2026 NMLS SAFE ACTUAL FINAL EXAM
WITH ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS GRADED A+
All of the following are part of the underwriter's review of
collateral, except:
Bank statements
Sales contract
Appraisal
Flood zone verification Correct Answer Bank statements
When may a homeowner request PMI to be cancelled?
As soon as his/her equity position is 20% or greater
As soon as his/her equity position reaches at least 22%
When the lender informs him/her that it is terminating PMI
As soon as the five-year required minimum is met Correct Answer
As soon as his/her equity position is 20% or greater
5 C's of Credit Correct Answer Character-conv/fha/va/
,Credit-CBR
Capacity-savings history/source of funds
Capability-income/stability
Collateral-anything that describes the property
The penalties for paying or accepting an illegal referral fee are:
Fines of up to $5,000 and up to one year in prison
Fines of up to $10,000 and up to three years in prison
Fines of up to $20,000 and up to one year in prison
Fines of up to $10,000 and up to one year in prison Correct
Answer Fines of up to $10,000 and up to one year in prison
Which of the following is not included in calculating the APR?
Underwriting fees
Escrow fees
PMI
Discount points Correct Answer Escrow fees
An annual escrow analysis is used to do which of the following?
,Ensure the loan is properly amortized
Report underwriting errors
Reduce burden on the servicer
Prevent escrow overages Correct Answer Prevent escrow
overages
According to fair lending laws, which of the following may loan
applicants be asked to disclose for HMDA data collection
purposes?
If they plan to have more than one child
Their race
Their religion
If they will stop working once they have children Correct Answer
Their race
The amount of the down payment, the amount of the finance
charge, or the number of payments needed are all examples of
_______________ under TILA.
Components of the APR
Prohibited disclosures
Trigger terms
Components of the finance charge Correct Answer Trigger terms
, HOEPA was enacted as a part of:
ECOA
TILA
HMDA
RESPA Correct Answer TILA
If a creditor denies an application for a first lien mortgage, a copy
of the appraisal:
Is not required to be provided to the consumer
Must be provided within 30 days of the decision to deny
Must be included with the notice of adverse action
Is not required to be provided unless requested in writing Correct
Answer Must be provided within 30 days of the decision to
deny
XYZ Mortgage Company just mailed a Closing Disclosure to a
consumer. The waiting period prior to closing will begin:
On the date that the Closing Disclosure is mailed
The next business day after the Closing Disclosure is mailed
WITH ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS GRADED A+
All of the following are part of the underwriter's review of
collateral, except:
Bank statements
Sales contract
Appraisal
Flood zone verification Correct Answer Bank statements
When may a homeowner request PMI to be cancelled?
As soon as his/her equity position is 20% or greater
As soon as his/her equity position reaches at least 22%
When the lender informs him/her that it is terminating PMI
As soon as the five-year required minimum is met Correct Answer
As soon as his/her equity position is 20% or greater
5 C's of Credit Correct Answer Character-conv/fha/va/
,Credit-CBR
Capacity-savings history/source of funds
Capability-income/stability
Collateral-anything that describes the property
The penalties for paying or accepting an illegal referral fee are:
Fines of up to $5,000 and up to one year in prison
Fines of up to $10,000 and up to three years in prison
Fines of up to $20,000 and up to one year in prison
Fines of up to $10,000 and up to one year in prison Correct
Answer Fines of up to $10,000 and up to one year in prison
Which of the following is not included in calculating the APR?
Underwriting fees
Escrow fees
PMI
Discount points Correct Answer Escrow fees
An annual escrow analysis is used to do which of the following?
,Ensure the loan is properly amortized
Report underwriting errors
Reduce burden on the servicer
Prevent escrow overages Correct Answer Prevent escrow
overages
According to fair lending laws, which of the following may loan
applicants be asked to disclose for HMDA data collection
purposes?
If they plan to have more than one child
Their race
Their religion
If they will stop working once they have children Correct Answer
Their race
The amount of the down payment, the amount of the finance
charge, or the number of payments needed are all examples of
_______________ under TILA.
Components of the APR
Prohibited disclosures
Trigger terms
Components of the finance charge Correct Answer Trigger terms
, HOEPA was enacted as a part of:
ECOA
TILA
HMDA
RESPA Correct Answer TILA
If a creditor denies an application for a first lien mortgage, a copy
of the appraisal:
Is not required to be provided to the consumer
Must be provided within 30 days of the decision to deny
Must be included with the notice of adverse action
Is not required to be provided unless requested in writing Correct
Answer Must be provided within 30 days of the decision to
deny
XYZ Mortgage Company just mailed a Closing Disclosure to a
consumer. The waiting period prior to closing will begin:
On the date that the Closing Disclosure is mailed
The next business day after the Closing Disclosure is mailed
