Nmls Safe Mortgage Loan Originator Exam A+ Grade Assured Complete Solutions And Verified Answers

NMLS EXAM vc




Exam Solution
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SAFE Mortgage Loan Originator Test 2026 A+ GRADE AS
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SURED COMPLETE SOLUTIONS AND VERIFIED ANSWER
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S (6F692)
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QUESTION 1 vc




Prequalification
ANSWER

an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lende
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rs standards
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QUESTION 2 vc




USDA ratio vc




ANSWER

29/41



QUESTION 3 vc




FHA ratio
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ANSWER

31/43



QUESTION 4 vc




Asset based loan
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ANSWER

-loans based on borrowers equity -bad when lenders fail to consider ability to repay
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,QUESTION 5 vc




High Cost Loan vc vc




ANSWER

Reg Z - Sec. 1026.32 -
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APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR -
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average prime offer rate 1. 5% 2. 6.5% 3. 8.5%
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QUESTION 6 vc




RESPA - Section 8 vc vc vc




ANSWER

Nothing of value for referrals - No kickbacks
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QUESTION 7 vc




Respa - Esign Act vc vc vc




ANSWER

can use electronic signature with permission of borrower
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QUESTION 8 vc




Gramm Leach Bliley vc vc




ANSWER

-borrower notification must state who company shares info with -consumers can opt-
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out of info sharing (send notice to consumer) -Protects from phishing -Safeguard Rules
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QUESTION 9 vc




Safeguard Rules vc




ANSWER

-company and staff need to protect the consumers identity -lock up files -part of GLB act
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QUESTION 10 vc




second mortgage vc




ANSWER

-All money upfront -no escrow as long as first mortgage is paying it
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, QUESTION 11 vc




Subordination Clause vc




ANSWER

A contract clause that puts a mortgage in the first lien position over an earlier recorded mortgage
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QUESTION 12 vc




Denial Of License vc vc




ANSWER

-any non-financial felony in the past 7 years -financial felony ever -
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financial misdemeanor (state decides) -License has been revoked in another state -
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default on a federal student loan
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QUESTION 13 vc




Income
ANSWER

-Need to years history and 3 more years expected income -
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do not include sporadic overtime and bonuses -likelihood of continued income
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QUESTION 14 vc




TILA - Respa Integrated Disclosure
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ANSWER

-TRID -LE must be disclosed within 3 business days -
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cannot require documentation from borrower without "intent to proceed" -
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Appraisal is considered 0% tolerance vc vc vc vc




QUESTION 15 vc




Do Not Callvc vc




ANSWER

-$16,000 fine -Area code report cant be over 30 days old -
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allowed to call closed, declined and cancelled loans 18 months after the fact -
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can call 90 days after inquiry or pre-qual -someone says do not call - cant call, email, fax anything -
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call between 8-9
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