Principal loan originator - Study guides, Class notes & Summaries
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Mortgage NMLS- Exam Questions and Answers with complete solution
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A - The mortgage loan originator's role involves all of the following EXCEPT: 
A. Loyalty is owed to the party paying the mortgage loan originator's compensation. 
B. Ensuring the loan program is suitable for the borrower's needs. 
C. Qualifying the borrower's financial ability to meet the loan obligations. 
D. Helping the borrower compile a complete and accurate application. 
A - Which of the following statements is true about the SAFE Act? 
A. Requires states to set minimum net worth or su...
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California State NMLS Practice Test Exam Questions with Correct Answers
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California State NMLS Practice Test Exam Questions with Correct Answers 
 
 
A mortgage company advertises for loans in both Spanish and English. Which of the following statements is true? 
Answers 
 
A. The mortgage company must provide the key disclosures such as the TIL and Good Faith Estimate in Spanish to their Spanish speaking 
clients. 
 
B. At least 40% of the employees of the company must be bilingual. 
 
C. The company must have at least one native Spanish speaker available during reg...
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Florida Mortgage Loan Originator exam with complete verified solutions 2024
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e registry form that must be used for branch office is the: 
MU3 
 
 
 
The registry that must be used for a non-licensed control person is the: 
MU2 
 
 
 
When would a person convicted of arson not be eligible for licensure? 
For a least 15 years from the trigger date. 
 
 
 
A mortgage lender without a servicing endorsement requires a net worth of: 
63,000.00 
 
 
 
A mortgage lender without a servicing endorsement may only service a loan for: 
6 months 
 
 
 
A branch manager of a mortgage b...
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The SAFE Act Ch 6 Exam Questions With 100% Correct Answers
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The SAFE Act Ch 6 Exam Questions 
With 100% Correct Answers 
Nontraditional Mortgage Product - answerDefined by the SAFE Act as any mortgage 
product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on 
Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, 
interest. 
Registered Loan Originator - answerA natural person who is employed by a depository 
institution that is regulated by a federal banking agency and is exempt from ...
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NMLS - EXAM 2024 QUESTIONS & ANSWERS RATED 100% CORRECT
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5 rights under FACRA - 1. Right to adverse action notice 2. Free copy of credit report 3. Request 
credit score 4. The right to dispute incomplete or inaccurate information 5. Limit prescreened offers 
A registered LO means any individual who is an employee of ... - *a depository institution 
*A subsidiary that is- 
*owned and controlled by a depository institution and 
*regulated by a Federal Banking agency;or 
*An institution regulated by the Farm Credit Administration 
*And is registered and ...
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NMLS Exam Review Questions with Verified Answers- Latest
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NMLS Exam Review Questions with Verified Answers- Latest 
 
Money paid by a buyer to a seller at the time of entering into a contract to indicate intent and ability to carry out the contract is called: 
A. Down payment 
B. Earnest money 
C. Escrow funds 
D. Service release premium - Answer-B. Earnest money 
 
The Pois have just closed on their mortgage loan at a formal settlement meeting. What is mortgage loan originator Leilani Luau's responsibility after loan closing? 
A. She must provide an...
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Florida Real Estate U Final Exam Questions & Answers(RATED A)
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An appraisal can be completed by which of the following? 
 
A home inspector 
A real estate broker 
A licensed appraiser using USPAP standards 
A mortgage loan originator - ANSWERA licensed appraiser using USPAP standards 
 
What is a BPO? 
 
Broker Price Opinion 
Best Practice Organization 
Best Prospective Offer 
Beyond Present Opportunities - ANSWERBroker Price Opinion 
 
Which of the following is incorrect? 
 
Farming methods include Direct Mail and Just Listed Post Cards. 
Farming only invo...
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NMLS Practice Questions with Correct Answers.docx
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NMLS Practice Questions with Correct A 
 
A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday 
 
The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of	under TILA. - Answer-Trigger Terms 
 
Which of the follow...
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NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx
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NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS.docx 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? 
- Answer-TAXES AND INSURANCE 
 
in a qualification of an applica...
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NMLS PRACTICE QUESTIONS WITH SOLUTIONS LATEST UPDATED 2024
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NMLS PRACTICE QUESTIONS WITH SOLUTIONS LATEST UPDATED 2024 
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? 
FEDERAL RESERVE SYSTEM 
 
 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the 
Acceleration Clause 
 
 
 
 
at closing a borrower may deposit funds to establish reserves for which of the following? 
TAXES AND INSURANCE 
 
 
 
in a qualification of an applicant who...
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