NMLS UST Mortgage Exam Questions and answers 2025.

NMLS UST Mortgage Exam Questions and
answers 2025




A ,consumer ,calls ,to ,ask ,about ,a ,loan ,product. ,How ,does ,TILA ,require ,you ,to
,quote ,an ,interest ,rate ,to ,him? ,- ,CORRECT ,ANSWER-The ,APR ,and ,the ,interest
,rate




A ,wraparound ,mortgage: ,- ,CORRECT ,ANSWER-Occurs ,when ,a ,new ,mortgage
,plus ,an ,existing ,mortgage ,is ,structured ,as ,a ,single ,obligation




Which ,of ,the ,following ,is ,true ,of ,an ,FHA ,borrower? ,- ,CORRECT ,ANSWER-Only
,75% ,of ,rental ,income ,counts ,as ,qualifying ,income




A ,mortgage ,on ,personal ,property ,is ,a(n): ,- ,CORRECT ,ANSWER-Chattel
,Mortgage




In ,which ,way ,does ,the ,federal ,VA ,participate ,in ,mortgage ,financing? ,-
,CORRECT ,ANSWER-It ,guarantees ,lender ,against ,loss ,in ,the ,case ,of
,foreclosure




An ,FHA-insured ,loan ,is ,an ,example ,of: ,- ,CORRECT ,ANSWER-Government
,financing




Amortization ,is ,best ,described ,as: ,- ,CORRECT ,ANSWER-Amount ,of ,interest
,payment ,decreasing ,and ,principle ,payment ,increasing




According ,to ,Fannie ,Mae ,and ,Freddie ,Mac, ,the ,ideal ,debt ,ratios ,for ,a
,conforming ,loan ,are: ,- ,CORRECT ,ANSWER-28/36

,Which ,federal ,legislation ,requires ,that, ,in ,cases ,where ,the ,borrower ,does ,not
,wish ,to ,provide ,information ,as ,to ,race ,or ,national ,origin, ,the ,loan ,officer ,must
,use ,a ,surname ,as ,the ,basis ,for ,this ,determination? ,- ,CORRECT ,ANSWER-
Home ,mortgage ,disclosure ,act


Net ,worth ,is ,defined ,as: ,- ,CORRECT ,ANSWER-Assets ,minus ,liabilities


Title ,V ,of ,the ,Housing ,and ,Economic ,Recovery ,Act ,of ,2008 ,is ,more ,commonly
,known ,as ,the: ,- ,CORRECT ,ANSWER-The ,SAFE ,act




The ,Fair ,Credit ,Reporting ,Act ,is ,enforced ,by: ,- ,CORRECT ,ANSWER-The ,Federal
,Trade ,Commission




Under ,which ,federal ,legislation ,does ,the ,consumer ,have ,the ,right ,to ,receive ,a
,copy ,of ,the ,appraisal ,report ,on ,a ,dwelling ,that ,is ,to ,be ,used ,as ,collateral ,for ,a
,loan? ,- ,CORRECT ,ANSWER-ECOA




A ,limit ,on ,the ,amount ,of ,interest ,or ,loan ,fees ,a ,creditor ,may ,charge ,is ,imposed
,by: ,- ,CORRECT ,ANSWER-State ,Usury ,Laws




A ,Mortgage ,Servicing ,Disclosure ,Statement ,is ,required ,by ,what ,law? ,-
,CORRECT ,ANSWER-RESPA




Seven ,years ,is ,the ,maximum ,length ,of ,time ,information ,can ,be ,reported ,on ,a
,credit ,report ,according ,to ,the ,Fair ,Credit ,Reporting ,Act, ,EXCEPT ,for: ,-
,CORRECT ,ANSWER-Criminal ,convictions




All ,of ,the ,following ,may ,be ,included ,in ,calculation ,of ,the ,APR ,EXCEPT: ,-
,CORRECT ,ANSWER-Property ,insurance ,Premiums




What ,law ,covers ,Settlement ,services? ,- ,CORRECT ,ANSWER-Respa ,Section ,6


What ,Law ,covers ,kickbacks, ,splitting ,fees ,and ,unearned ,fees? ,- ,CORRECT
,ANSWER-Respa ,section ,8

, What ,covers ,Title ,insurance? ,- ,CORRECT ,ANSWER-Respa ,Section ,9


What ,law ,covers ,Escrow ,accounts? ,- ,CORRECT ,ANSWER-Respa ,Section ,10


What ,law ,says ,a ,borrower ,can ,sue ,for ,3x ,the ,tremble ,damages? ,- ,CORRECT
,ANSWER-Respa ,Section ,6




A ,mortgage ,servicer ,may ,not ,file ,any ,type ,of ,foreclosure ,action ,against ,a
,delinquent ,borrower ,until ,the ,mortgage ,loan ,is ,_____ ,days ,delinquent. ,-
,CORRECT ,ANSWER-120 ,days




An ,MLO ,is ,required ,to ,provide ,_____ ,loan ,options ,to ,a ,consumer ,at ,the ,time ,of
,inquiry ,for ,each ,type ,of ,transaction ,in ,which ,the ,consumer ,expresses ,an
,interest. ,- ,CORRECT ,ANSWER-3 ,types




ECOA ,states ,that ,an ,MLO ,may ,inquire ,about ,a ,borrower's ,- ,CORRECT
,ANSWER-Citizenship




A ,Suspicious ,Activity ,Report ,must ,be ,filed ,within ,______ ,days. ,- ,CORRECT
,ANSWER-30 ,calendar ,days




A ,SAR ,report ,must ,be ,retained ,for ,______ ,years ,from ,the ,date ,of ,filing. ,-
,CORRECT ,ANSWER-5 ,years




When ,a ,lender ,tells ,a ,70-year-old ,borrower ,he ,cannot ,have ,a ,30-year ,loan
,because ,of ,his ,age ,but ,that ,he ,does ,qualify ,for ,a ,15-year ,loan, ,this ,is ,an
,example ,of ,- ,CORRECT ,ANSWER-Overt ,disparate ,treatment




To ,comply ,with ,Regulation ,N, ,Mortgage ,Acts ,and ,Practices ,regulations, ,a
,lender ,must ,keep ,proof ,of ,its ,advertising ,for ,- ,CORRECT ,ANSWER-2 ,years




Sally ,Thompson ,applied ,to ,XYZ ,Mortgage ,for ,an ,interest-only ,loan. ,Because
,Sally ,ran ,her ,own ,hairstyling ,business ,out ,of ,her ,home, ,she ,was ,unable ,to
,provide ,income ,documentation ,and ,chose ,instead ,to ,utilize ,a ,stated ,income