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![NMLS MLO Exam Questions and Answers](/docpics/5658787/6670168d7689a_5658787_121_171.jpeg)
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NMLS MLO Exam Questions and Answers
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NMLS MLO Exam Questions and Answers 
What must a borrower do to avoid having late payments reported to a credit bureau? - 
Correct Answer️️ -Pay within 30 days of due date 
Max penalty if a borrower is required to use a specific title company or settlement 
agent? - Correct Answer️️ -3 times the fee 
What should not be over-weighted in an analysis of borrower repayment capacity? - 
Correct Answer️️ -Credit scores 
Max prepayment penalty on residential mortgages in the first year of t...
![NMLs Practice Exam Questions and Answers 100% Pass](/docpics/5658776/66701653e3141_5658776_121_171.jpeg)
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NMLs Practice Exam Questions and Answers 100% Pass
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NMLs Practice Exam Questions and 
Answers 100% Pass 
A person wanting a loan originator license in four states - Correct Answer️️ -must pass 
the state component of the license test in each state. 
The correct answer is B. A person can be licensed in all of the states, provided he is 
employed by the same employer in all the state. His NMLS-approved education need 
only be taken once. The test results for the national test component are valid in each 
state; however, he must take and pass th...
![NMLS EXAM 2024 QUESTIONS AND ANSWERS](/docpics/5658772/6670161f7365d_5658772_121_171.jpeg)
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NMLS EXAM 2024 QUESTIONS AND ANSWERS
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NMLS EXAM 2024 QUESTIONS AND ANSWERS 
Fraud for money Laundering - Correct Answer️️ --Criminal uses scheme known as 
value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal 
the difference in cash. 
Adverse Action - Correct Answer️️ -An unfavorable credit decision rendered against a 
consumer made on 
the basis of information contained on the credit application. If a lender takes adverse 
a...
![NMLS Test Outline 100% Correct Solved](/docpics/5658767/6670161c5a0ba_5658767_121_171.jpeg)
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NMLS Test Outline 100% Correct Solved
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NMLS Test Outline 100% Correct Solved 
RESPA disclosures? 
due dates? - Correct Answer️️ -3 days after application: 
Home loan tool kit 
Loan estimate 
List of HUD counselors 
Mortgage Servicing Disclosure Statement 
Know before you owe booklet 
Special Info Booklet 
3 days before consummation: 
Initial Closing Disclosure 
AfBA disclosure 
At consummation: 
Final Closing Disclosure 
Initial Escrow Statement (45 days after closing) 
After closing: 
Annual Escrow Statement 
Servicing Transfer ...
![NMLS TEST-Affinity 100% Correct Solved](/docpics/5658760/667015cdedb17_5658760_121_171.jpeg)
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NMLS TEST-Affinity 100% Correct Solved
- Exam (elaborations) • 26 pages • 2024
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NMLS TEST-Affinity 100% Correct Solved 
What law deals with credit, APR & Advertising of consumer loans? - Correct 
Answer️️ -TILA 
Which regulation prohibits kickbacks? - Correct Answer️️ -RESPA 
Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - 
Correct Answer️️ -HPA-Homeowners Protection Act 
Which Regulation prohibits fee splitting? - Correct Answer️️ -RESPA 
Regulation X is the letter used to describe which law? - Correct Answer️️ -RESPA...
![NMLS Test Prep CompuCram Test Questions with 100% Correct Answers](/docpics/5658754/667015a379e07_5658754_121_171.jpeg)
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NMLS Test Prep CompuCram Test Questions with 100% Correct Answers
- Exam (elaborations) • 15 pages • 2024
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NMLS Test Prep CompuCram Test 
Questions with 100% Correct Answers 
A borrower signs the note and mortgage for a refinance on his principal residence on 
Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed 
(assuming no bona fide financial hardship)? - Correct Answer️️ -Wednesday, Jan. 6 
Who manages the National Do Not Call Registry? - Correct Answer️️ -Federal Trade 
Commission 
What federal legislation regulates credit reporting agencies and lenders ...
![NMLS test 100% Correct Solved](/docpics/5658746/667015a058746_5658746_121_171.jpeg)
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NMLS test 100% Correct Solved
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NMLS test 100% Correct Solved 
How long should you keep mortgage loan records under ECOA? - Correct Answer️️ - 
25 months 
How long is the Do Not Call Registry good? - Correct Answer️️ -When the number is 
disconnected, reassigned, or when the consumer chooses to remove it 
How many months cushion are allowed under the escrow account rules? - Correct 
Answer️️ -2 months cushion 
When are escrow accounts reviewed and what amount of overage could cause a refund 
to the borrower? - Corr...
![NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER](/docpics/5658741/6670155e73a9c_5658741_121_171.jpeg)
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NMLS Practice Exam #3 PRACTICE QUESTIONS AND ANSWER
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NMLS Practice Exam #3 PRACTICE 
QUESTIONS AND ANSWER 
The preferred debt-to-income ratio for applicants for VA loans is: 
- 35% 
- 43% 
- 50% 
- 41% - Correct Answer️️ -41% 
When would a license be suspended without a hearing? 
- If a licensee fails to renew 
- If a licensee fails to request a hearing with the state regulator 
- If a licensee has failed to complete pre-licensing requirements 
- If a licensee has already executed a right to a hearing for a previous violation - Correct 
Answer...
![NMLS Test 100% Correct Solved](/docpics/5658361/66700a6407b85_5658361_121_171.jpeg)
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NMLS Test 100% Correct Solved
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NMLS Test 100% Correct Solved 
If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how 
many days does the borrower have to request a copy and how many days does the 
lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the 
lender as 30 days to deliver. 
Appraisal equals? - Correct Answer️️ -Value 
What law allows the borrower to challenge the value stated in the appraisal? - Correct 
Answer️️ -ECOA (Reg B), Equal Credit Opport...
![Mortgage NMLS Exam Questions and Answers 100% Pass](/docpics/5658326/667008ca191d8_5658326_121_171.jpeg)
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Mortgage NMLS Exam Questions and Answers 100% Pass
- Exam (elaborations) • 15 pages • 2024
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Mortgage NMLS Exam Questions and Answers 100% Pass 
Annual Percentage Rate (APR) - Correct Answer️️ -Consumer's true annual cost of 
borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective 
interest rate based on most of a loan's up-front fees and the stated annual interest rate. 
Closing - Correct Answer️️ -Process whereby a seller delivers ownership rights in real 
property to the buyer. May also describe the completion of the loan process where the 
bo...
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