100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
NMLS PRACTICE TEST QUESTIONS 2024 UPDATE ACTUAL EXAM QUESTIONS AND VERIFIED SOLUTIONS; UPDATED VERSION ACCURATE & VERIFIED SOLUTIONS $14.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. NMLS
  4.  
  5. NMLS

Exam (elaborations)

NMLS PRACTICE TEST QUESTIONS 2024 UPDATE ACTUAL EXAM QUESTIONS AND VERIFIED SOLUTIONS; UPDATED VERSION ACCURATE & VERIFIED SOLUTIONS
 0 purchase

This exam gives a comprehensive revision summary for scholar to achieve great heights in NMLS courses

Preview 3 out of 17  pages

Document information

  • February 2, 2025
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nmls practice test questions 2024 update

Written for

All documents for this subject (1475)

Seller

avatar-seller
Delmahubcham

Reviews received

Content preview

NMLS PRACTICE TEST QUESTIONS 2024
UPDATE |ACTUAL EXAM QUESTIONS AND
VERIFIED ANSWERS/ACCURATE SOLUTIONS
|GET IT 100% CORRECT!! ALREADY GRADED A+




A discount point is BEST described as a charge the borrower pays to:

A.) A lender to decrease the interest rate on the mortgage loan
B.) A mortgage broker at the time of application to obtain a favorable rate
C.) The seller as part of the closing costs of a loan
D.) A lender to ensure against foreclosure - ANS-A.) A lender to decrease the interest rate on the
mortgage loan

A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option
money to be credited at closing on property with sale price of $160,000. If the required down payment
is 20%, how much additional money will the buyer need to provide toward the down payment at
closing?

A.) $32,000
B.) $27,000
C.) $30,000
D.) $25,000 - ANS-D.) $25,000



$160,000 x .20 (20%) = 32000 - $7,000 = $25,000

If an applicant works 40 hours every week and is paid $13.52 per hour, what is the applicant's monthly
income?

A.) $2,163.20
B.) $2,343.47
C.) $2,379.52

,D.) $2,487.68 - ANS-B.) $2,343.47


$13.52x 40 hours = $540.8 x 52 weeks = $28,121.6 annually /12month = $2,343.47 Monthly income

The requirement for private mortgage insurance is generally is continued when the loan-to-value ratio
falls below:

A.) 20%
B.) 50%
C.) 80%
D.) 90% - ANS-C.) 80%

Which of the following documents itemizes all settlement costs including lender charges?

A.) Agreement of sale
B.) HUD-1/closing Disclosure
C.) Form 1003
D.) Forbearance agreement - ANS-B.) HUD-1/closing Disclosure

According to the Truth-in-Lending Act (TILA), the term "refinance" applies to

A.) A change in a payment schedule
B.) A reduction in annual percentage rate
C.) The renewal of a single payment obligation with no change in the original terms
D.) The satisfaction of an existing obligation and its replacement by a new obligation - ANS-D.) The
satisfaction of an existing obligation and its replacement by a new obligation

What does a loan originator use to determine the estimated value of a property based on an analytical
comparison of similar property sales?

A.) An appraisal
B.) A market survey
C.) An area survey
D.) A Cost-benefit analysis - ANS-A.) An appraisal

Which of the following methods of disclosure does NOT meet the requirements of Equal Credit
Opportunity Act (ECOA)?

A.) E-mail
B.) Mailed letter
C.) Telephone
D.) Faxed letter - ANS-C.) Telephone

Term "20 basis points" expressed as a percentage is:

A.) 0.2%
B.) 0.20%

, C.) 2.00%
D.) 20.00% - ANS-B.) 0.20%

one hundredth of one percent, used chiefly in expressing differences of interest rates. 0.01

so 0.01 x20 = 0.2

According to the Truth-in-Lending Act (TILA), which if the following fees is EXCLUDED from the
calculation of the annual percentage rate?

A.) Hazard insurance
B.) Wire transfer
C.) Prepaid interest
D.) Mortgage insurance premiums - ANS-A.) Hazard insurance

FHA loans are:

A.) Partially guaranteed
B.) 100% insured
C.) Exempt
D.) Entitled - ANS-A.) Partially guaranteed

The late fee for a conventional loan is:

A.) 3% of principle and interest
B.) 4% of principle and interest
C.) 5% of principle and interest
D.) 10% of principle and interest - ANS-C.) 5% of principle and interest

A funding fee if required for a:

A.) FHA loan
B.) VA loan
C.) Jumbo loan
D.) Conventional loan - ANS-B.) VA loan

A Mortgage Insurance Premium is required on:

A.) FHA loan
B.) VA loan
C.) Jumbo loan
D.) Conventional loan - ANS-A.) FHA loan

The mortgagee is the:

A.) Borrower
B.) Lender
C.) Closing agent

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Delmahubcham. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

63950 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.99
  • (0)
Add to cart
Added