NMLS EXAM QUESTIONS WITH ANSWERS
The preferred debt-to-income ratio for applicants for VA loans
is:
A. 35%
B. 43%
C. 50%
D. 41% ANSWER 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...
The preferred debt-to-income ratio for applicants for VA loans
is:
A. 35%
B. 43%
C. 50%
D. 41% ANSWER 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 ANSWER B. If a licensee fails to request a
hearing with the state regulator
After a borrower allows the assumption of his or her VA loan,
he or she may use his or her VA privilege again only after:
A. Five years have passed
B. The home is sold to a new owner
C. The original VA loan is satisfied
D. The original VA loan is moved from his or her name into the
name of the assuming borrower ANSWER C. The original VA
loan is satisfied
In order to qualify for an adjustable-rate mortgage, a consumer
must be able to show that he or she can:
A. Make regularly scheduled payments that are calculated
using the loan's introductory rate
,B. Make amortizing payments that are calculated using the fully
indexed rate for the ARM
C. Make amortizing payments that are calculated using the
loan's rate after the first interest rate adjustment occurs
D. Make regularly scheduled payments that are calculated
using the fixed interest rate for which the consumer would be
eligible ANSWER B. Make amortizing payments that are
calculated using the fully indexed rate for the ARM
Money paid by a buyer to a seller at the time of entering into a
contract to indicate intent and ability to carry out the contract is
called:
A. Down payment
B. Earnest money
C. Escrow funds
D. Service release premium ANSWER B. Earnest money
The Pois have just closed on their mortgage loan at a formal
settlement meeting. What is mortgage loan originator Leilani
Luau's responsibility after loan closing?
A. She must provide any required re-disclosures
B. None; Leilani's tasks are complete
C. She must provide another set of disclosures, showing final
costs and expenses
D. She must record the transaction with the county recorder
ANSWER B. None; Leilani's tasks are complete
In order for a small creditor to originate a balloon payment
qualified mortgage, the small creditor must hold the loan in its
portfolio for:
A. Twelve months
B. Three years
C. Two years
D. Five years ANSWER B. Three years
, When a seller provides all or part of the financing for the
borrower in order to finance a purchase transaction, it is known
as:
A. For sale by owner (FSBO)
B. Seller carry-back
C. Seller concessions
D. Seller self-financed ANSWER B. Seller carry-back
Which section of the URLA contains questions which,
depending on the applicant's answer, could result in immediate
rejection of the application?
A. Information for Government Monitoring Purposes
B. Declarations
C. Details of the Transaction
D. Acknowledgement and Agreement ANSWER B.
Declarations
With what type of loan do payments, including principal and
interest, remain constant throughout the life of the loan?
A. A balloon loan, as long as the maturity date is beyond ten
years
B. An ARM with a conversion option
C. Fixed rate
D. An FHA loan ANSWER C. Fixed rate
If a financial institution intends to share consumer information
with nonaffiliated third parties, an initial privacy notice is due to
a consumer at what point?
A. Within seven business days of a customer providing
nonpublic personal information sufficient to pull a credit report
B. Within three business days of initial contact between the
consumer and the financial institution
C. No later than three business days prior to settlement
D. No later than the time at which a customer relationship is
established ANSWER D. No later than the time at which a
customer relationship is established
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