NMLS PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS

NMLS PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS test mortgage transferred servicing rights of some of its mortgage loans to answer mortgage, Lender must send a servicing transfer statement to the affected borrowers how many days before the effective date of transfer? - Answer-15 days before the effective date of transfer a Lender must send the servicing transfer statement to the affected borrowers following section IX (acknowledgements) in the 1003 loan application, the form is to be signed to signify that - Answer-the applicant represents that all information contained in the form is truthfully represented As the deadline approaches for the closing date established in the buyer's sale agreement, the buyer's loan application has not yet been approved but seems to be headed for approval. the loan originator should... - Answer-Notify the real estate broker to try to get an extension of closing deadline The lowest payment option for an option ARM is - Answer-minumum payment Fannie Mae requires occupancy with in - Answer-60 days The purpose of a Market Conditions Addendum is to - Answer-Provide the Lender with a clear understanding of the market trends and conditions in a subject neighborhood The ECOA prevents discvrimination against which of the following? - Answer-DISABILITIES a 240/60, 20k loan is made with interest at 9% per year. Which is true? - Answer-this is a ballon loan with a loan term of five years 240/12= number of years in loan 60/12= number of years until fully amortized and needs to be paid off or refinance the acronym PFC stands for - Answer-PREPAID FINANCE CHARGES the rules relating to the Federal Trade Commission's "no call" registry allows calls to persons on the "no call" list - Answer-for up to 18 months after business transaction has been completed with them and up to 3 months after they inquiry a copy of the appraisal is provided - Answer-at close of escrow the risk that an agent may not have his clients best interest at heart is called - Answer-Principal-Agent risk the federal regulation that implements the Real Estate Settlement Procedures Act (RESPA) is - Answer-Regulation X a loan applicnats employment is usually verified by a - Answer-VEO (VERIFICATION OF EMPLOYMENT)