Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers Which of the following would be ways that Fannie Mae impacts the primary mortgage market? a. it ultimately serves to provide additional funds for the primary market b. it influences lenders' standards for making mortgage loans c. both d. none - Answer-c. Fannie Mae buys mortgages in the secondary mortgage market which makes more funds available to lenders to make loans in the primary market. It also sets standards for the qualifying requirements lenders use when they make loans in the primary market, since they want to be able to sell loans to Fannie Mae A person who has failed the national portion of the NMLS examination the third attempt: a. is prohibited from taking the test again b. must wait one year to retake the test c. must wait 180 days to retake the test d. must wait 30 days to retake the test - Answer-c 180 days A registered LO must complete how many hours of continuing education courses each year? a. 20 b. 12 c. 0 d. 8 - Answer-c In order to become a state licensed LO, the applicant must complete how many hours of prelicense education courses within 30 days of the end of the fiscal quarter a. 45 b. 30 c. 25 d. 20 - Answer-d A lender which will make mortgage loans to customers, but will immediately sell each of their loans to a larger lender (under a contract relationship) is called a: a. Wholesale lender b. Retail lender c. Correspondent lender d. Mortgage broker - Answer-C. Correspondent lender, since it immediately sells its loans to a larger (often wholesale) lender If the Fed where to buy government securities, the money supply would likely: a. Decrease b. Increase c. Stabilize d. Appreciate - Answer-B. When the Fed buys US Government securities, the money supply would increase, since the money would go out into the economy