NMLS SAFE EXAM |ACTUAL QUESTIONS AND
VERIFIED ANSWERS |LATEST 2026/2027
UPDATE|GRADED A+
Question 1
What is the minimum down payment for a USDA loan?
ANSWER
$0
Question 2
Who is responsible for completing the HUD-1/Loan Disclosure?
ANSWER
The closing agent
Question 3
How many hours of continuing education are minimally required?
ANSWER
8 hours every year
Question 4
A mortgagor's title insurance policy is:
ANSWER
Based on purchase price
1
@THE STUDY VAULT
,Question 5
The assignee of a mortgage and note is participating in the:
ANSWER
Secondary mortgage market
Question 6
VA loans are:
ANSWER
Partially guaranteed
Question 7
The late fee for a VA loan is:
ANSWER
4% of principal and interest
Question 8
The purchase price of a home is $325,000 and the appraisal price is $350,000. If the first
mortgage is in the amount of $200,000 and the second mortgage is $60,000, what is the
combined loan-to-value ratio?
ANSWER
80.0%
2
@THE STUDY VAULT
,Question 9
The purchase price of a home is $375,000 and the buyer will assume a $175,000 first
mortgage. The loan-to-value cannot exceed 85%. What is the maximum amount of the new
second mortgage?
ANSWER
$144,750
Question 10
What clause in a mortgage allows the lender to call the entire loan balance due?
ANSWER
Acceleration
Question 11
Who does Fannie Mae hold responsible for the quality of an appraisal?
ANSWER
Appraiser
Question 12
PITI payments do NOT include which of the following:
ANSWER
Funding fee
Question 13
3
@THE STUDY VAULT
, Which law is known as Regulation B?
ANSWER
Equal Credit Opportunity Act
Question 14
Which law prohibits discrimination by lenders?
ANSWER
Equal Credit Opportunity Act
Question 15
A property sold for $200,000 and was appraised at $180,000. The borrower reserved a loan
for $150,000. What is the loan-to-value?
ANSWER
83.3%
Question 16
How many days does a lender have to send an adverse action notice?
ANSWER
30
Question 17
The GFE/Loan Estimate must be mailed or given to the borrower within how many days after
receiving the signed application?
ANSWER
4
@THE STUDY VAULT
VERIFIED ANSWERS |LATEST 2026/2027
UPDATE|GRADED A+
Question 1
What is the minimum down payment for a USDA loan?
ANSWER
$0
Question 2
Who is responsible for completing the HUD-1/Loan Disclosure?
ANSWER
The closing agent
Question 3
How many hours of continuing education are minimally required?
ANSWER
8 hours every year
Question 4
A mortgagor's title insurance policy is:
ANSWER
Based on purchase price
1
@THE STUDY VAULT
,Question 5
The assignee of a mortgage and note is participating in the:
ANSWER
Secondary mortgage market
Question 6
VA loans are:
ANSWER
Partially guaranteed
Question 7
The late fee for a VA loan is:
ANSWER
4% of principal and interest
Question 8
The purchase price of a home is $325,000 and the appraisal price is $350,000. If the first
mortgage is in the amount of $200,000 and the second mortgage is $60,000, what is the
combined loan-to-value ratio?
ANSWER
80.0%
2
@THE STUDY VAULT
,Question 9
The purchase price of a home is $375,000 and the buyer will assume a $175,000 first
mortgage. The loan-to-value cannot exceed 85%. What is the maximum amount of the new
second mortgage?
ANSWER
$144,750
Question 10
What clause in a mortgage allows the lender to call the entire loan balance due?
ANSWER
Acceleration
Question 11
Who does Fannie Mae hold responsible for the quality of an appraisal?
ANSWER
Appraiser
Question 12
PITI payments do NOT include which of the following:
ANSWER
Funding fee
Question 13
3
@THE STUDY VAULT
, Which law is known as Regulation B?
ANSWER
Equal Credit Opportunity Act
Question 14
Which law prohibits discrimination by lenders?
ANSWER
Equal Credit Opportunity Act
Question 15
A property sold for $200,000 and was appraised at $180,000. The borrower reserved a loan
for $150,000. What is the loan-to-value?
ANSWER
83.3%
Question 16
How many days does a lender have to send an adverse action notice?
ANSWER
30
Question 17
The GFE/Loan Estimate must be mailed or given to the borrower within how many days after
receiving the signed application?
ANSWER
4
@THE STUDY VAULT
