NMLS MLO Activities Questions and Answers 100% Solved

NMLS MLO Activities Questions and
Answers 100% Solved

How long must flood insurance be in place?




A) Until the loan reaches the halfway point in the amortization table

B) It cannot be cancelled as long as the property remains in a mandatory flood zone

C) The borrower can cancel at 80% of the loan balance


D) Until the loan balance is completely paid off D) Until the loan balance is completely

paid off




Before accepting a loan that is a high-cost mortgage, borrowers must complete counseling with a

counselor approved by:




A) HUD

B) HOEPA

C) CFPB


D) FTC A) HUD

, According to conforming guidelines, an appraiser may make net adjustments to comparable up to

_____ in a residential appraisal.




A) 10%

B) 20%

C) 15%


D) 25% C) 15%




The process which allows a broker to originate and process a loan in its own name before

transferring the loan to the lender providing the funds is called:




A) Wet settlement

B) Table funding

C) Dry settlement


D) Securitization B) Table funding




The system that an underwriter uses to help streamline the underwriting process is called:




A) ABA