Exam (elaborations)
CALIFORNIA STATE NMLS PRACTICE TEST
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CALIFORNIA STATE NMLS PRACTICE TEST
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CALIFORNIA STATE NMLS PRACTICE TEST"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 - Answers -D.
A borrower approaches a lender to refinance their existing negative amortization loan,
which was originated by that
same lender. Which of the following statements is incorrect?
A. The lender must make due regard for the borrower's ability to repay the new loan.
B. The new loan cannot be a stated income pay option arm.
C. The lender can collect a prepayment penalty, as long as it does not exceed 1.75% of
the principal balance.
D. If their existing mortgage is a reverse mortgage, it is not considered a negative
amortization loan. - Answers -C.
A mortgagee must execute a certificate of the discharge of a mortgage and record it in
the county in which the mortgage is recorded within how many days after the mortgage
has been satisfied?
Answers
A. Thirty (30) days
B. Sixty (60) days
C. Ninety (90) days
D. One hundred twenty (120) days - Answers -A.
A mortgagee must furnish the mortgagor a written statement showing the amount of
moneys received for interest, repayment of the principal of the loan, and late charges
within how many days of the end of the calendar year?
Answers
A. Fifteen (15) days
,B. Thirty (30) days
C. Sixty (60) days
D. Ninety (90) days - Answers -B.
A person cannot serve as an officer, director, or other key employee or control person of
a residential mortgage lender if he has been held liable in a civil or administrative action
within how many years?
Answers
A. Three (3) years
B. Five (5) years
C. Seven (7) years
D. Ten (10) years - Answers -B.
A person receiving monthly principal and interest payment is which of the following?
Answers
A. Lender / Servicer
B. Broker
C. Mortgage Banker
D. Escrow Company - Answers -A.
A prepayment charge can be imposed on any amount prepaid in any twelve (12) month
period which exceeds __ percent of the original principal amount of the loan.
Answers
A. 10%
B. 15%
C. 20%
D. 25% - Answers -C.
A "Registered Mortgage Loan Originator":
Answers
, A. Is registered with NMLS but has not completed all the prerequisites for licensing
B. Works as a mortgage loan originator and is employed by a depository institution
C. Works for a Federal Banking agency as a loss
mitigation specialist
D. Has met additional registration requirements with The Farm Credit Administration
and Federal Banking Agencies - Answers -B.
A "unique identifier" is described as:
Answers
A. A unique combination of the scrambling of your
driver's license number and social security number
that must be provided to each applicant you meet.
B. Your personal social security number that must be posted in your licensed mortgage
production
branch office.
C. Your identification number with the IRS that must be on each mortgage document in
the loans you originate.
D. The number assigned to you when you become a registered loan originator with the
NMLS. - Answers -D.
According to the legal definition, a mortgage:
Answers
A. Does not include an estate for years in real property
B. Involved a hypothecation which necessitates a change in possession
C. Can be created or renews orally or in writing
D. Can be created on property held adversely to the mortgagor - Answers -D.
A borrower cannot be required to pay interest on the principal balance of a loan secured
by a mortgage on real
property more than how many days prior the date that loan proceeds are disbursed from
escrow?
Answers
A. One (1) day
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