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NMLS MLO Exam; Questions and Answers Rated A+ $14.99   Add to cart

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NMLS MLO Exam; Questions and Answers Rated A+

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NMLS MLO Exam; Questions and Answers Rated A+

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  • September 12, 2024
  • 37
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS MLO Exam; Questions and Answers Rated A+


According to the Dodd-Frank Act, how much risk must be retained by the securitizer for a loan

that does not meet QRM guidelines? CORRECT ANS-5%




Overt Discrimination CORRECT ANS-Refusing service to anyone of a certain race, ethnicity,

etc.




Under ECOA can you ask how many children a borrower has? CORRECT ANS-No




What document specifies that a property is being used as security in the event of

nonpayment of a debt? CORRECT ANS-Mortgage




On the LE, which piece of data tells applicants how much they will be paying in interest over

the life of the loan as a percentage of the loan? CORRECT ANS-TIP (Total Interest

Percentage)




COFI comes from what region in the country? CORRECT ANS-The 11th Federal Home Loan

Bank (Arizona, California, and Nevada)

, NMLS MLO Exam; Questions and Answers Rated A+


What disclosure is required to be provided to the applicant within 3 days of application under

reg x? CORRECT ANS-Mortgage Loan Servicing Disclosure




Verification of cash used in a closing is documented by: CORRECT ANS-last 2-3 months

bank statements




The finance charge is the total cost of: CORRECT ANS-the loan in dollars, including points

and mortgage insurance




What IRS forms would you requrest from a borrower who is 40% shareholder in a C-

Corporation? CORRECT ANS-Form 1120




Impersonating someone else in an attempt to obtain their personal financial information is

called: CORRECT ANS-Pretexting




What type of funding occurs when a lender obtains funds from a line of credit at a

commercial bank? CORRECT ANS-Warehouse funding

, NMLS MLO Exam; Questions and Answers Rated A+


What must a borrower do to avoid having late payments reported to a credit bureau?

CORRECT ANS-Pay within 30 days of due date




Max penalty if a borrower is required to use a specific title company or settlement agent?

CORRECT ANS-3 times the fee




What should not be over-weighted in an analysis of borrower repayment capacity?

CORRECT ANS-Credit scores




Max prepayment penalty on residential mortgages in the first year of the loan CORRECT

ANS-3%




What must condominium associations do with respect to property insurance? CORRECT

ANS-Keep a "blanket" policy that protects the entire structure




If a lender is planning on referring a borrower to a title company that the lender has

ownership in, when must the AFBA must be provided to the borrower? CORRECT ANS-

Before the referral to the title company is made

, NMLS MLO Exam; Questions and Answers Rated A+


Website to obtain copy of your credit report that the credit bureaus are required to provide

once per year at no charge CORRECT ANS-annualcreditreport.com




2/3/6 caps CORRECT ANS-ARM initial adjustment max is 2%, subsequent adjustment

period max is 3%, and lifetime cap of 6%




What does FHLB stand for and what do they provide? CORRECT ANS-Federal Home Loan

Bank, and they provide advances to financial institutions for residential mortgage loans




According to the Dodd-Frank Act, how much risk must be retained by the securitizer for a loan

that does not meet QRM guidelines? CORRECT ANS-5%




On a purchase transaction, what document contains the purchase price for a property?

CORRECT ANS-Sales Contract




After a loan has been closed and funded, the creditor notices a tolerance violation with a fee

between the LE and CD. How long does the creditor have to reimburse the borrower for the

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