Nmls Safe Mortgage Loan Originator Exam A+ Grade Assured Complete Solutions And Verified Answers

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Exam Solution
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NMLS Final Exam () 2026 A+ GRADE ASSURED COMPLET
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E SOLUTIONS AND VERIFIED ANSWERS (69A06)
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QUESTION 1 vc




Which is NOT a function of the secondary market?
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ANSWER

serve as a depository for consumer assets
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QUESTION 2 vc




The Consumer Financial Protection Bureau was created by the
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ANSWER

Dodd-Frank Act vc




QUESTION 3 vc




Mortgage Brokers vc




ANSWER

act as intermediaries between borrowers and lenders
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QUESTION 4 vc




Which entity was established in 1932 as a cooperative to finance housing in local commu
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nities?
ANSWER

Federal Home Loan Banks
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QUESTION 5 vc

,Which is NOT a primary lender for residential properties?
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ANSWER

insurance companies vc




QUESTION 6 vc




Which statement about Ginnie Mae is TRUE?
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ANSWER

guarantees mortgage-backed securities vc vc




QUESTION 7 vc




The Consumer Financial Protection Act combined consumer protection responsibilities u
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nder the CFPB from the following agencies EXCEPT the
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ANSWER

Department of Commerce vc vc




QUESTION 8 vc




Which GSE holds the largest amount of home loan mortgages?
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ANSWER

Federal National Mortgage Association
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QUESTION 9 vc




Mary receives a monthly child support payment pursuant to a judgement of divorce. Bob
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receives a monthly check because of a military injury. John is a minister and receives mo
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ney every month for living expenses. These are examples of
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ANSWER

nontaxable income vc




QUESTION 10 vc




If a borrower is self employed, they should provide
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ANSWER

tax returns for the previous two years
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, QUESTION 11 vc




Bob and Mary are providing a gift to their daughter as a down payment for the purchase
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of a home. They provide a current bank statement, a copy of their check to their daughte
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r, and a copy of the deposit slip into her account. She provides a current ledger from her
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account showing the deposit. What else is missing?
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ANSWER

gift letter signed by the donor stating no repayment is expected
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QUESTION 12 vc




To be classified as "self employed", the borrower must own at least what percentage of t
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he business?
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ANSWER

25%



QUESTION 13 vc




The majority of lenders throughout the country have incorporated into their convention
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al loan underwriting procedures the standards set by the major secondary market invest
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ors, specificallyvc




ANSWER

Fannie Mae and Freddie Mac
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QUESTION 14 vc




When qualifying for a conventional loan, stable gross monthly income can include
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ANSWER

alimony received vc




QUESTION 15 vc




to combat mortgage-
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related mortgage fraud, lenders require a review of the income provided to the IRS. Wha
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t document authorizes the lender to obtain income transcripts from the IRS?
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ANSWER

4506-C