NMLS Exam Study Guide Exam Questions and Answers

NMLS Exam Study Guide Exam Questions and Answers According to RESPA, when would fee splitting be allowed? - Answer-If all parties render a service A borrower receives a document which contains a list of all closing costs, a disclosure of the borrower credits received on the transaction, an estimate of the cash the borrower needs to bring in to closing, and the sales price. Which of the following best identifies this document? - Answer-Loan Estimate Which of the following circumstances is least likely to lead to a determination that two entities are operating a sham affiliated business arrangement under RESPA? - Answer-The same person owns both entities Which of the following would not be considered a settlement service as defined by RESPA? - Answer-Loan modification services Which of the following is true regarding a borrower's ability to qualify for FHA financing if their credit score is 560? - Answer-they are eligible for FHA financing up to 90% LTV Which of the following transactions would carry monthly mortgage insurance? - Answer-FHA 30-year fixed, 20% down Loan limits for products like conforming loans and FHA loans vary based on: - Answer-County A veteran with full eligibility and who is seeking a loan greater than $144,000 would be able to obtain a maximum guaranty of: - Answer-25% of the loan amount