ONCOURSE LEARNING COMPREHENSIVE
FINAL EXAM | NMLS FINAL | 2026 UPDATE
| QUESTIONS AND ANSWERS | 100%
CORRECT!!
A one-year ARM has a 6.00% start rate and is locked for three years.
Its adjustment caps are set at 2/1/5. In what year could this loan reach
its rate ceiling? - ANSWERS-7th year
An ARM loan has a 4.00% start rate, and it is time for the first
adjustment to be made. It has a periodic cap of 1% and a lifetime cap
of 5%. Assuming that the rate is going to increase, what will the rate
be after its first adjustment? - ANSWERS-5.00%
All of the following are part of the underwriter's review of collateral,
except: - ANSWERS-Bank statements
What agency ensures that GSEs are using sound financial practices
and have adequate capital to engage in the mortgage business? -
ANSWERS-The Federal Housing Finance Agency
When may a homeowner request PMI to be cancelled? - ANSWERS-As
soon as his/her equity position is 20% or greater
FINAL EXAM | NMLS FINAL | 2026 UPDATE
| QUESTIONS AND ANSWERS | 100%
CORRECT!!
A one-year ARM has a 6.00% start rate and is locked for three years.
Its adjustment caps are set at 2/1/5. In what year could this loan reach
its rate ceiling? - ANSWERS-7th year
An ARM loan has a 4.00% start rate, and it is time for the first
adjustment to be made. It has a periodic cap of 1% and a lifetime cap
of 5%. Assuming that the rate is going to increase, what will the rate
be after its first adjustment? - ANSWERS-5.00%
All of the following are part of the underwriter's review of collateral,
except: - ANSWERS-Bank statements
What agency ensures that GSEs are using sound financial practices
and have adequate capital to engage in the mortgage business? -
ANSWERS-The Federal Housing Finance Agency
When may a homeowner request PMI to be cancelled? - ANSWERS-As
soon as his/her equity position is 20% or greater
