NMLS SAFE EXAM WITH QUESTIONS AND ANSWERS

NMLS SAFE EXAM WITH QUESTIONS AND ANSWERS Primary Mortgage Market - AnswerWhere credit institutions originate loans C. The maximum the rate can increase over the life of the loan - AnswerWhen an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - AnswerWhen utilizing a temporary buydown to lower the interest rate on a FHA loan, which of the following are correct A. The borrower qualified at the note rate B. The borrower qualified at the buydown rate C. The rate cannot be more than 2% below the note rate D. Seller or builder can pay the discount points to buydown the rate A. Age - AnswerAll of the following are violations of the Fair Housing Act EXCEPT A. Age B. National Origin C. Disability D.Religion