NMLS Practice Test 2026 Actual with Questions
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Terms in this set (60)
All of the following borrowers are C
eligible for a Department of
Veteran Affairs (VA) funding fee A Department of Veteran Affairs (VA) funding fee
exemption, EXCEPT: is required to be paid by the borrower on all VA
a. loans to help offset the VA's cost of administering
Veteran receiving VA compensation the loan program. The amount of the funding fee
for a service-connected disability is based on the loan type, loan amount, down
b. payment amount, and whether this is the
Surviving spouse of a veteran borrower's first time using the VA loan program.
receiving Dependency and The funding fee can be paid at closing or
Indemnity Compensation (DIC) financed into the loan amount. Borrowers are
c. exempt from the funding fee if they are a veteran
Veteran or active duty service receiving VA compensation for a service-
member with at least one overseas connected disability, a surviving spouse receiving
deployment Dependency and Indemnity Compensation (DIC),
a service member with a proposed disability
d. compensation rating as part of a pre-discharge
Active duty service member who claim, or a service member on active duty who
received a Purple Heart received a Purple Heart.
,Which entity establishes the Fannie A
Mae and Freddie Mac conforming
loan limits each year? FHFA establishes the conventional conforming
a. loan limit by utilizing an annual review of average
Federal Housing Finance Agency housing prices in the MONTHLY Interest Rate
(FHFA) Survey
b.
Department of Housing and Urban
Development (HUD)
c.
Federal Housing Administration
(FHA)
d.
Consumer Financial Protection
Bureau (CFPB)
What is the conventional they determine the highest loan amount for
conforming loan limit mortgages that can be acquired by Fannie Mae
and Freddie Mac
How often is the conventional annually
conforming loan limit updated
Is the conventional conforming no, in designated "high cost area" they may have
loan limit the same everywhere higher conforming loan limits due to higher home
values in the areas.
, 3. D
A mortgage that does not fully
amortize over the term of the loan, Balloon mortgage
which then requires a large, lump
sum payment at the end of the
term, is referred to as a
_________________.
a.
Subprime mortgage
b.
Hybrid adjustable-rate mortgage
c.
Home Equity Conversion Mortgage
d.
Balloon mortgage
what is a balloon mortgage mortgage where the monthly payments are not
enough to pay off the entire mortgage during the
amortization period
what happens at the end of a the borrow must pay off the balance in a lump
balloon mortgage period sum payment
is a balloon mortgage a Qualified non-qualified
or Non-qualified mortgage
& Answers (Latest Update) 100%
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Save
Terms in this set (60)
All of the following borrowers are C
eligible for a Department of
Veteran Affairs (VA) funding fee A Department of Veteran Affairs (VA) funding fee
exemption, EXCEPT: is required to be paid by the borrower on all VA
a. loans to help offset the VA's cost of administering
Veteran receiving VA compensation the loan program. The amount of the funding fee
for a service-connected disability is based on the loan type, loan amount, down
b. payment amount, and whether this is the
Surviving spouse of a veteran borrower's first time using the VA loan program.
receiving Dependency and The funding fee can be paid at closing or
Indemnity Compensation (DIC) financed into the loan amount. Borrowers are
c. exempt from the funding fee if they are a veteran
Veteran or active duty service receiving VA compensation for a service-
member with at least one overseas connected disability, a surviving spouse receiving
deployment Dependency and Indemnity Compensation (DIC),
a service member with a proposed disability
d. compensation rating as part of a pre-discharge
Active duty service member who claim, or a service member on active duty who
received a Purple Heart received a Purple Heart.
,Which entity establishes the Fannie A
Mae and Freddie Mac conforming
loan limits each year? FHFA establishes the conventional conforming
a. loan limit by utilizing an annual review of average
Federal Housing Finance Agency housing prices in the MONTHLY Interest Rate
(FHFA) Survey
b.
Department of Housing and Urban
Development (HUD)
c.
Federal Housing Administration
(FHA)
d.
Consumer Financial Protection
Bureau (CFPB)
What is the conventional they determine the highest loan amount for
conforming loan limit mortgages that can be acquired by Fannie Mae
and Freddie Mac
How often is the conventional annually
conforming loan limit updated
Is the conventional conforming no, in designated "high cost area" they may have
loan limit the same everywhere higher conforming loan limits due to higher home
values in the areas.
, 3. D
A mortgage that does not fully
amortize over the term of the loan, Balloon mortgage
which then requires a large, lump
sum payment at the end of the
term, is referred to as a
_________________.
a.
Subprime mortgage
b.
Hybrid adjustable-rate mortgage
c.
Home Equity Conversion Mortgage
d.
Balloon mortgage
what is a balloon mortgage mortgage where the monthly payments are not
enough to pay off the entire mortgage during the
amortization period
what happens at the end of a the borrow must pay off the balance in a lump
balloon mortgage period sum payment
is a balloon mortgage a Qualified non-qualified
or Non-qualified mortgage
