Exam (elaborations)
NMLS PRACTICE TEST QUESTIONS
NMLS PRACTICE TEST QUESTIONS
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NMLS PRACTICE TEST QUESTIONS1) Seller can Sell property at a premium/profit with Fannie Mae financing after?
30 days
•60 days
•90 days - Answers -•90 days
2) A COFI index is defined as?
Cost of funds index
•Cost of financial index
•Cost of funding insurance - Answers -cost of fund index
13) The last portion of the 1003 contains government monitoring data on?
Sex and race of applicant
•Sex, marital status, and race of applicant
•Race, ethnicity, and gender - Answers -•Race, ethnicity, and gender
1) Which of the following charges have no tolerance restriction?
Transfer taxes
The lender's or mortgage broker's origination charge
While the borrower's interest rate is locked, the credit or charge for the interest rate
chosen
Settlement services selected by a borrower who shopped for his own service provider -
Answers -Transfer Taxes
2) Inclusion of the premium for single-premium credit life insurance in the principal loan
amount without the borrower's informed consent is one example of
flipping.
packing.
stripping.
padding. - Answers -Packing
3) A loan that has payments that do not tack down principal is?
Interest only
Pay option arm
Neg Am
Fully amortizing loan - Answers -Interest only
4) The cost of an appraisal, paid outside of closing, would appear on the HUD-1
settlement as
, VOD.
POC.
HUD.
VOE. - Answers -POC
5) The Truth in Lending Act is most closely related to
Respa
Ecoa
HMDA
HOEPA - Answers -RESPA
6) RESPA requires that a borrower be given which document at closing?
Final GFE
Form 1003
Form 1004
HUD-1 Settlement Statement - Answers -HUD-1 Settlement Statement
7) The main advantage of a federal VA loan for a borrower is
required seller repairs.
0% down.
low interest rate.
significantly lower finance charges. - Answers -0% down.
8) PUD stands for
planned unit development.
programmed urban district.
planned urban district.
planned unit district. - Answers -planned unit development.
9) The rules relating to the Federal Trade Commission's "no call" registry allow calls to
persons on a "no call" list
for up to 18 months after a business transaction has been completed with them.
for up to three months after they have made an inquiry.
Both A and B
Neither A nor B - Answers -Both A and B
10) A credit report will always display which of the following?
Name and Social Security number
Current account balances and payments for the past five years
Bankruptcy filing at any time
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