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NMLS MLO Exam Questions and Answers
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...
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- • 23 pages •
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
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...
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- • 4 pages •
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
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...
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- • 19 pages •
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
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 ...
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- • 49 pages •
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
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...
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- • 26 pages •
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
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 ...
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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 ...
NMLS test 100% Correct Solved
NMLS test 100% Correct Solved How long should you keep mortgage loan records under ECOA? - Correct Answer️️ - 25 months How long is the Do Not Call Registry good? - Correct Answer️️ -When the number is disconnected, reassigned, or when the consumer chooses to remove it How many months cushion are allowed under the escrow account rules? - Correct Answer️️ -2 months cushion When are escrow accounts reviewed and what amount of overage could cause a refund to the borrower? - Corr...
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- • 36 pages •
NMLS test 100% Correct Solved How long should you keep mortgage loan records under ECOA? - Correct Answer️️ - 25 months How long is the Do Not Call Registry good? - Correct Answer️️ -When the number is disconnected, reassigned, or when the consumer chooses to remove it How many months cushion are allowed under the escrow account rules? - Correct Answer️️ -2 months cushion When are escrow accounts reviewed and what amount of overage could cause a refund to the borrower? - Corr...
NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER
NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER The preferred debt-to-income ratio for applicants for VA loans is: - 35% - 43% - 50% - 41% - Correct Answer️️ -41% When would a license be suspended without a hearing? - If a licensee fails to renew - If a licensee fails to request a hearing with the state regulator - If a licensee has failed to complete pre-licensing requirements - If a licensee has already executed a right to a hearing for a previous violation - Correct Answer...
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NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER The preferred debt-to-income ratio for applicants for VA loans is: - 35% - 43% - 50% - 41% - Correct Answer️️ -41% When would a license be suspended without a hearing? - If a licensee fails to renew - If a licensee fails to request a hearing with the state regulator - If a licensee has failed to complete pre-licensing requirements - If a licensee has already executed a right to a hearing for a previous violation - Correct Answer...
NMLS Test 100% Correct Solved
NMLS Test 100% Correct Solved If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Correct Answer️️ -Value What law allows the borrower to challenge the value stated in the appraisal? - Correct Answer️️ -ECOA (Reg B), Equal Credit Opport...
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- • 18 pages •
NMLS Test 100% Correct Solved If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Correct Answer️️ -Value What law allows the borrower to challenge the value stated in the appraisal? - Correct Answer️️ -ECOA (Reg B), Equal Credit Opport...
Mortgage NMLS Exam Questions and Answers 100% Pass
Mortgage NMLS Exam Questions and Answers 100% Pass Annual Percentage Rate (APR) - Correct Answer️️ -Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Correct Answer️️ -Process whereby a seller delivers ownership rights in real property to the buyer. May also describe the completion of the loan process where the bo...
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- • 15 pages •
Mortgage NMLS Exam Questions and Answers 100% Pass Annual Percentage Rate (APR) - Correct Answer️️ -Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Correct Answer️️ -Process whereby a seller delivers ownership rights in real property to the buyer. May also describe the completion of the loan process where the bo...