100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NMLS Exam Study Guide; Test with Verified Solutions 100% Solved $16.99   Add to cart

Exam (elaborations)

NMLS Exam Study Guide; Test with Verified Solutions 100% Solved

 5 views  0 purchase

NMLS Exam Study Guide; Test with Verified Solutions 100% Solved

Preview 4 out of 54  pages

  • September 12, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1282)
avatar-seller
TheeGrades
NMLS Exam Study Guide; Test with Verified Solutions
100% Solved

Which of the following is true regarding a borrower's ability to qualify for FHA financing if

their credit score is 560? CORRECT ANS-they are eligible for FHA financing up to 90% LTV




Which of the following transactions would carry monthly mortgage insurance? CORRECT

ANS-FHA 30-year fixed, 20% down




Loan limits for products like conforming loans and FHA loans vary based on: CORRECT

ANS-County




A veteran with full eligibility and who is seeking a loan greater than $144,000 would be able

to obtain a maximum guaranty of: CORRECT ANS-25% of the loan amount




In order for a loan to be considered a qualified mortgage, which of the following is true?

CORRECT ANS-The loan may include a prepayment penalty for up to the first three years




A borrower requesting maximum FHA financing must have a credit score of at least:

CORRECT ANS-580

, NMLS Exam Study Guide; Test with Verified Solutions
100% Solved
Which of the following is NOT true about an Affiliated Business Arrangement Disclosure

Statement? CORRECT ANS-The disclosure may be provided instead of the list of third-party

service providers from which the borrower can shop for services




Which of the following would most likely not be considered a federally-related mortgage loan

as defined by RESPA? CORRECT ANS-Hard money, privately-placed loan




The rule dealing with the accurate disclosure of the cost and terms of credit is: CORRECT

ANS-Regulation Z




A lender may not charge for the preparation of any documents required in a federally-

regulated mortgage loan transaction, based on provisions of the: CORRECT ANS-Real

Estate Settlement Procedures Act




Which of the following statements about the Loan Estimate is NOT true? CORRECT ANS-

The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing

loan

, NMLS Exam Study Guide; Test with Verified Solutions
100% Solved
Which of the following is not considered one of the six essential pieces of information

constituting an application under RESPA? CORRECT ANS-Loan program




According to RESPA, when would fee splitting be allowed? CORRECT ANS-If all parties

render a service




A borrower receives a document which contains a list of all closing costs, a disclosure of the

borrower credits received on the transaction, an estimate of the cash the borrower needs to

bring in to closing, and the sales price. Which of the following best identifies this document?

CORRECT ANS-Loan Estimate




Which of the following circumstances is least likely to lead to a determination that two

entities are operating a sham affiliated business arrangement under RESPA? CORRECT ANS-

The same person owns both entities




Which of the following would not be considered a settlement service as defined by RESPA?

CORRECT ANS-Loan modification services

, NMLS Exam Study Guide; Test with Verified Solutions
100% Solved
When would a lender be required to cancel private mortgage insurance? CORRECT ANS-

Once the LTV reaches 78%, based on the lower of the original appraisal or purchase price




A jumbo loan: CORRECT ANS-Exceeds conforming loan limits




The Interagency Guidance on Nontraditional Mortgage Products applies to: CORRECT ANS-

Any mortgage which allows the deferment of principal or interest




All of the following could be used to correctly describe Fannie Mae, except: CORRECT ANS-

Government Owned




Which of the following contains only terms which apply to VA loans? CORRECT ANS-

Residual income, guarantee, certificate of reasonable value




According to the Interagency Guidance on Nontraditional Mortgage Product Risks, a

borrower's repayment ability: CORRECT ANS-Should be based on a fully-amortizing

repayment schedule

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TheeGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $16.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$16.99
  • (0)
  Add to cart