NMLS EXAM @x
Exam Solution
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NMLS Safe Exam 2026 A+ GRADE ASSURED COMPLETE
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SOLUTIONS AND VERIFIED ANSWERS (60CF2) @x @x @x @x
QUESTION 1 @x
What is the minimum down payment for a USDA loan?
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ANSWER
$0
QUESTION 2 @x
How many hours of continuing education are minimally required?
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ANSWER
8 hours every year
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QUESTION 3 @x
A mortgagor's title insurance policy is:
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ANSWER
Based on purchase price
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QUESTION 4 @x
The assignee of a mortgage and note is participating in the:
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ANSWER
Secondary mortgage market @x @x
QUESTION 5 @x
,VA loans are:
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ANSWER
Partially guaranteed @x
QUESTION 6 @x
The late fee for a VA loan is:
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ANSWER
4% of principal and interest
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QUESTION 7 @x
The purchase price of a home is $325,000 and the appraisal price is $350,000. If the
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first mortgage is in the amount of $200,000 and the second mortgage is $60,000, wh
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at is the combined loan-to-value ratio?
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ANSWER
80.0%
QUESTION 8 @x
The purchase price of a home is $375,000 and the buyer will assume a $175,000 firs
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t mortgage. The loan-to-
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value cannot exceed 85%. What is the maximum amount of the new second mortgage
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?
ANSWER
$144,750
QUESTION 9 @x
What clause in a mortgage allows the lender to call the entire loan balance due?
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ANSWER
Acceleration
QUESTION 10 @x
PITI payments do NOT include which of the following:
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ANSWER
, Funding fee @x
QUESTION 11 @x
Who does Fannie Mae hold responsible for the quality of an appraisal?
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ANSWER
Appraiser
QUESTION 12 @x
Which law is known as Regulation B?
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ANSWER
Equal Credit Opportunity Act
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QUESTION 13 @x
Which law prohibits discrimination by lenders?
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ANSWER
Equal Credit Opportunity Act
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QUESTION 14 @x
A property sold for $200,000 and was appraised at $180,000. The borrower reserved
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a loan for $150,000. What is the loan-to-value?
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ANSWER
83.3%
QUESTION 15 @x
How many days does a lender have to send an adverse action notice?
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ANSWER
30
QUESTION 16 @x
The GFE/Loan Estimate must be mailed or given to the borrower within how many d
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ays after receiving the signed application?
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Exam Solution
@x
NMLS Safe Exam 2026 A+ GRADE ASSURED COMPLETE
@x @x @x @x @x @x @x @x
SOLUTIONS AND VERIFIED ANSWERS (60CF2) @x @x @x @x
QUESTION 1 @x
What is the minimum down payment for a USDA loan?
@x @x @x @x @x @x @x @x @x
ANSWER
$0
QUESTION 2 @x
How many hours of continuing education are minimally required?
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ANSWER
8 hours every year
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QUESTION 3 @x
A mortgagor's title insurance policy is:
@x @x @x @x @x
ANSWER
Based on purchase price
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QUESTION 4 @x
The assignee of a mortgage and note is participating in the:
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ANSWER
Secondary mortgage market @x @x
QUESTION 5 @x
,VA loans are:
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ANSWER
Partially guaranteed @x
QUESTION 6 @x
The late fee for a VA loan is:
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ANSWER
4% of principal and interest
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QUESTION 7 @x
The purchase price of a home is $325,000 and the appraisal price is $350,000. If the
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first mortgage is in the amount of $200,000 and the second mortgage is $60,000, wh
@x @x @x @x @x @x @x @x @x @x @x @x @x @x
at is the combined loan-to-value ratio?
@x @x @x @x @x
ANSWER
80.0%
QUESTION 8 @x
The purchase price of a home is $375,000 and the buyer will assume a $175,000 firs
@x @x @x @x @x @x @x @x @x @x @x @x @x @x @x
t mortgage. The loan-to-
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value cannot exceed 85%. What is the maximum amount of the new second mortgage
@x @x @x @x @x @x @x @x @x @x @x @x @x
?
ANSWER
$144,750
QUESTION 9 @x
What clause in a mortgage allows the lender to call the entire loan balance due?
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ANSWER
Acceleration
QUESTION 10 @x
PITI payments do NOT include which of the following:
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ANSWER
, Funding fee @x
QUESTION 11 @x
Who does Fannie Mae hold responsible for the quality of an appraisal?
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ANSWER
Appraiser
QUESTION 12 @x
Which law is known as Regulation B?
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ANSWER
Equal Credit Opportunity Act
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QUESTION 13 @x
Which law prohibits discrimination by lenders?
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ANSWER
Equal Credit Opportunity Act
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QUESTION 14 @x
A property sold for $200,000 and was appraised at $180,000. The borrower reserved
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a loan for $150,000. What is the loan-to-value?
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ANSWER
83.3%
QUESTION 15 @x
How many days does a lender have to send an adverse action notice?
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ANSWER
30
QUESTION 16 @x
The GFE/Loan Estimate must be mailed or given to the borrower within how many d
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ays after receiving the signed application?
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