Nmls practice Study guides, Class notes & Summaries
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NMLS PRACTICE QUESTIONS with correct answers
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which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? Answer FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Answer Acceleration Clause 
 
at closing a borrower may deposit funds to establish reserves for which of the following? Answer TAXES AND INSURANCE 
 
in a qualification of an applicant who receives child support and alimony Answer CHILD SUPPORT...
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NMLS Practice Test Exam Questions And Answers (Verified And Updated)
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NMLS Practice Test Exam Questions And 
Answers (Verified And Updated) 
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 - answerA.) A lender to decrease the interest rate 
on the mortgage loan 
A buyer has made an earnest money payment of ...
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California State NMLS Practice Test Graded A+
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California State NMLS Practice Test 
Graded A+ 
"Federal banking agencies" include: 
Answers 
A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve 
System, and FDIC 
B. Fannie Mae and Freddie Mac 
C. The Comptroller of the Currency and the National Credit Union Administration 
D. A and C D. 
A borrower approaches a lender to refinance their existing negative amortization loan, which was 
originated by that 
same lender. Which of the following s...
![NMLS Practice Test exam 2023 with 100% correct answers](/docpics/3424923/6500d378a1043_3424923_121_171.jpeg)
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NMLS Practice Test exam 2023 with 100% correct answers
- Exam (elaborations) • 27 pages • 2023
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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 - correct answer 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...
![NMLS PRACTICE TEST 2023 QUESTIONS WITH COMPLETE SOLUTIONS](/docpics/4204733/65a0e2505d6a1_4204733_121_171.jpeg)
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NMLS PRACTICE TEST 2023 QUESTIONS WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 79 pages • 2024
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NMLS PRACTICE TEST 2023 
QUESTIONS WITH COMPLETE 
SOLUTIONS 
 
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 g...
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NMLS Practice Questions with Correct Answers.docx
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NMLS Practice Questions with Correct A 
 
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? - Answer-Saturday 
 
The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of	under TILA. - Answer-Trigger Terms 
 
Which of the follow...
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NMLS Practice Test Questions 2022/2023 | Consisting Of 100 Hard Questions With Verified Answers From Experts
- Exam (elaborations) • 55 pages • 2023
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NMLS Practice Test Questions 2022/2023 | Consisting Of 100 Hard Questions With Verified Answers From Experts
California State NMLS Practice Test
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NMLS Practice Test| 100 Questions| Correct Answers| Verified
- Exam (elaborations) • 18 pages • 2023
- Available in package deal
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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 - ANSWER 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 c...
California State NMLS Practice Test
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