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NMLS FINAL EXAM (2 VERSIONS) | NEWEST ACTUAL EXAM COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADED A+ | 100% PASS | 2024 UPDATE! $25.99
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NMLS FINAL EXAM (2 VERSIONS) | NEWEST ACTUAL EXAM COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADED A+ | 100% PASS | 2024 UPDATE!
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NMLS FINAL EXAM (2 VERSIONS) | NEWEST ACTUAL EXAM COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADED A+ | 100% PASS | 2024 UPDATE!

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  • December 12, 2024
  • 51
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nmls final exam
  • nmls final exam 2 versions
  • nmls final exam 2 versions newest
  • nmls final exam 2024 update

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NMLS FINAL EXAM (2 VERSIONS) |
NEWEST ACTUAL EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ | 100% PASS | 2024 UPDATE!

Which mortgage loan document contains the borrowe's contractual
promise to pay? - ✔✔✔ Correct Answer > Note (or promissory note).
Neither a mortgage or a deed of trust contains a contractual promise to
pay


The NMLS accepts applications for licensing for all 50 states and US
occupied territories but dows not have the authority to ________ or
________ a license. - ✔✔✔ Correct Answer > Approve or Deny


What is the maximum state regulatory civil penalty that can be levied?
- ✔✔✔ Correct Answer > $25,000


What is a permanent change in a borrowers loan terms in response to
their long term inability to pay known as? - ✔✔✔ Correct Answer >
Loan Modification

,What loss mitigation strategy is a temporary reduction of a borrowers
payment while they pay past due amounts? - ✔✔✔ Correct Answer >
Forbearance


VA funding fee is not charged to eligible veterans or their spouses, or
spouses of vets who died in service (true or false) - ✔✔✔ Correct
Answer > true


What is an index? - ✔✔✔ Correct Answer > Punished interest rate
that is used as the basis upon which the note rate of an ARM will
adjust. Typical indices are Treasury Bill Index, the 11th District Cost of
Funds Index (COFI) and the London Interbank Offered Rate (LIBOR)


What federal regulation allows a borrower to exercise their right to
rescission? - ✔✔✔ Correct Answer > Regulation Z, TILA


What is the fine for a violation of TILA? - ✔✔✔ Correct Answer >
$5,000 and or 1 year imprisonment unless class action then $500,000 or
1% of net worth


What are the words behind FCRA? - ✔✔✔ Correct Answer > Fair
Credit Reporting Act


What is the DNR? - ✔✔✔ Correct Answer > Do Not Call Registry

,How often must a lender update their DNR database? - ✔✔✔ Correct
Answer > Every 31 days


Always include the APR in an advertisement when
_______________________? - ✔✔✔ Correct Answer > A rate us
present or quoted


How long does a number stay on the DNR? - ✔✔✔ Correct Answer >
Permanently unless consumer removes number or the number is
assigned to another person


Who takes the initiative to place or remove a phone number on the
DNR? - ✔✔✔ Correct Answer > The Consumer


What are the words behind SAFE? - ✔✔✔ Correct Answer > Secure
and Fair Enforcement


What federal Act requires creditors to allow consumers to opt out of
the sale of their non-public information (NPI)? - ✔✔✔ Correct
Answer > Gramm-Leach Bliley Act


What federal act requires that creditors create a policy to safe guard
consumers NPI? - ✔✔✔ Correct Answer > GLBA or Gramm-Leach
Blilry Act

, Under the SAFE Act, how many hours of education are required for per-
licensing and continuing education? - ✔✔✔ Correct Answer > 20/8
hours


Which action is a violation of the GLBA? - ✔✔✔ Correct Answer >
Obtaining customer information by false pretenses (Known as pre-
texting)


How often can an MLO be investigated by authorities? - ✔✔✔ Correct
Answer > As often as necessary


The SAFE Act defines a nontraditonal mortgage as - ✔✔✔ Correct
Answer > Anything other than a 30 year fixed rate loan


What is the waiting period for a person who seeks to license as an MLO
that had a prior felony pardoned? - ✔✔✔ Correct Answer > No
waiting period


Felony convictions in the last ____ years would keep a person from
being able to obtain an MLO license? - ✔✔✔ Correct Answer > 7
years


MLO Licensees who teach an approved NBMLS course get ___ hours CE
credit for every ____ they teach? - ✔✔✔ Correct Answer > 2 for 1

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