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NMLS FINAL EXAM DETAILED ANSWER KEY LATEST VERSION QUESTIONS & ACCURATE DETAILED SOLUTIONS; GRADED A+; UPDATED VERSION $14.99
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NMLS FINAL EXAM DETAILED ANSWER KEY LATEST VERSION QUESTIONS & ACCURATE DETAILED SOLUTIONS; GRADED A+; UPDATED VERSION

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This section is the practice questions for NMLS that can help you think critically and augment your review for the NMLS exams.

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  • February 2, 2025
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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NMLS FINAL EXAM DETAILED ANSWER
KEY LATEST VERSION


The Telemarketing Sales Rule prohibits calls made to consumers: - ANS-Who have asked the mortgage
professional not to contact them

As a result of provisions included in the Dodd-Frank Act, HOEPA was revised to extend its provisions to:
a) Open-end transactions
b) Reverse mortgages
c) Closed-end transactions
d) Open-end transactions & purchase money mortgages - ANS-d) Open-end transactions & purchase
money mortgages

The Smiths are buying a house for $200,000. After their 10% down payment, they've decided to pay two
discount points. What is the dollar amount of the discount points? - ANS-$3,600

You have taken a loan application from a customer with an excellent credit score. When should you
advise him/her about the status of the application? - ANS-Within 30 days

The front end ratio is: - ANS-A comparison of the borrower's monthly housing expense and his or her
income.

Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? - ANS-The
creditor

A one-year ARM has a 6.00% start rate and is locked for three years. Its adjustment caps are set at
2/1/5. In what year could this loan reach its rate ceiling? - ANS-7th year

A buyer pays $200,000 for a home and gets a fixed-rate loan from his lender at 5.75%. He puts $40,000
down. What is the LTV on this loan, and does the buyer have to pay PMI? - ANS-80% and NO

When is it allowable for an originator to provide a real estate agent with a $50 gift card in exchange for a
referral? - ANS-It is a violation of RESPA for the originator to provide the card

On which portion of the loan application would one find a street address and legal description of the
property?
Section II
Section X
Section III

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