NMLS

NMLS TEST PRACTICE - 20 HOUR SAFE

NMLS PRACTICE TEST QUESTIONS

NMLS EXAM QUESTIONS AND ANSWERS

NMLS PRACTICE TEST HARD QUESTIONS

NMLS Texas Exam | Questions and Correct Solutions Latest Update | 2024/2025 | Graded A+ Front End Ratio Formula (Mortgage to income/Housing expense ratio) - Answer - Monthly PITI/ gross monthly income Federal Housing Finance Authority - Answer - Ensures GSEs have adequate practices and capital to engage in mortgage business. LTV Formula - Answer - Loan amount/value of property LTV % required to avoid PMI - Answer - Less than 80% A VA loan called IRRRL stands for - Answer - Interest rate...

NMLS Practice Test Hard Questions and answers | With complete solution Newest 2024/25

NMLS PRACTICE TEST HARD QUESTIONS AND ANSWERS A discount point is BEST described as a charge the borrower pays to: A.) A lender to decrease the interest rate on the mortgage loan B.) A mortgage broker at the time of application to obtain a favorable rate C.) The seller as part of the closing costs of a loan D.) A lender to ensure against foreclosure ANSWER A.) A lender to decrease the interest rate on the mortgage loan A buyer has made an earnest money payment of $5,000. T...

NMLS EXAM QUESTIONS WITH ANSWERS The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% ANSWER D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation ANSWER B. If a licensee f...

NMLS MLO EXAM REVIEWS WITH CORRECT ANSWERS. What must a borrower do to avoid having late payments reported to a credit bureau? -ANSWER -Pay within 30 days of due date Max penalty if a borrower is required to use a specific title company or settlement agent? -ANSWER -3 times the fee What should not be over-weighted in an analysis of borrower repayment capacity? -ANSWER -Credit scores Max prepayment penalty on residential mortgages in the first year of the loan -ANSWER -3...

NMLS PRACTICE TEST REVIEWS WITH ANSWERS 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - ANSWER-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - ANSWER-cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - ANSWER-s...