NMLS National Exam Questions and Answers |Fall 2025/2026
Update | 100% Correct
Question 1
what is the funding fee for an irrrl?
Correct Answer
.50 percent for everyone
Question 2
The State Regulatory Authority may impose penalties for each violation up to, and not exceeding:
Correct Answer
$25,000
Page 1 of 119
,Question 3
You have a customer who has been
approved by the lender and is ready to
close. The customer backs out at the last
minute because of a recent interest rate
drop and opts to go with a different loan
officer. You paid for the appraisal and want
to invoice the customer and be reimbursed.
This course of action would be considered:
Correct Answer
Legal and ethical
Question 4
The estimate of closing costs on the mortgage loan disclosed on the Loan Estimate are good for:
Correct Answer
10 Days
Question 5
a borrower wants a Cash out refinance for 80% LTV on a house that appraises for $250,000. the borrower has a first
mortgage of $87,000 in a second for $25,000. closing costs will equal $3,000. how much cash is available for the borrower
to receive?
Correct Answer
$85,000
Page 2 of 119
,Question 6
In order to renew your license, you must annually complete which of the minimum requirements pertaining to Continuing
Education:
Correct Answer
3 hours of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 1 Elective
Question 7
You pull credit on a husband and wife. It
turns out their debt-to-income ratio is too
high. You notice the majority of the debts
belong to the husband. You also note that
the wife has enough income to qualify on
her own. You remove the husband from the
loan, with permission from the borrower,
submit the file, and receive approval. This
action is:
Correct Answer
legal and ethical (except
for communal property
sales).
Page 3 of 119
, Question 8
which rule mandates disclosure to consumers that mortgage relief providers have no connection to any government
program or agency?
Correct Answer
Mars rule
Question 9
Private Mortgage Insurance is required on conforming 1st mortgage loans when the Loan-To-Value is:
Correct Answer
above 80%
Question 10
the homeowners protection act of 1998 does which of the following
Correct Answer
gives the borrowers all right to cancel or terminate PMI (private mortgage insurance)
Page 4 of 119
Update | 100% Correct
Question 1
what is the funding fee for an irrrl?
Correct Answer
.50 percent for everyone
Question 2
The State Regulatory Authority may impose penalties for each violation up to, and not exceeding:
Correct Answer
$25,000
Page 1 of 119
,Question 3
You have a customer who has been
approved by the lender and is ready to
close. The customer backs out at the last
minute because of a recent interest rate
drop and opts to go with a different loan
officer. You paid for the appraisal and want
to invoice the customer and be reimbursed.
This course of action would be considered:
Correct Answer
Legal and ethical
Question 4
The estimate of closing costs on the mortgage loan disclosed on the Loan Estimate are good for:
Correct Answer
10 Days
Question 5
a borrower wants a Cash out refinance for 80% LTV on a house that appraises for $250,000. the borrower has a first
mortgage of $87,000 in a second for $25,000. closing costs will equal $3,000. how much cash is available for the borrower
to receive?
Correct Answer
$85,000
Page 2 of 119
,Question 6
In order to renew your license, you must annually complete which of the minimum requirements pertaining to Continuing
Education:
Correct Answer
3 hours of Federal Law, 2 hours of Ethics, 2 hours of non-traditional and 1 Elective
Question 7
You pull credit on a husband and wife. It
turns out their debt-to-income ratio is too
high. You notice the majority of the debts
belong to the husband. You also note that
the wife has enough income to qualify on
her own. You remove the husband from the
loan, with permission from the borrower,
submit the file, and receive approval. This
action is:
Correct Answer
legal and ethical (except
for communal property
sales).
Page 3 of 119
, Question 8
which rule mandates disclosure to consumers that mortgage relief providers have no connection to any government
program or agency?
Correct Answer
Mars rule
Question 9
Private Mortgage Insurance is required on conforming 1st mortgage loans when the Loan-To-Value is:
Correct Answer
above 80%
Question 10
the homeowners protection act of 1998 does which of the following
Correct Answer
gives the borrowers all right to cancel or terminate PMI (private mortgage insurance)
Page 4 of 119
