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

NMLS EXAM ms




Exam Solution
ms




NMLS Safe Exam 2026 A+ GRADE ASSURED COMPLETE
ms ms ms ms ms ms ms ms




SOLUTIONS AND VERIFIED ANSWERS (A80D8) ms ms ms ms




QUESTION 1 ms




What is the minimum down payment for a USDA loan?
ms ms ms ms ms ms ms ms ms




ANSWER

$0



QUESTION 2 ms




How many hours of continuing education are minimally required?
ms ms ms ms ms ms ms ms




ANSWER

8 hours every year
ms ms ms




QUESTION 3 ms




Who is responsible for completing the HUD-1/Loan Disclosure?
ms ms ms ms ms ms ms




ANSWER

The closing agent
ms ms




QUESTION 4 ms




A mortgagor's title insurance policy is:
ms ms ms ms ms




ANSWER

Based on purchase price
ms ms ms




QUESTION 5 ms

,The assignee of a mortgage and note is participating in the:
ms ms ms ms ms ms ms ms ms ms




ANSWER

Secondary mortgage market ms ms




QUESTION 6 ms




VA loans are:
ms ms




ANSWER

Partially guaranteed ms




QUESTION 7 ms




The late fee for a VA loan is:
ms ms ms ms ms ms ms




ANSWER

4% of principal and interest
ms ms ms ms




QUESTION 8 ms




The purchase price of a home is $325,000 and the appraisal price is $350,000. If the f
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms



irst mortgage is in the amount of $200,000 and the second mortgage is $60,000, what
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms



is the combined loan-to-value ratio?
ms ms ms ms




ANSWER

80.0%



QUESTION 9 ms




The purchase price of a home is $375,000 and the buyer will assume a $175,000 first
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms



mortgage. The loan-to- ms ms



value cannot exceed 85%. What is the maximum amount of the new second mortgage?
ms ms ms ms ms ms ms ms ms ms ms ms ms




ANSWER

$144,750



QUESTION 10 ms




What clause in a mortgage allows the lender to call the entire loan balance due?
ms ms ms ms ms ms ms ms ms ms ms ms ms ms




ANSWER

Acceleration

,QUESTION 11 ms




PITI payments do NOT include which of the following:
ms ms ms ms ms ms ms ms




ANSWER

Funding fee ms




QUESTION 12 ms




Who does Fannie Mae hold responsible for the quality of an appraisal?
ms ms ms ms ms ms ms ms ms ms ms




ANSWER

Appraiser



QUESTION 13 ms




Which law is known as Regulation B?
ms ms ms ms ms ms




ANSWER

Equal Credit Opportunity Act
ms ms ms




QUESTION 14 ms




Which law prohibits discrimination by lenders?
ms ms ms ms ms




ANSWER

Equal Credit Opportunity Act
ms ms ms




QUESTION 15 ms




A property sold for $200,000 and was appraised at $180,000. The borrower reserved
ms ms ms ms ms ms ms ms ms ms ms ms ms



a loan for $150,000. What is the loan-to-value?
ms ms ms ms ms ms ms




ANSWER

83.3%



QUESTION 16 ms




How many days does a lender have to send an adverse action notice?
ms ms ms ms ms ms ms ms ms ms ms ms




ANSWER

30

, QUESTION 17 ms




The GFE/Loan Estimate must be mailed or given to the borrower within how many da
ms ms ms ms ms ms ms ms ms ms ms ms ms ms



ys after receiving the signed application?
ms ms ms ms ms




ANSWER

3 business days
ms ms




QUESTION 18 ms




The enforcement of a lien is known as:
ms ms ms ms ms ms ms




ANSWER

Foreclosure



QUESTION 19 ms




What minimum percentage of ownership in a related service requires a conflict of int
ms ms ms ms ms ms ms ms ms ms ms ms ms



erest disclosure?
ms




ANSWER

1%



QUESTION 20 ms




What minimum percentage of ownership qualifies an individual as self-employed?
ms ms ms ms ms ms ms ms ms




ANSWER

25%



QUESTION 21 ms




What government agency enforces ECOA?
ms ms ms ms




ANSWER

CFPB



QUESTION 22 ms




A lender can discriminate based on:
ms ms ms ms ms




ANSWER