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

NMLS EXAM ms




Exam Solution
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NMLS Final Exam () 2026 A+ GRADE ASSURED COMPLE
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TE SOLUTIONS AND VERIFIED ANSWERS (3FD06)
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QUESTION 1 ms




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 ms




The Consumer Financial Protection Bureau was created by the
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ANSWER

Dodd-Frank Act ms




QUESTION 3 ms




Mortgage Brokers ms




ANSWER

act as intermediaries between borrowers and lenders
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QUESTION 4 ms




Which entity was established in 1932 as a cooperative to finance housing in local com
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munities?
ANSWER

Federal Home Loan Banks
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QUESTION 5 ms

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

insurance companies ms




QUESTION 6 ms




Which statement about Ginnie Mae is TRUE?
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ANSWER

guarantees mortgage-backed securities ms ms




QUESTION 7 ms




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

Department of Commerce ms ms




QUESTION 8 ms




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 ms




Mary receives a monthly child support payment pursuant to a judgement of divorce. B
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ob receives a monthly check because of a military injury. John is a minister and receiv
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es money every month for living expenses. These are examples of
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ANSWER

nontaxable income ms




QUESTION 10 ms




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 ms




Bob and Mary are providing a gift to their daughter as a down payment for the purch
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ase of a home. They provide a current bank statement, a copy of their check to their
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daughter, and a copy of the deposit slip into her account. She provides a current ledge
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r from her 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 ms




To be classified as "self employed", the borrower must own at least what percentage o
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f the business?
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ANSWER

25%



QUESTION 13 ms




The majority of lenders throughout the country have incorporated into their conventi
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onal loan underwriting procedures the standards set by the major secondary market i
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nvestors, specifically ms




ANSWER

Fannie Mae and Freddie Mac
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QUESTION 14 ms




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

alimony received ms




QUESTION 15 ms




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

4506-C