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NMLS 1274
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NMLS: 2
Últimos notas y resúmenes NMLS
NMLS TEST FINAL EXAM 2 VERSIONS
- Examen
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NMLS TEST FINAL EXAM 2 VERSIONS
Where credit institutions originate loans - CORRECT ANSWER Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D. The rate maximum the rate can decrease over the life of the loan - CORRECT ANSWER C. The 
maximum the rate can increase over the life of the loan 
 
When utilizing a temporary buydown to lower the...
- Package deal
- Examen
- • 58 páginas's •
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NMLS•NMLS
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2024 NMLS EXAMS BUNDLE|| DOWNLOAD TO SCORE A+• Por Courseinstructor
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Where credit institutions originate loans - CORRECT ANSWER Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D. The rate maximum the rate can decrease over the life of the loan - CORRECT ANSWER C. The 
maximum the rate can increase over the life of the loan 
 
When utilizing a temporary buydown to lower the...
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and 
Regulation Z implementing TILA? - CORRECT ANSWER FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - CORRECT 
ANSWER Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - CORRECT 
ANSWER TAXES AND INSURANCE 
 
in a qualification of an applicant who receives child s...
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- Examen
- • 19 páginas's •
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NMLS•NMLS
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2024 NMLS EXAMS BUNDLE|| DOWNLOAD TO SCORE A+• Por Courseinstructor
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which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and 
Regulation Z implementing TILA? - CORRECT ANSWER FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - CORRECT 
ANSWER Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - CORRECT 
ANSWER TAXES AND INSURANCE 
 
in a qualification of an applicant who receives child s...
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 - CORRECT ANSWER 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 mo...
- Package deal
- Examen
- • 19 páginas's •
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NMLS•NMLS
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2024 NMLS EXAMS BUNDLE|| DOWNLOAD TO SCORE A+• Por Courseinstructor
Vista previa 3 fuera de 19 páginas
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 - CORRECT ANSWER 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 mo...
Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? 
A.The creditor 
B.The loan processor 
C.The consumer 
D. The CFPB - CORRECT ANSWER A. the creditor 
 
Which law restricts the sharing of information given when a consumer applies for a mortgage loan? 
A. Fair Credit Reporting Act 
B. FTC Disposal Rules 
C. Gramm-Leach-Bliley Act 
D. Consumer Regulatory Protection Act - CORRECT ANSWER C. Gramm-Leach-Bliley Act 
 
Which document actually contains the borro...
- Package deal
- Examen
- • 20 páginas's •
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NMLS•NMLS
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2024 NMLS EXAMS BUNDLE|| DOWNLOAD TO SCORE A+• Por Courseinstructor
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Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? 
A.The creditor 
B.The loan processor 
C.The consumer 
D. The CFPB - CORRECT ANSWER A. the creditor 
 
Which law restricts the sharing of information given when a consumer applies for a mortgage loan? 
A. Fair Credit Reporting Act 
B. FTC Disposal Rules 
C. Gramm-Leach-Bliley Act 
D. Consumer Regulatory Protection Act - CORRECT ANSWER C. Gramm-Leach-Bliley Act 
 
Which document actually contains the borro...
What law deals with credit, APR & advertising of consumer loans? - ANSWER 
TILA/REGULATION Z 
 
Which regulation prohibits kickbacks? - ANSWER RESPA 
 
Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER 
HPA - Homeowners Protection Act 
 
Which regulation prohibits fee splitting? - ANSWER RESPA 
 
Regulation X is the letter used to describe which Law? - ANSWER RESPA 
 
RESPA is the acronym used to describe which law? - ANSWER Real Estate Settlement...
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- Examen
- • 20 páginas's •
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NMLS•NMLS
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2024 NMLS EXAMS BUNDLE|| DOWNLOAD TO SCORE A+• Por Courseinstructor
Vista previa 3 fuera de 20 páginas
What law deals with credit, APR & advertising of consumer loans? - ANSWER 
TILA/REGULATION Z 
 
Which regulation prohibits kickbacks? - ANSWER RESPA 
 
Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - ANSWER 
HPA - Homeowners Protection Act 
 
Which regulation prohibits fee splitting? - ANSWER RESPA 
 
Regulation X is the letter used to describe which Law? - ANSWER RESPA 
 
RESPA is the acronym used to describe which law? - ANSWER Real Estate Settlement...
1. Which of the following is NOT a TILA or RESPA mandated disclosure? Select one: 
A. Closing Disclosure 
B. Loan Estimate 
C. Mortgage Servicing Disclosure 
D. An Adverse Action Statement: D.An Adverse Action Statement 
2. Which of the following does not affect a Veterans Funding fee? Select one: 
A. Loan Amount 
B. Prior Service (Active/ Reserve) 
C. Marital Status 
D. Prior Use of Entitlement: C. Marital Status 
3. FACTA requires that if a lender uses credit scores in making or arrang...
- Package deal
- Examen
- • 47 páginas's •
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NMLS•NMLS
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2024 NMLS EXAMS BUNDLE|| DOWNLOAD TO SCORE A+• Por Courseinstructor
Vista previa 4 fuera de 47 páginas
1. Which of the following is NOT a TILA or RESPA mandated disclosure? Select one: 
A. Closing Disclosure 
B. Loan Estimate 
C. Mortgage Servicing Disclosure 
D. An Adverse Action Statement: D.An Adverse Action Statement 
2. Which of the following does not affect a Veterans Funding fee? Select one: 
A. Loan Amount 
B. Prior Service (Active/ Reserve) 
C. Marital Status 
D. Prior Use of Entitlement: C. Marital Status 
3. FACTA requires that if a lender uses credit scores in making or arrang...
NMLS SAFE EXAM | LATEST UPDATE| ULTIMATE 
SOLUTION 
Where credit institutions originate loans - CORRECT ANSWER Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D. The rate maximum the rate can decrease over the life of the loan - CORRECT ANSWER C. The 
maximum the rate can increase over the life of the loa...
- Examen
- • 58 páginas's •
-
NMLS•NMLS
Vista previa 4 fuera de 58 páginas
NMLS SAFE EXAM | LATEST UPDATE| ULTIMATE 
SOLUTION 
Where credit institutions originate loans - CORRECT ANSWER Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D. The rate maximum the rate can decrease over the life of the loan - CORRECT ANSWER C. The 
maximum the rate can increase over the life of the loa...
NMLS PRACTICE QUESTIONS | LATEST UPDATE| 
ULTIMATE SOLUTION 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and 
Regulation Z implementing TILA? - CORRECT ANSWER FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - CORRECT 
ANSWER Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - CORRECT 
ANSWER TAXES AND INSURAN...
- Examen
- • 19 páginas's •
-
NMLS•NMLS
Vista previa 3 fuera de 19 páginas
NMLS PRACTICE QUESTIONS | LATEST UPDATE| 
ULTIMATE SOLUTION 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and 
Regulation Z implementing TILA? - CORRECT ANSWER FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - CORRECT 
ANSWER Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? - CORRECT 
ANSWER TAXES AND INSURAN...
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 - CORRECT ANSWER 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 mo...
- Examen
- • 19 páginas's •
-
NMLS•NMLS
Vista previa 3 fuera de 19 páginas
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 - CORRECT ANSWER 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 mo...