NMLS Exam 2026 Actual with Questions &
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Terms in this set (103)
The preferred debt-to-income ratio D. 41%
for applicants for VA loans is:
A. 35%
B. 43%
C. 50%
D. 41%
When would a license be B. If a licensee fails to request a hearing with the
suspended without a hearing? state regulator
A. If a licensee fails to renew
B. If a licensee fails to request a
hearing with the state regulator
C. If a licensee has failed to
complete pre-licensing
requirements
D. If a licensee has already
executed a right to a hearing for a
previous violation
,After a borrower allows the C. The original VA loan is satisfied
assumption of his or her VA loan, he
or she may use his or her VA
privilege again only after:
A. Five years have passed
B. The home is sold to a new owner
C. The original VA loan is satisfied
D. The original VA loan is moved
from his or her name into the name
of the assuming borrower
In order to qualify for an B. Make amortizing payments that are calculated
adjustable-rate mortgage, a using the fully indexed rate for the ARM
consumer must be able to show
that he or she can:
A. Make regularly scheduled
payments that are calculated using
the loan's introductory rate
B. Make amortizing payments that
are calculated using the fully
indexed rate for the ARM
C. Make amortizing payments that
are calculated using the loan's rate
after the first interest rate
adjustment occurs
D. Make regularly scheduled
payments that are calculated using
the fixed interest rate for which the
consumer would be eligible
,Money paid by a buyer to a seller at B. Earnest money
the time of entering into a contract
to indicate intent and ability to
carry out the contract is called:
A. Down payment
B. Earnest money
C. Escrow funds
D. Service release premium
The Pois have just closed on their B. None; Leilani's tasks are complete
mortgage loan at a formal
settlement meeting. What is
mortgage loan originator Leilani
Luau's responsibility after loan
closing?
A. She must provide any required
re-disclosures
B. None; Leilani's tasks are
complete
C. She must provide another set of
disclosures, showing final costs and
expenses
D. She must record the transaction
with the county recorder
In order for a small creditor to B. Three years
originate a balloon payment
qualified mortgage, the small
creditor must hold the loan in its
portfolio for:
A. Twelve months
B. Three years
C. Two years
D. Five years
, When a seller provides all or part of B. Seller carry-back
the financing for the borrower in
order to finance a purchase
transaction, it is known as:
A. For sale by owner (FSBO)
B. Seller carry-back
C. Seller concessions
D. Seller self-financed
Which section of the URLA contains B. Declarations
questions which, depending on the
applicant's answer, could result in
immediate rejection of the
application?
A. Information for Government
Monitoring Purposes
B. Declarations
C. Details of the Transaction
D. Acknowledgement and
Agreement
With what type of loan do C. Fixed rate
payments, including principal and
interest, remain constant
throughout the life of the loan?
A. A balloon loan, as long as the
maturity date is beyond ten years
B. An ARM with a conversion option
C. Fixed rate
D. An FHA loan
Answers (Latest Update) 100%
Guarantee Pass (Verified Answers)
Save
Terms in this set (103)
The preferred debt-to-income ratio D. 41%
for applicants for VA loans is:
A. 35%
B. 43%
C. 50%
D. 41%
When would a license be B. If a licensee fails to request a hearing with the
suspended without a hearing? state regulator
A. If a licensee fails to renew
B. If a licensee fails to request a
hearing with the state regulator
C. If a licensee has failed to
complete pre-licensing
requirements
D. If a licensee has already
executed a right to a hearing for a
previous violation
,After a borrower allows the C. The original VA loan is satisfied
assumption of his or her VA loan, he
or she may use his or her VA
privilege again only after:
A. Five years have passed
B. The home is sold to a new owner
C. The original VA loan is satisfied
D. The original VA loan is moved
from his or her name into the name
of the assuming borrower
In order to qualify for an B. Make amortizing payments that are calculated
adjustable-rate mortgage, a using the fully indexed rate for the ARM
consumer must be able to show
that he or she can:
A. Make regularly scheduled
payments that are calculated using
the loan's introductory rate
B. Make amortizing payments that
are calculated using the fully
indexed rate for the ARM
C. Make amortizing payments that
are calculated using the loan's rate
after the first interest rate
adjustment occurs
D. Make regularly scheduled
payments that are calculated using
the fixed interest rate for which the
consumer would be eligible
,Money paid by a buyer to a seller at B. Earnest money
the time of entering into a contract
to indicate intent and ability to
carry out the contract is called:
A. Down payment
B. Earnest money
C. Escrow funds
D. Service release premium
The Pois have just closed on their B. None; Leilani's tasks are complete
mortgage loan at a formal
settlement meeting. What is
mortgage loan originator Leilani
Luau's responsibility after loan
closing?
A. She must provide any required
re-disclosures
B. None; Leilani's tasks are
complete
C. She must provide another set of
disclosures, showing final costs and
expenses
D. She must record the transaction
with the county recorder
In order for a small creditor to B. Three years
originate a balloon payment
qualified mortgage, the small
creditor must hold the loan in its
portfolio for:
A. Twelve months
B. Three years
C. Two years
D. Five years
, When a seller provides all or part of B. Seller carry-back
the financing for the borrower in
order to finance a purchase
transaction, it is known as:
A. For sale by owner (FSBO)
B. Seller carry-back
C. Seller concessions
D. Seller self-financed
Which section of the URLA contains B. Declarations
questions which, depending on the
applicant's answer, could result in
immediate rejection of the
application?
A. Information for Government
Monitoring Purposes
B. Declarations
C. Details of the Transaction
D. Acknowledgement and
Agreement
With what type of loan do C. Fixed rate
payments, including principal and
interest, remain constant
throughout the life of the loan?
A. A balloon loan, as long as the
maturity date is beyond ten years
B. An ARM with a conversion option
C. Fixed rate
D. An FHA loan
