NMLS Practice Test 100% Correct Solved

NMLS Practice Test 100% Correct Solved 1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Correct Answer️️ -•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - Correct Answer️️ -cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - Correct Answer️️ -second mortgage 4) Explain what Investors with non-recourse loans mean? •Borrower does not have any recourse on default •Borrower doesn't occupy the property •Borrower has 20% equity - Correct Answer️️ -Borrower does not have any recourse on defaultPDF DOWNLOADER 5) Which of the following is true of the COFI? It stands for the Cost of Future Interest. •It is the preferred index if interest rates are expected to fall. •It is only used in the 11th Federal Home Loan Bank District. •It is the slow-moving Cost of Funds Index. - Correct Answer️️ -It is the slow moving cost of funds index 6) Who is in charge of discrimination complaints? •Federal housing authority •Lender •ECOA •Loan Officer - Correct Answer️️ -Federal housing authority 7) The advantage of a home equity loan over refinancing is •lower interest rate. •less likelihood of default. •tax deductibility. •the ability to pay off part of the total debt separately. - Correct Answer️️ -the ability to pay off part of the total debt separately 9) When a telemarketer calls a person on the do not call list in violation of the do not call regulations, he is subject to a fine ofPDF DOWNLOADER $5,000. •$7,500. •$12,000. •$16,000 - Correct Answer️️ -16,000 10) An escrow account is set up to assure the borrower's loan payments are made promptly. •is intended to ensure timely payment of taxes and other charges related to the property. •does not necessitate sending out any statements to the borrower. •protects the borrower in the event he is unable to make his tax payments. - Correct Answer️️ -•is intended to ensure timely payment of taxes and other charges related to the property. 11) Hal has an adjustable rate loan with a payment cap that allows