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NMLS Refresher EXAM -1 2024/2025 Exam Questions with Correct Answers
NMLS Refresher EXAM -1 2024/2025 Exam Questions with Correct Answers
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NMLS Refresher EXAM #1Study online at https://quizlet.com/_3u6g1v
1. customer asks his mortgage broker for the name of She is not required
a good title company. The broker has a list of several to give the cus-
companies with whom she has done business in the tomer an AfBA dis-
past. At what point, according to RESPA, must she closure if she has
give the customer an AfBA disclosure? no ownership or
other interest in
any of the title
companies on the
list.
2. Which would NOT be considered a RESPA violation? Your favorite
lender gives you
a travel mug with
their logo on it.
3. The Real Estate Settlement Procedures Act (RESPA) Regulation X.
is also known as
4. What is the LEAST acceptable factor in evaluating a source of income
mortgage loan application?
5. What type of loan requires a non-refundable funding VA loan
fee?
6. What is a provision in a mortgage enabling the lender alienation clause
to demand full repayment if the borrower sells the
mortgaged property or partial interest in a mortgaged
property?
7. Which regulation encourages financial institutions to CRA
help meet the credit needs of their communities, in-
cluding low- and moderate-income neighborhoods,
consistent with safe and sound lending practices?
8. According to ECOA, a borrower can request a copy 90
of the appraisal report used in the decision process
within ___ days of a credit decision.
9. Conforming loans follow the underwriting guidelines Fannie Mae and
of Freddie Mac.
, NMLS Refresher EXAM #1
Study online at https://quizlet.com/_3u6g1v
10. ECOA is a law that ensures lenders make
credit available
with fairness and
without discrimina-
tion.
11. A 65-year-old homeowner does not currently have a reverse mortgage
mortgage on his home but is in need of funds to make
some repairs. Which mortgage option would best ad-
dress his need?
12. The borrower knows that his credit is bad, but he really straw buyer.
wants to buy a house. He convinces his cousin to
apply for a loan, knowing she will be able to get better
terms. He promises her that he will pay the full mort-
gage amount every month. She could be considered
a(n)
13. An FHA borrower may use a gift for the
entire down pay-
ment.
14. The value remaining in property after all liens and equity.
debts are considered is its
15. A borrower is refinancing his home and signs the loan 3 business days
papers. How much time does Reg Z give him to change
his mind?
16. An 80/20 combo loan with the sales price of $175,000, $140,000
a rate of 6% for the 80% first mortgage, and a rate of
8.5% for the 20% second mortgage would have a first
mortgage loan amount of what?
17. A convertible ARM allows a borrower to change from an adjustable
rate mortgage to
a fixed rate mort-
gage.
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