NMLS

NMLS Exam Questions and Answers 100% Pass The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Correct Answer️️ -D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - Correct Answer...

NMLS Practice Test 100% Correct Solved 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Correct Answer️️ -•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - Correct Answer️️ -cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - Correc...

NMLS Exam Questions and Answers 100% Pass Acceleration Clause - Correct Answer️️ -Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Correct Answer️️ -Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Correct Answer️️ -home valuation code of conduct Due on Demand Clause - Cor...

California State NMLS Practice Test 100% Correct Answers "Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C - Correct Answer️️ -D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same l...

NMLS MLO Exam Questions and Answers What must a borrower do to avoid having late payments reported to a credit bureau? - Correct Answer️️ -Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? - Correct Answer️️ -3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? - Correct Answer️️ -Credit scores Max prepayment penalty on residential mortgages in the first year of t...

NMLs Practice Exam Questions and Answers 100% Pass A person wanting a loan originator license in four states - Correct Answer️️ -must pass the state component of the license test in each state. The correct answer is B. A person can be licensed in all of the states, provided he is employed by the same employer in all the state. His NMLS-approved education need only be taken once. The test results for the national test component are valid in each state; however, he must take and pass th...

NMLS EXAM 2024 QUESTIONS AND ANSWERS Fraud for money Laundering - Correct Answer️️ --Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - Correct Answer️️ -An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse a...

NMLS Test Outline 100% Correct Solved RESPA disclosures? due dates? - Correct Answer️️ -3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer ...

NMLS TEST-Affinity 100% Correct Solved What law deals with credit, APR & Advertising of consumer loans? - Correct Answer️️ -TILA Which regulation prohibits kickbacks? - Correct Answer️️ -RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Correct Answer️️ -HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - Correct Answer️️ -RESPA Regulation X is the letter used to describe which law? - Correct Answer️️ -RESPA...

NMLS Test Prep CompuCram Test Questions with 100% Correct Answers A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Correct Answer️️ -Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Correct Answer️️ -Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders ...