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

NMLS EXAM +t




Exam Solution+t




Cartões: NMLS MLO 2026 A+ GRADE ASSURED COMPLE +t +t +t +t +t +t +t




TE SOLUTIONS AND VERIFIED ANSWERS (9443C)
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QUESTION 1 +t




A Good Faith Estimate is not issued until a complete application is received from a consu
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mer. Which answer is NOT part of the list of information that qualifies as a received appl
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ication?
a. Consumer's social security number
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b. Consumer's assets
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c. Address of the property
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d. The mortgage loan amount sought
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ANSWER

b. Consumer's assets
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QUESTION 2 +t




Which type of loan is exempt from Real Estate Settlement Procedures Act (RESPA)?
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a. A loan to finance a commercial warehouse
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b. A reverse mortgage
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c. A home equity line of credit
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d. A mortgage to purchase a single family home
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ANSWER

a. A loan to finance a commercial warehouse
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QUESTION 3 +t




The initial escrow statement includes all of the following EXCEPT
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a. the amount of the monthly mortgage payment
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b. the amount that is collected for homeowners association dues
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c. the portion of the monthly payment going into the escrow account
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d. the amount of reserves or cushion as determined by the loan servicer
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ANSWER

,b. the amount that is collected for homeowners association (HOA) dues
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QUESTION 4 +t




When is an adverse action notice required?
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a. when an application is withdrawn
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b. when a counteroffer is extended, and the offer is accepted
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c. when a counteroffer is extended, and the offer is rejected
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d. when there is a change in the terms of the mortgage
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ANSWER

c. when a counteroffer is extended, and the offer is rejected (an adverse action is a negative action repo
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rted to a consumer regarding the denial of the credit application
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QUESTION 5 +t




Which factor can be considered when evaluation a loan application?
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a. Immigration Status
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b. National Origin
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c. Pregnancy
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d. Marital Status
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ANSWER

a. Immigration Status (it can affect their ability to repay the loan)
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QUESTION 6 +t




Which income source cannot be considered in a loan review?
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a. Educational Military Benefits
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b. Part-time Income
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c. Alimony and Child Support
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d. Annuity Income
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ANSWER

a. Educational Military Benefits (benefits don't continue after they've finished school)
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QUESTION 7 +t




What type of property does a right of recission apply to?
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a. A second home
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b. A nonowner-occupied duplex
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c. A principal residence
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d. A nonowner-occupied condominium
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,ANSWER

c. A Principal Residence
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QUESTION 8 +t




All of the following are an example of a finance charge EXCEPT
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a. Interest
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b. Points
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c. A Loan Processing Fee
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d. Title Insurance
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ANSWER

d. Title Insurance
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QUESTION 9 +t




All of the following are required to be covered by HOEPA EXCEPT
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a. Refinances
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b. Reverse mortgages
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c. Closed-end Home Equity Loans
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d. Purchase Money Mortgages
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ANSWER

b. Reverse Mortgages
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QUESTION 10 +t




What is NOT an example of a "change of circumstance"?
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a. The need for flood insurance
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b. A change in the loan amount after the Good Faith Estimate has been issued
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c. A disater
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d. A change in the borrower's monthly income
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ANSWER

d. A change in the borrower's monthly income
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QUESTION 11 +t




Once a complete application has been received, the loan estimate must be delivered or
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mailed to the borrower +t +t +t



a. 3 calendar days after receipt of the application
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b. 3 business days after receipt of the application
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, c. 7 business days after receipt of the application
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d. 7 calendar days after receipt of the application
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ANSWER

b. 3 business days after the receipt of the application
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QUESTION 12 +t




The Truth and Lending Act ensures all of the following EXCEPT
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a. It gives guidance to a lender on whether they should grant a loan to a borrower
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b. It requires all lenders to have a uniform set of disclosures
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c. It provides borrowers with the right to rescind
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d. It provides minimum standards for most residential loans secured by a dwelling
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ANSWER

a. It gives guidance to a lender on whether they should grant a loan to a borrower
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QUESTION 13 +t




When is a lender required to send a consumer a copy of their appraisal?
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a. 7 days before a loan closes
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b. 3 days before a loan closes
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c. 3 days after the report is completed
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d. After a consumer has paid for the appraisal
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ANSWER

b. 3 days before a loan closes
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QUESTION 14 +t




Which piece of information may NOT be omitted by an applicant on a mortgage applicati
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on?
a. Race
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b. Sex
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c. Ethnicity
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d. Social Security Number
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ANSWER

d. Social Security Number
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QUESTION 15 +t




After 7 years a consumer report will no longer contain all of the following EXCEPT
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a. Bankruptcy
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