NMLS Exam Questions with correct answers

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% Answer D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation Answer B. If a licensee fails to request a hearing with the state regulator After a borrower allows the assumption of his or her VA loan, he or she may use his or her VA privilege again only after: A. Five years have passed B. The home is sold to a new owner C. The original VA loan is satisfied D. The original VA loan is moved from his or her name into the name of the assuming borrower Answer C. The original VA loan is satisfied In order to qualify for an adjustable-rate mortgage, a consumer must be able to show that he or she can: A. Make regularly scheduled payments that are calculated using the loan's introductory rate