NMLS FINAL EXAM (2 VERSIONS) | p p p p p
NEWEST ACTUAL EXAM COMPREHENSIVE Q p p p p
UESTIONS AND VERIFIED ANSWERS GRADED p p p p
A+ | 100% PASS | 2024 UPDATE! p p p p p p p
Which mortgage loan document contains the borrowe's contractual pro
p p p p p p p p
mise to pay? -
p p p
p✔✔✔ Correct Answer > Note (or promissory note). Neither a mortgag
p p p p p p p p p p
e or a deed of trust contains a contractual promise to pay
p p p p p p p p p p p
The NMLS accepts applications for licensing for all 50 states and US oc
p p p p p p p p p p p p
cupied territories but dows not have the authority to
p or p p p p p p p p
a license. - ✔✔✔ Correct Answer > Approve or Deny
p p p p p p p p p
What is the maximum state regulatory civil penalty that can be levied?
p p p p p p p p p p p
- ✔✔✔ Correct Answer > $25,000
p p p p p
What is a permanent change in a borrowers loan terms in response to t
p p p p p p p p p p p p p
heir long term inability to pay known as? -
p p p p p p p p
p✔✔✔ Correct Answer > Loan Modification
p p p p p
,What loss mitigation strategy is a temporary reduction of a borrowers pa
p p p p p p p p p p p
yment while they pay past due amounts? -
p p p p p p p
p✔✔✔ Correct Answer > Forbearance
p p p p
VA funding fee is not charged to eligible veterans or their spouses, or spo
p p p p p p p p p p p p p
uses of vets who died in service (true or false) -
p p p p p p p p p p
p✔✔✔ Correct Answer > true
p p p p
What is an index? - p p p p
p✔✔✔ Correct Answer > Punished interest rate that is used as the basi
p p p p p p p p p p p p
s upon which the note rate of an ARM will adjust. Typical indices are Trea
p p p p p p p p p p p p p p
sury Bill Index, the 11th District Cost of Funds Index (COFI) and the Londo
p p p p p p p p p p p p p
n Interbank Offered Rate (LIBOR)
p p p p
What federal regulation allows a borrower to exercise their right to rescis
p p p p p p p p p p p
sion? - ✔✔✔ Correct Answer > Regulation Z, TILA
p p p p p p p p
What is the fine for a violation of TILA? - ✔✔✔ Correct Answer >
p p p p p p p p p p p p p
$5,000 and or 1 year imprisonment unless class action then $500,000 or 1
p p p p p p p p p p p p
% of net worth
p p p
What are the words behind FCRA? -
p p p p p p
✔✔✔ Correct Answer > Fair Credit Reporting Act
p p p p p p p p
What is the DNR? - ✔✔✔ Correct Answer > Do Not Call Registry
p p p p p p p p p p p p
,How often must a lender update their DNR database? -
p p p p p p p p p
✔✔✔ Correct Answer > Every 31 days
p p p p p p p
Always include the APR in an advertisement when
p p p p p p p
?- p
✔✔✔ Correct Answer > A rate us present or quoted
p p p p p p p p p p
How long does a number stay on the DNR? -
p p p p p p p p p
p✔✔✔ Correct Answer > Permanently unless consumer removes numb
p p p p p p p p
er or the number is assigned to another person
p p p p p p p p
Who takes the initiative to place or remove a phone number on the DNR?
p p p p p p p p p p p p p p
- ✔✔✔ Correct Answer > The Consumer
p p p p p p
What are the words behind SAFE? -
p p p p p p
✔✔✔ Correct Answer > Secure and Fair Enforcement
p p p p p p p p
What federal Act requires creditors to allow consumers to opt out of the
p p p p p p p p p p p p p
sale of their non-public information (NPI)? -
p p p p p p
p✔✔✔ Correct Answer > Gramm-Leach Bliley Act
p p p p p p
What federal act requires that creditors create a policy to safe guard cons
p p p p p p p p p p p p
umers NPI? - ✔✔✔ Correct Answer > GLBA or Gramm-Leach Blilry Act
p p p p p p p p p p p
, Under the SAFE Act, how many hours of education are required for per-
p p p p p p p p p p p p
licensing and continuing education? -
p p p p p
p✔✔✔ Correct Answer > 20/8 hours
p p p p p
Which action is a violation of the GLBA? -
p p p p p p p p
p✔✔✔ Correct Answer > Obtaining customer information by false pret
p p p p p p p p p
enses (Known as pre- texting)
p p p p
How often can an MLO be investigated by authorities? -
p p p p p p p p p
✔✔✔ Correct Answer > As often as necessary
p p p p p p p p
The SAFE Act defines a nontraditonal mortgage as -
p p p p p p p p
p✔✔✔ Correct Answer > Anything other than a 30 year fixed rate loan
p p p p p p p p p p p p
What is the waiting period for a person who seeks to license as an MLO th
p p p p p p p p p p p p p p p
at had a prior felony pardoned? -
p p p p p p
p✔✔✔ Correct Answer > No waiting period
p p p p p p
Felony convictions in the last years would keep a person from bein
p p p p pp p p p p p p p
g able to obtain an MLO license? - ✔✔✔ Correct Answer > 7 years
p p p p p p p p p p p p p
MLO Licensees who teach an approved NBMLS course get
p p p p p p p p p
hours CE credit for every p p p p p
they teach? - ✔✔✔ Correct Answer > 2 for 1 p p p p p p p p p
NEWEST ACTUAL EXAM COMPREHENSIVE Q p p p p
UESTIONS AND VERIFIED ANSWERS GRADED p p p p
A+ | 100% PASS | 2024 UPDATE! p p p p p p p
Which mortgage loan document contains the borrowe's contractual pro
p p p p p p p p
mise to pay? -
p p p
p✔✔✔ Correct Answer > Note (or promissory note). Neither a mortgag
p p p p p p p p p p
e or a deed of trust contains a contractual promise to pay
p p p p p p p p p p p
The NMLS accepts applications for licensing for all 50 states and US oc
p p p p p p p p p p p p
cupied territories but dows not have the authority to
p or p p p p p p p p
a license. - ✔✔✔ Correct Answer > Approve or Deny
p p p p p p p p p
What is the maximum state regulatory civil penalty that can be levied?
p p p p p p p p p p p
- ✔✔✔ Correct Answer > $25,000
p p p p p
What is a permanent change in a borrowers loan terms in response to t
p p p p p p p p p p p p p
heir long term inability to pay known as? -
p p p p p p p p
p✔✔✔ Correct Answer > Loan Modification
p p p p p
,What loss mitigation strategy is a temporary reduction of a borrowers pa
p p p p p p p p p p p
yment while they pay past due amounts? -
p p p p p p p
p✔✔✔ Correct Answer > Forbearance
p p p p
VA funding fee is not charged to eligible veterans or their spouses, or spo
p p p p p p p p p p p p p
uses of vets who died in service (true or false) -
p p p p p p p p p p
p✔✔✔ Correct Answer > true
p p p p
What is an index? - p p p p
p✔✔✔ Correct Answer > Punished interest rate that is used as the basi
p p p p p p p p p p p p
s upon which the note rate of an ARM will adjust. Typical indices are Trea
p p p p p p p p p p p p p p
sury Bill Index, the 11th District Cost of Funds Index (COFI) and the Londo
p p p p p p p p p p p p p
n Interbank Offered Rate (LIBOR)
p p p p
What federal regulation allows a borrower to exercise their right to rescis
p p p p p p p p p p p
sion? - ✔✔✔ Correct Answer > Regulation Z, TILA
p p p p p p p p
What is the fine for a violation of TILA? - ✔✔✔ Correct Answer >
p p p p p p p p p p p p p
$5,000 and or 1 year imprisonment unless class action then $500,000 or 1
p p p p p p p p p p p p
% of net worth
p p p
What are the words behind FCRA? -
p p p p p p
✔✔✔ Correct Answer > Fair Credit Reporting Act
p p p p p p p p
What is the DNR? - ✔✔✔ Correct Answer > Do Not Call Registry
p p p p p p p p p p p p
,How often must a lender update their DNR database? -
p p p p p p p p p
✔✔✔ Correct Answer > Every 31 days
p p p p p p p
Always include the APR in an advertisement when
p p p p p p p
?- p
✔✔✔ Correct Answer > A rate us present or quoted
p p p p p p p p p p
How long does a number stay on the DNR? -
p p p p p p p p p
p✔✔✔ Correct Answer > Permanently unless consumer removes numb
p p p p p p p p
er or the number is assigned to another person
p p p p p p p p
Who takes the initiative to place or remove a phone number on the DNR?
p p p p p p p p p p p p p p
- ✔✔✔ Correct Answer > The Consumer
p p p p p p
What are the words behind SAFE? -
p p p p p p
✔✔✔ Correct Answer > Secure and Fair Enforcement
p p p p p p p p
What federal Act requires creditors to allow consumers to opt out of the
p p p p p p p p p p p p p
sale of their non-public information (NPI)? -
p p p p p p
p✔✔✔ Correct Answer > Gramm-Leach Bliley Act
p p p p p p
What federal act requires that creditors create a policy to safe guard cons
p p p p p p p p p p p p
umers NPI? - ✔✔✔ Correct Answer > GLBA or Gramm-Leach Blilry Act
p p p p p p p p p p p
, Under the SAFE Act, how many hours of education are required for per-
p p p p p p p p p p p p
licensing and continuing education? -
p p p p p
p✔✔✔ Correct Answer > 20/8 hours
p p p p p
Which action is a violation of the GLBA? -
p p p p p p p p
p✔✔✔ Correct Answer > Obtaining customer information by false pret
p p p p p p p p p
enses (Known as pre- texting)
p p p p
How often can an MLO be investigated by authorities? -
p p p p p p p p p
✔✔✔ Correct Answer > As often as necessary
p p p p p p p p
The SAFE Act defines a nontraditonal mortgage as -
p p p p p p p p
p✔✔✔ Correct Answer > Anything other than a 30 year fixed rate loan
p p p p p p p p p p p p
What is the waiting period for a person who seeks to license as an MLO th
p p p p p p p p p p p p p p p
at had a prior felony pardoned? -
p p p p p p
p✔✔✔ Correct Answer > No waiting period
p p p p p p
Felony convictions in the last years would keep a person from bein
p p p p pp p p p p p p p
g able to obtain an MLO license? - ✔✔✔ Correct Answer > 7 years
p p p p p p p p p p p p p
MLO Licensees who teach an approved NBMLS course get
p p p p p p p p p
hours CE credit for every p p p p p
they teach? - ✔✔✔ Correct Answer > 2 for 1 p p p p p p p p p
