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NMLS TEST FINAL EXAM 2 VERSIONS (VERSION A AND B) ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$19.59
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NMLS TEST FINAL EXAM 2 VERSIONS (VERSION A AND B) ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
NMLS TEST FINAL EXAM 2 VERSIONS
(VERSION A AND B) ACTUAL
EXAM COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
NMLS TEST FINAL EXAM 2 VERSIONS
(VERSION A AND B) 2024-2025 ACTUAL
EXAM COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
VERSION A
An adjustable-rate mortgage can adjust after 2
years with an adjustment cap of 3% per period and a
lifetime cap of 7%. The staring interest rate is 4%
What is the maximum interest that can be charged at
the time o the first adjustment?
A.) 5%
B.) 7%
C.) 10%
D.) 11% - ....ANSWER...B.) 7%
What is the FHA minimum down payment?
,A.) $0
B.) 3.5%
C.) 5%
D.) 10% - ....ANSWER...B.) 3.5%
Which law is known as Regulation C
A.) Real Estate Settlement Procedures Act
B.) Truth-in-Lending
C.) Equal Credit Opportunity Act
D.) Home Mortgage Disclosure Act - ....ANSWER...D.)
Home Mortgage Disclosure Act
What is the minimum down payment for a USDA
loan?
A.) $0
B.) 3.5%
C.) 5%
D.) 10% - ....ANSWER...A.) $0
,How many hours of continuing education are
minimally required?
A.) 8 hours every year
B.) 14 hours every year
C.) 14 hours every 2 years
D.) 20 hours every 2 years - ....ANSWER...A.) 8 hours
every year
Who is responsible for completing the HUD-/Loan
Disclosure?
A.) The borrower
B.) The closing agent
C.) The loan originator
D.) The grantor - ....ANSWER...B.) The closing agent
A mortgagor's title insurance policy is:
A.) Transferable
B.) Required
C.) Based on purchase price
, D.) Never used - ....ANSWER...C.) Based on purchase
price
The assignee of a mortgage and note is participating
the in the:
A.) Primary lending market
B.) Capital market
C.) Secondary mortgage market
D.) Options market - ....ANSWER...C.) Secondary
mortgage market
VA loans are:
A.) Partially guaranteed
B.) Insured
C.) Exempt
D.) Entitled - ....ANSWER...A.) Partially guaranteed
The late fee for a VA loan is:
A.) 3% of principal and interest
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