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NMLS Practice Test Hard Questions with Solutions 100% Pass

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NMLS Practice Test Hard Questions with Solutions 100% Pass

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  • September 12, 2024
  • 46
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS Practice Test Hard Questions with Solutions 100%
Pass

If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's

monthly income?




A.) $2,163.20


B.) $2,343.47


C.) $2,379.52


D.) $2,487.68 CORRECT ANS-B.) $2,343.47




$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually /12month = $2,343.47 Monthly

income




The requirement for private mortgage insurance is generally is continued when the loan-to-

value ratio falls below:




A.) 20%


B.) 50%

,NMLS Practice Test Hard Questions with Solutions 100%
Pass
C.) 80%


D.) 90% CORRECT ANS-C.) 80%


A discount point is BEST described as a charge the borrower pays to:




A.) A lender to decrease the interest rate on the mortgage loan


B.) A mortgage broker at the time of application to obtain a favorable rate


C.) The seller as part of the closing costs of a loan


D.) A lender to ensure against foreclosure CORRECT ANS-A.) A lender to decrease the

interest rate on the mortgage loan




A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000

in option money to be credited at closing on property with sale price of $160,000. If the

required down payment is 20%, how much additional money will the buyer need to provide

toward the down payment at closing?




A.) $32,000


B.) $27,000


C.) $30,000

,NMLS Practice Test Hard Questions with Solutions 100%
Pass
D.) $25,000 CORRECT ANS-D.) $25,000




$160,000 x .20 (20%) = 32000 - $7,000 = $25,000




Which of the following documents itemizes all settlement costs including lender charges?




A.) Agreement of sale


B.) HUD-1/closing Disclosure


C.) Form 1003


D.) Forbearance agreement CORRECT ANS-B.) HUD-1/closing Disclosure




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

, NMLS Practice Test Hard Questions with Solutions 100%
Pass
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

CORRECT ANS-D.) The satisfaction of an existing obligation and its replacement by a new

obligation




What does a loan originator use to determine the estimated value of a property based on an

analytical comparison of similar property sales?




A.) An appraisal


B.) A market survey


C.) An area survey


D.) A Cost-benefit analysis CORRECT ANS-A.) An appraisal




Which of the following methods of disclosure does NOT meet the requirements of Equal

Credit Opportunity Act (ECOA)?




A.) E-mail


B.) Mailed letter

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