NMLS MORTGAGE LOAN ORIGINATOR EXAM 2026 117+ COMPLETE EXAM QUESTIONS AND ANSWERS 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!

FINAL EXAMINATION PAPER dd dd




NMLS MORTGAGE LOAN ORIGINATOR EXAM PREP
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STUDENT NAME: ________________________________
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COURSE: NMLS CompuCram Test Questions
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EXAM CODE: NMLS MORTGAGE LOAN ORIGINATOR EX
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AM PREP-101
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EXAM INSTRUCTIONS:dd



1. Print your full name and date clearly in the header above.
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2. This exam booklet contains both Test Questions (Part I) and Verified Solutions (Part II).
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3. Answer all multiple-choice questions clearly. Double-check your work.
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4. Do not break the seal or open this booklet until instructed to do so by the proctor.
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Q1. A borrower signs the note and mortgage for a refinance on his principal residence on Th
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ursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming
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no bona fide financial hardship)?
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[Verified Solution]: Wednesday, Jan. 6
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Q2. Who manages the National Do Not Call Registry?
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[Verified Solution]: Federal Trade Commission
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Q3. What federal legislation regulates credit reporting agencies and lenders concerning credit
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reporting?
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[Verified Solution]: FCRA dd dddd




Q4. What is not prohibited to be included in the loan terms for HOEPA covered items?
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[Verified Solution]: late fees. dd dddd dd




Q5. Commissions of real estate brokers or agents would be listed:
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[Verified Solution]: In "Other" dd dddd dd

,Q6. A Loan Application Report is due by March 1st of each year as a result of the enactment
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of the
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[Verified Solution]: Home Mortgage Disclosure Act.
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Q7. What action would not be considered "adverse action" according to the Fair Credit Repo
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rting Act? dd




[Verified Solution]: granting a mortgage loan based on the terms the consumer applied for
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Q8. Which loans are not covered under HMDA?
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[Verified Solution]: commercial loans
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Q9. A loan generally cannot be considered a qualified mortgage (QM) if the points and fees p
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aid by the consumer exceed _____ percent (%) of the total loan amount.
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[Verified Solution]: 3 dd dddd




Q10. Which disclosure is not required by HOEPA?
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[Verified Solution]: right to credit score
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Q11. According to the SAFE Act, which would be considered a task that would require someo
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ne to be a licensed MLO?
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[Verified Solution]: assisting a borrower in obtaining a mortgage loan by offering to negotiate terms
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with a lender.dd dd




Q12. The loan estimate must include the address of the property. If the address is unavailable
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, what must you use?
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[Verified Solution]: a description of the location of the property
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Q13. A borrower elects to lower his settlement costs by paying a slightly higher interest rate.
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This appears on the Loan Estimate as a
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[Verified Solution]: a credit to the borrower
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, Q14. What may be used to convert the construction loan into permanent financing?
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[Verified Solution]: a modification agreement
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Q15. Actual charges at settlement listed on the CD can increase more than 10% from the esti
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mates shown on the LE for what fee?
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[Verified Solution]: Homeowners insurance
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Q16. The loan requested divided by the total cost of the project is referred to as the what?
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[Verified Solution]: loan to cost
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Q17. Which financial arrangement is exempt from the Real Estate Settlement Procedures Act
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?
[Verified Solution]: Bridge loans
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Q18. ABC Mortgage Company has been accused of inappropriately calling two consumers on
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the National Do No Call Registry. What is the fine ABC could incur for this?
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[Verified Solution]: $80,000
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Q19. When must a re-certification of value be performed?
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[Verified Solution]: 120 days
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Q20. Lenders who are authorized to underwrite their own FHA loan applications have what t
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ype of underwriters in their office?
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[Verified Solution]: Direct endorsers
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Q21. What are the terms of the "cooling off" period if a loan falls under HOEPA?
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[Verified Solution]: three business days prior to closing
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Q22. What information is a mortgage loan originator not allowed to ask a borrower who is ap
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plying for a home mortgage?
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[Verified Solution]: receipt of public assistance
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