NMLS

NMLS MLO Exam Questions and Answers What should not be over-weighted in an analysis of borrower repayment capacity? - Answer-Credit scores Max prepayment penalty on residential mortgages in the first year of the loan - Answer-3% What must condominium associations do with respect to property insurance? - Answer-Keep a "blanket" policy that protects the entire structure If a lender is planning on referring a borrower to a title company that the lender has ownership in, when must the ...

NMLS PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS

NMLS Practice Test Exam Questions with Complete Answers

NMLS Practice Test Hard Questions with 100% Correct 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 - Answer-D.) The satisfaction of an existing obligation and its replacement by a new obligation What...

NMLS S.A.F.E Exam Practice Exam Questions with Correct Answers The term " state licensed mortgage loan originator" applies to an individual that works for: a. Bank or credit union b. Mortgage broker only c. Mortgage broker or lender d. Mortgage lender only - Answer-c. Mortgage broker or lender Which of the following is not a part of the definition of a loan originator? a. For compensation or gain, takes residential mortgage applications b. For the expectation of compensation or g...

NMLS SAFE EXAM QUESTIONS AND ANSWERS LATEST Define PMI and state what the acronym stands for. - Answer-Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Answer-Disabled veterans and surviving spouses. USDA loans are also called what? - Answer-502 loans Define MIP - Answer-Can be paid up front or in installments. Mortgage insurance premium used by FHA to protect themselves against higher-risk borro...

NMLS Safe Test Mortgage Licensing Practice Exam Questions and Answers A borrower is buying a house for $180,000. He provides a down payment of $40,000. If he pays three discount points, what is the total cost of the points? - Answer-$4200 Which day is counted as part of the CD three business day delivery period? - Answer-Monday-Saturday A Latina applies to a mortgage company for a home loan. She is refused based on the reputation of the neighborhood for a high number of foreclosures. Th...

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers In order to become a state licensed LO, the applicant must complete how many hours of prelicense education courses within 30 days of the end of the fiscal quarter a. 45 b. 30 c. 25 d. 20 - Answer-d A lender which will make mortgage loans to customers, but will immediately sell each of their loans to a larger lender (under a contract relationship) is called a: a. Wholesale lender b. Retail lender c. Correspondent l...

NMLS Exam Review questions and answers, verified. The Lender Credit section of the LE and CD can be found where? - -Section J

NMLS Test Outline, Exam Questions and answers, VERIFIED/ RESPA disclosures? due dates? - -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...