NMLS 2023/2024 Problem set Exam Questions with all answers Correctly provided Latest
What percentage variance on a Fannie Mae appraisal report is tolerable when dealing with comps? - correct answer 20%
The cost of a loan is shown as an annual percentage rate in the - correct answer TIL di...
NMLS 2023/2024 Problem set Exam
Questions with all answers Correctly provided
Latest
What percentage variance on a Fannie Mae appraisal report is
tolerable when dealing with comps? - correct answer 20%
The cost of a loan is shown as an annual percentage rate in the -
correct answer TIL disclosure statement
A borrower with less than perfect credit or othere risk factors
may qualify most easily for what type of loan? - correct
answer Subprime loan
Which is not part of total Prepaid Finance Charge (PFC FEE) -
correct answer APPRAISAL
What disclosure would show if a loan has a balloon payment or
not? - correct answer TIL
Which of the following need not to be given to a consumer who
applies for an ARM loan? - correct answer the interest rate
upon the first adjustment
SSPL should be prepared based on?
(SSPL= SETTLEMENT SERVICE PROVIDER LIST) - correct
answer Final itemized costs
,Who is the entity that administers RESPA? - correct answer
Department of Housing
What is Fannie Mae (before market changes and government
intervention) - correct answer Government supervised but
privately owned
The type pf loan that does not require ant verification of assets
or income or periodic repayment is a - correct answer
Reverse Mortgage
The 3 day right to rescission provided by til and regulation Z
applies to a loan - correct answer to refinance a loan from
the same institution that fails to cover the unpaid balance of the
prior loan plus closing costs
A creditor must advise a mortgage loan applicant of the status of
his application with in how many days of receipt? - correct
answer 30 days
When a telemarketer calls a person on the "do not call" registry
in violation of the no not call regulations he is subject to a fine of
- correct answer 16,000$
Which of the following statements regarding title insurance is
true? - correct answer a borrower is required be the lender
to pay fro the lenders title insurance
,A 2/1 buydown - correct answer reduces the interest rate by
2% the first year and 1% the second year, until it reaches its
original principal interest for example 1st year=4.5% 2nd =5.5%
3rd= 6.5% 4th= 6.5% and so on
If a lender discovers that fire policy is not in effect, what can
happen? - correct answer forced place insurance
An appraisal is - correct answer an opinion of value
Which of the following is true of the COFI - correct answer
it is the slow moving COST OF FUNDS INDEX
A credit report will always display which of the following? -
correct answer name and social security number
What is a convertible ARM? It allows the borrower to do what? -
correct answer change from an adjustable rate to a fixed
rate mortgage
How can one calculate the number of years it will take to recover
the costs of refinancing a loan? - correct answer total costs/
monthly savings bc of refinance/ 12
The truth in lending form provides - correct answer
borrowers with an idea of the total closing costs and finance
charges
, R si a licensed mortgage broker, He wants to call former clients
for referrals. He can contact them even if on the federal do not
call list for up to - correct answer 18 months
Inclusion of the premium for single-premium credit life insurance
in the principal loan amount with out the borrowers informed
consent is one example of - correct answer Packing
RESPA requires that a borrrower be given which document at
closing ? - correct answer HUD-1 Settlement Statement
All of the following are considered dwellings under the Home
Mortgage Disclosure Act EXCEPT - correct answer A
recreational travel trailer
When a federally related or insured lender learns that a property
is in a flood zone, it mist - correct answer INFORM THE
BORROWER
A consumer had the right to inspect his HUD-1 Settlement
Statemtn how many days prior to closing? - correct answer
1 day
Purpose of RESPA is - correct answer Regulate closing
process
If the loan amounts, maturity dates and interrst reats are the
same for loans A and B, but loan A is a straight (interest only)
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