NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE MUST NOT MISS  FEDERAL MORTGAGE RELATED LAW  UNIFORM STATE CONTENT  GENERAL MORTGAGE LAW  MORTGAGE LOAN ORIGINATION  ETHICS An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors -CORRECT ANSWER -- B. Prevent escrow overages The disclosure requirements of RESPA would apply to which of the following loans? A. A loan to purchase 75 acres of land B. A farm loan C. A loan to purchase a property that includes a gas station and convenience store D. A loan to purchase a duplex and rehabilitate it into a single family dwelling - CORRECT ANSWER-- D. A loan to purchase a duplex and rehabilitate it into a single family dwelling According to fair lending laws, which of the following may loan applicants be asked to disclose for HMDA data collection purposes? A. If they plan to have more than one child B. If they will stop working once they have children C. Their religion D. Their race -CORRECT ANSWER-- D. Their race A customer with an excellent credit score submits a loan application. When does ECOA require that the applicant be advised of the status of the application? A. Within 30 days B. Within 90 days C. Within three days D. Within one week -CORRECT ANSWER-- A. Within 30 days The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of _______________ under TILA. A. Components of the finance charge B. Trigger terms C. Prohibited disclosures D. Components of the APR -CORRECT ANSWER-- B. Trigger terms Which of the following is not included in calculating the APR? A. Discount points B. Underwriting fees C. PMI D. Escrow fees -CORRECT ANSWER-- D. Escrow fees A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? A. Monday, the following week B. Friday C. Saturday D. Tuesday -CORRECT ANSWER-- C. Saturday The mandatory waiting period between issuance of disclosures and consummation may be waived: A. Using a pre-printed form from the lender B. If the loan is a qualified mortgage C. If the consumer requests a waiver due to a bona fide financial emergency D. If the loan originator waives it for the consumer -CORRECT ANSWER-- C. If the consumer requests a waiver due to a bona fide financial emergency If a creditor denies an application for a first lien mortgage, a copy of the appraisal: A. Must be provided within 30 days of the decision to deny B. Is not required to be provided to the consumer C. Is not required to be provided unless requested in writing D. Must be included with the notice of adverse action -CORRECT ANSWER-- A. Must b