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NMLS Practice Test Hard Questions and Answers

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A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against f...

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  • January 28, 2025
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NMLS Practice Test Hard Questions and Answers




NMLS Practice Test Hard Questions and
Answers




CLEAN A 1/1/25 EXAM

,NMLS Practice Test Hard Questions and Answers


NMLS Practice Test Hard Questions and
Answers
A discount point is BEST described as a charge the borrower pays to:
A.) A lender to decrease the interest rate on the mortgage loan
B.) A mortgage broker at the time of application to obtain a favorable rate
C.) The seller as part of the closing costs of a loan
D.) A lender to ensure against foreclosure - A.) A lender to decrease the interest
rate on the mortgage loan


A buyer has made an earnest money payment of $5,000. The buyer pays an
additional $2,000 in option money to be credited at closing on property with sale
price of $160,000. If the required down payment is 20%, how much additional
money will the buyer need to provide toward the down payment at closing?


A.) $32,000
B.) $27,000
C.) $30,000
D.) $25,000 - D.) $25,000




$160,000 x .20 (20%) = 32000 - $7,000 = $25,000


If an applicant works 40 hours every week and is paid $13.52 per hour, what is the
applicant's monthly income?
NMLS Practice Test Hard Questions and Answers

,NMLS Practice Test Hard Questions and Answers




A.) $2,163.20
B.) $2,343.47
C.) $2,379.52
D.) $2,487.68 - B.) $2,343.47




$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually /12month =
$2,343.47 Monthly income


The requirement for private mortgage insurance is generally is continued when the
loan-to-value ratio falls below:


A.) 20%
B.) 50%
C.) 80%
D.) 90% - C.) 80%


Which of the following documents itemizes all settlement costs including lender
charges?


A.) Agreement of sale
B.) HUD-1/closing Disclosure
C.) Form 1003
D.) Forbearance agreement - B.) HUD-1/closing Disclosure

NMLS Practice Test Hard Questions and Answers

, NMLS Practice Test Hard Questions and Answers




According to the Truth-in-Lending Act (TILA), the term "refinance" applies to


A.) A change in a payment schedule
B.) A reduction in annual percentage rate
C.) The renewal of a single payment obligation with no change in the original
terms
D.) The satisfaction of an existing obligation and its replacement by a new
obligation - D.) The satisfaction of an existing obligation and its replacement by a
new obligation


What does a loan originator use to determine the estimated value of a property
based on an analytical comparison of similar property sales?


A.) An appraisal
B.) A market survey
C.) An area survey
D.) A Cost-benefit analysis - A.) An appraisal


Which of the following methods of disclosure does NOT meet the requirements of
Equal Credit Opportunity Act (ECOA)?


A.) E-mail
B.) Mailed letter
C.) Telephone
D.) Faxed letter - C.) Telephone
NMLS Practice Test Hard Questions and Answers

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