NMLS Test Prep CompuCram Test EXAM || MOST
RECENT EXAM 2026-2027 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ | BRAND
NEW!! JUST RELEASED!!
Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, mortgage loans are __________ if they are
secured by a consumer's home and have interest rates above
certain thresholds. - ANSWER-higher priced
TILA requires creditors to maintain records that they
complied with the
disclosure requirements for how many years? -
ANSWER-two
What document would be required in order for a person to
relinquish all interest
and future rights to property that is jointly owned by him/her
and a person other
than his or her spouse? - ANSWER-
quitclaim deed
An example of a time delay would be what? - ANSWER-hold up
in occupancy
,permit due to failed final electrical
inspection.
The clause in the mortgage that makes the note due in full upon
sale or transfer
of a property is called a(n) - ANSWER-
alienation clause
A mortgage broker hands the borrower a Loan Estimate in his
office the day after the application was completed. The broker
can charge the borrower for an appraisal when? - ANSWER-
After receiving the ITP from the borrower
What loan is most likely to utilize a single closing as a new
construction loan? -
ANSWER-construction-
only loan
How many hours of annual continuing education are required
by the SAFE Act
for federally registered mortgage loan originators? -
ANSWER-none
Cost overruns means what? - ANSWER-the cost of the home
was more than
planned
If a borrower chooses not to provide secondary category
information on a loan application, under the rules of HMDA, if
, the application was conducted in person the mortgage loan
originator should: - ANSWER-leave the information blank
A borrower with less than ideal credit or other risk factors such
as high debt, low
credit scores, and other creditworthiness issues may qualify
most easily for
what type of loan? - ANSWER-
subprime
A mortgage loan originator's obligation is over when the loan is
___________. -
ANSWER-
funded
Kevin's gross monthly income is $5,200. He must pay child
support every month of $1,800 (although it ends in 14 months).
He also has a car payment of $400. His current mortgage
payment is $1,600. The refinance loan he's discussing with an
MLO would bring his monthly payment down to $1,300. What
would be Kevin's front ratio with this new loan? - ANSWER-25%
($1,300 / $5,200 = 25%.)
In order to complete an appraisal for a construction loan, what
specific information does the appraiser need from the builder?
- ANSWER-plans and specs of the project
RECENT EXAM 2026-2027 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ | BRAND
NEW!! JUST RELEASED!!
Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, mortgage loans are __________ if they are
secured by a consumer's home and have interest rates above
certain thresholds. - ANSWER-higher priced
TILA requires creditors to maintain records that they
complied with the
disclosure requirements for how many years? -
ANSWER-two
What document would be required in order for a person to
relinquish all interest
and future rights to property that is jointly owned by him/her
and a person other
than his or her spouse? - ANSWER-
quitclaim deed
An example of a time delay would be what? - ANSWER-hold up
in occupancy
,permit due to failed final electrical
inspection.
The clause in the mortgage that makes the note due in full upon
sale or transfer
of a property is called a(n) - ANSWER-
alienation clause
A mortgage broker hands the borrower a Loan Estimate in his
office the day after the application was completed. The broker
can charge the borrower for an appraisal when? - ANSWER-
After receiving the ITP from the borrower
What loan is most likely to utilize a single closing as a new
construction loan? -
ANSWER-construction-
only loan
How many hours of annual continuing education are required
by the SAFE Act
for federally registered mortgage loan originators? -
ANSWER-none
Cost overruns means what? - ANSWER-the cost of the home
was more than
planned
If a borrower chooses not to provide secondary category
information on a loan application, under the rules of HMDA, if
, the application was conducted in person the mortgage loan
originator should: - ANSWER-leave the information blank
A borrower with less than ideal credit or other risk factors such
as high debt, low
credit scores, and other creditworthiness issues may qualify
most easily for
what type of loan? - ANSWER-
subprime
A mortgage loan originator's obligation is over when the loan is
___________. -
ANSWER-
funded
Kevin's gross monthly income is $5,200. He must pay child
support every month of $1,800 (although it ends in 14 months).
He also has a car payment of $400. His current mortgage
payment is $1,600. The refinance loan he's discussing with an
MLO would bring his monthly payment down to $1,300. What
would be Kevin's front ratio with this new loan? - ANSWER-25%
($1,300 / $5,200 = 25%.)
In order to complete an appraisal for a construction loan, what
specific information does the appraiser need from the builder?
- ANSWER-plans and specs of the project
