


B. Seller carry-back


C. Seller concessions


D. Seller self-financed CORRECT ANS-B. Seller carry-back




Which section of the URLA contains questions which, depending on the applicant's answer,

could result in immediate rejection of the application?


A. Information for Government Monitoring Purposes


B. Declarations


C. Details of the Transaction


D. Acknowledgement and Agreement CORRECT ANS-B. Declarations




With what type of loan do payments, including principal and interest, remain constant

throughout the life of the loan?


A. A balloon loan, as long as the maturity date is beyond ten years


B. An ARM with a conversion option


C. Fixed rate


D. An FHA loan CORRECT ANS-C. Fixed rate

, NMLS Exam; Questions with Solutions 100% Solved


If a financial institution intends to share consumer information with nonaffiliated third

parties, an initial privacy notice is due to a consumer at what point?


A. Within seven business days of a customer providing nonpublic personal information

sufficient to pull a credit report


B. Within three business days of initial contact between the consumer and the financial

institution


C. No later than three business days prior to settlement


D. No later than the time at which a customer relationship is established CORRECT ANS-D.

No later than the time at which a customer relationship is established


The preferred debt-to-income ratio for applicants for VA loans is:


A. 35%


B. 43%


C. 50%


D. 41% CORRECT ANS-D. 41%




When would a license be suspended without a hearing?


A. If a licensee fails to renew

, NMLS Exam; Questions with Solutions 100% Solved
B. If a licensee fails to request a hearing with the state regulator


C. If a licensee has failed to complete pre-licensing requirements


D. If a licensee has already executed a right to a hearing for a previous violation CORRECT

ANS-B. If a licensee fails to request a hearing with the state regulator




After a borrower allows the assumption of his or her VA loan, he or she may use his or her VA

privilege again only after:


A. Five years have passed


B. The home is sold to a new owner


C. The original VA loan is satisfied


D. The original VA loan is moved from his or her name into the name of the assuming

borrower CORRECT ANS-C. The original VA loan is satisfied




In order to qualify for an adjustable-rate mortgage, a consumer must be able to show that he

or she can:


A. Make regularly scheduled payments that are calculated using the loan's introductory rate


B. Make amortizing payments that are calculated using the fully indexed rate for the ARM

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 TheeGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $16.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$16.99
  • (0)
  Add to cart