Nmls practice exam Study guides, Class notes & Summaries

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE

NMLS Practice Exam Questions and Answers RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a)...

NMLS PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS test mortgage transferred servicing rights of some of its mortgage loans to answer mortgage, Lender must send a servicing transfer statement to the affected borrowers how many days before the effective date of transfer? - Answer-15 days before the effective date of transfer a Lender must send the servicing transfer statement to the affected borrowers following section IX (acknowledgements) in the 1003 loan application, the form is to be s...

The administrative authority of the Commissioner includes all but which of the following? - Promulgate rules or regulations implementing the S.A.F.E. Act - Administer, interpret, and enforce the S.A.F.E. Act - Carry out the intentions of the Legislature - Sentencing violators of the S.A.F.E. Act to appropriate prison terms - ANSWER Sentencing violators of the S.A.F.E. Act to appropriate prison terms Which of the following forms of compensation is a violation of RESPA? - A fee paid by...

NMLS Practice Exam Questions and A RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c)Subprime mortgage loans d)Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a) Credit repor...

NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER The preferred debt-to-income ratio for applicants for VA loans is: - 35% - 43% - 50% - 41% - Correct Answer️️ -41% When would a license be suspended without a hearing? - If a licensee fails to renew - If a licensee fails to request a hearing with the state regulator - If a licensee has failed to complete pre-licensing requirements - If a licensee has already executed a right to a hearing for a previous violation - Correct Answer...

NMLS Practice Exam Questions and Answers 100% Correct NMLS Practice Exam Questions and Answers 100% Correct NMLS Practice Exam Questions and Answers 100% Correct A person wanting a loan originator license in four states - ANSWER-must pass the state component of the license test in each state. The correct answer is B. A person can be licensed in all of the states, provided he is employed by the same employer in all the state. His NMLS-approved education need only be taken once. The test...

A buyer wants an FHA loan. All of the following would be true of the transaction EXCEPT - the borrower may obtain an unsecured loan from a lender to pay part of his required cash investment. If the home requires flood insurance and is not located in an area where the National Flood Insurance Program is in force, it is not eligible for FHA financing. Prior to agreeing to insure the loan, FHA may require repairs or alterations be made to bring the property up to FHA standards. The borrower can...