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NMLS Exam Questions and Answers 100% Pass The S.A.F.E. Act applies to mortgage loan originators who take applications for, or offer or negotiate terms of, residential mortgage loans, which would include: Land to be used for agricultural purposes An apartment building with 30 units A dwelling secured by a mortgage, but not secured by a trust deed A mobile home to be used as a residence, even if it is not attached to the land - a mobile home to be used as a residence, even if it is not att...

NMLS - Practice Exam Questions and Answers 100% Pass RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a) C...

NMLS Quiz Questions and Answers 100% Pass Under the Fair Credit Reporting Act (Reg V), which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a. The consumer b. Mortgage broker c. Credit reporting agency d. HUD - c. Credit reporting agency If a loan applicant chooses not to disclose his or her race on a loan application, what recourse does a mortgage professional have? a. Inform the applicant of the impli...

NMLS Training Exam Questions and Answers 100% Pass A mortgage broker must provide the Washington Department of Financial Institutions with _______ notice when there is a change in standing with the Washington Secretary of State. - Ten business days Washington's Consumer Loan Act prevents a lender from collecting more than ____ days' prepaid interest when using the simple interest calculation method. - 31 An individual may act as both a loan originator and real estate broker in the s...

NMLS EXAM PREP Questions and Answers 100% Pass On what page of the Closing Disclosure would the consumer find information about the cash needed to close, in comparison to information on the Loan Estimate? - Page 3 This is calculated by dividing PITI by the borrower's monthly gross income: - Housing expense ratio You have taken a loan application from a customer with an excellent credit score. When should you advise him/her about the status of the application? - Within 30 days The Smit...

NMLS MLO Activities Exam Questions and Answers 100% Pass If a borrower sells personal property in order to raise money for down payment, and the underwriter questions whether the value of the items sold is realistic, the underwriter may: A) Take the item in trade for cash value B) Have an appraisal done on the item, or ask for further documentation C) Add the value in questions to the loan amount if further documentation cannot be provided D) Deny the loan until another source of down p...

NMLS (MLO) Exam Questions and Answers 100% Pass What law deals with credit, APR & advertising of consumer loans? - TILA/REGULATION Z Which regulation prohibits kickbacks? - RESPA section 8 (reg X) Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - RESPA Regulation X is the letter used to describe which Law? - RESPA RESPA is the acronym used to describe which law? - Real Estate S...

NMLS MLO Practice Test Questions and Answers 100% Pass A Good Faith Estimate is not issued until a complete application is received from a consumer. Which answer is NOT part of the list of information that qualifies as a received application? a. Consumer's social security number b. Consumer's assets c. Address of the property d. The mortgage loan amount sought - b. Consumer's assets Which type of loan is exempt from Real Estate Settlement Procedures Act (RESPA)? a. A loan to f...

NMLS MLO 10 2025 EXAM QUESTIONS AND ANSWERS 100% PASS A type of mortgage lender which would be BOTH a retail lender AND a depository institution would be a? - Savings and loan association; A higher interest rate charged on a loan in return for lower upfront closing costs would be an example of a: - Yield spread premium; A partial release clause would be associated with a - Blanket mortgage What is the primary difference between a Graduated Payment Mortgage and a Growth Equity Mortgage - ...

NMLS (MLO) TEST STUDY EXAM QUESTIONS AND ANSWERS 100% PASS Which property is exempt under RESPA? - 25 acres or more Which of the following is a purpose of RESPA? - To eliminate kickback and referral fees CFPB is the acronym for: - Consumer Financial Protection Bureau. Who provides the Annual Escrow Account Disclosure Statement? - The Servicing Lender What is a purpose of the Truth in Lending Act? - To enable consumers to compare the cost of credit from lender to lender A Loan Estimate...