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

NMLS EXAM +t




Exam Solution
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Cartões: NMLS MLO Exam 2026 A+ GRADE ASSURED CO +t +t +t +t +t +t +t +t




MPLETE SOLUTIONS AND VERIFIED ANSWERS (12B79) +t +t +t +t +t




QUESTION 1 +t




What must a borrower do to avoid having late payments reported to a credit bureau?
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ANSWER

Pay within 30 days of due date
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QUESTION 2 +t




Max penalty if a borrower is required to use a specific title company or settlement agent
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?
ANSWER

3 times the fee
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QUESTION 3 +t




What should not be over-weighted in an analysis of borrower repayment capacity?
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ANSWER

Credit scores +t




QUESTION 4 +t




Max prepayment penalty on residential mortgages in the first year of the loan
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ANSWER

3%



QUESTION 5 +t

,What must condominium associations do with respect to property insurance?
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ANSWER

Keep a "blanket" policy that protects the entire structure
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QUESTION 6 +t




If a lender is planning on referring a borrower to a title company that the lender has ow
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nership in, when must the AFBA must be provided to the borrower?
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ANSWER

Before the referral to the title company is made
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QUESTION 7 +t




Website to obtain copy of your credit report that the credit bureaus are required to prov
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ide once per year at no charge
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ANSWER

annualcreditreport.com



QUESTION 8 +t




2/3/6 caps +t




ANSWER

ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and lifetime cap of 6%
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QUESTION 9 +t




What does FHLB stand for and what do they provide?
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ANSWER

Federal Home Loan Bank, and they provide advances to financial institutions for residential mortgage lo
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ans



QUESTION 10 +t




According to the Dodd- +t +t +t



Frank Act, how much risk must be retained by the securitizer for a loan that does not me
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et QRM guidelines?
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ANSWER

,5%



QUESTION 11 +t




On a purchase transaction, what document contains the purchase price for a property?
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ANSWER

Sales Contract +t




QUESTION 12 +t




After a loan has been closed and funded, the creditor notices a tolerance violation with a
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fee between the LE and CD. How long does the creditor have to reimburse the borrower
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for the overcharge before being considered in violation of the TRID rule?
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ANSWER

60 days after closing
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QUESTION 13 +t




Overt Discrimination +t




ANSWER

Refusing service to anyone of a certain race, ethnicity, etc.
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QUESTION 14 +t




Under ECOA can you ask how many children a borrower has?
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ANSWER

No



QUESTION 15 +t




What document specifies that a property is being used as security in the event of nonpay
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ment of a debt? +t +t +t




ANSWER

Mortgage



QUESTION 16 +t

, On the LE, which piece of data tells applicants how much they will be paying in interest o
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ver the life of the loan as a percentage of the loan?
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ANSWER

TIP (Total Interest Percentage)
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QUESTION 17 +t




COFI comes from what region in the country?
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ANSWER

The 11th Federal Home Loan Bank (Arizona, California, and Nevada)
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QUESTION 18 +t




What disclosure is required to be provided to the applicant within 3 days of application
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under reg x? +t +t




ANSWER

Mortgage Loan Servicing Disclosure +t +t +t




QUESTION 19 +t




Verification of cash used in a closing is documented by: +t +t +t +t +t +t +t +t +t




ANSWER

last 2-3 months bank statements
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QUESTION 20 +t




The finance charge is the total cost of:
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ANSWER

the loan in dollars, including points and mortgage insurance
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QUESTION 21 +t




What IRS forms would you requrest from a borrower who is 40% shareholder in a C-
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Corporation?
ANSWER

Form 1120 +t