NMLS Exam Review Questions with Verified Answers- Latest

NMLS Exam Review Questions with Verified Answers- Latest Money paid by a buyer to a seller at 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 - Answer-B. Earnest money The Pois have just closed on their 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 - Answer-B. None; Leilani's tasks are complete In order for a small creditor to 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 - Answer-B. Three years When a seller provides all or part of 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 - Answer-B. Seller carry-back Which section of the URLA contains 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 - Answer-B. Declarations With what type of loan do 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 - Answer-C. Fixed rate