NMLS TEST PREP COMPUCRAM ACTUAL
EXAM SCRIPT 2026 COMPLETE QUESTIONS
AND VERIFIED SOLUTIONS
⩥ Commissions of real estate brokers or agents would be listed: Answer:
In "Other"
⩥ A Loan Application Report is due by March 1st of each year as a
result of the enactment of the Answer: Home Mortgage Disclosure Act.
⩥ What action would not be considered "adverse action" according to
the Fair Credit Reporting Act? Answer: granting a mortgage loan based
on the terms the consumer applied for
⩥ Which loans are not covered under HMDA? Answer: commercial
loans
⩥ A loan generally cannot be considered a qualified mortgage (QM) if
the points and fees paid by the consumer exceed _____ percent (%) of
the total loan amount. Answer: 3
⩥ Which disclosure is not required by HOEPA? Answer: right to credit
score
,⩥ According to the SAFE Act, which would be considered a task that
would require someone to be a licensed MLO? Answer: assisting a
borrower in obtaining a mortgage loan by offering to negotiate terms
with a lender.
⩥ The loan estimate must include the address of the property. If the
address is unavailable, what must you use? Answer: a description of the
location of the property
⩥ A borrower elects to lower his settlement costs by paying a slightly
higher interest rate. This appears on the Loan Estimate as a Answer: a
credit to the borrower
⩥ What may be used to convert the construction loan into permanent
financing? Answer: a modification agreement
⩥ Actual charges at settlement listed on the CD can increase more than
10% from the estimates shown on the LE for what fee? Answer:
Homeowners insurance
⩥ The loan requested divided by the total cost of the project is referred
to as the what? Answer: loan to cost
⩥ Which financial arrangement is exempt from the Real Estate
Settlement Procedures Act? Answer: Bridge loans
, ⩥ ABC Mortgage Company has been accused of inappropriately calling
two consumers on the National Do No Call Registry. What is the fine
ABC could incur for this? Answer: $80,000
⩥ When must a re-certification of value be performed? Answer: 120
days
⩥ Lenders who are authorized to underwrite their own FHA loan
applications have what type of underwriters in their office? Answer:
Direct endorsers
⩥ What are the terms of the "cooling off" period if a loan falls under
HOEPA? Answer: three business days prior to closing
⩥ What information is a mortgage loan originator not allowed to ask a
borrower who is applying for a home mortgage? Answer: receipt of
public assistance
⩥ The Closing Disclosure for an ARM indicates an APR of 6.55%. The
APR changes to 7% prior to close. This requires an additional waiting
period of how long after redisclosure? Answer: 3 business days
⩥ Which of the following is not excluded from ATR/QM rules? Answer:
second homes
EXAM SCRIPT 2026 COMPLETE QUESTIONS
AND VERIFIED SOLUTIONS
⩥ Commissions of real estate brokers or agents would be listed: Answer:
In "Other"
⩥ A Loan Application Report is due by March 1st of each year as a
result of the enactment of the Answer: Home Mortgage Disclosure Act.
⩥ What action would not be considered "adverse action" according to
the Fair Credit Reporting Act? Answer: granting a mortgage loan based
on the terms the consumer applied for
⩥ Which loans are not covered under HMDA? Answer: commercial
loans
⩥ A loan generally cannot be considered a qualified mortgage (QM) if
the points and fees paid by the consumer exceed _____ percent (%) of
the total loan amount. Answer: 3
⩥ Which disclosure is not required by HOEPA? Answer: right to credit
score
,⩥ According to the SAFE Act, which would be considered a task that
would require someone to be a licensed MLO? Answer: assisting a
borrower in obtaining a mortgage loan by offering to negotiate terms
with a lender.
⩥ The loan estimate must include the address of the property. If the
address is unavailable, what must you use? Answer: a description of the
location of the property
⩥ A borrower elects to lower his settlement costs by paying a slightly
higher interest rate. This appears on the Loan Estimate as a Answer: a
credit to the borrower
⩥ What may be used to convert the construction loan into permanent
financing? Answer: a modification agreement
⩥ Actual charges at settlement listed on the CD can increase more than
10% from the estimates shown on the LE for what fee? Answer:
Homeowners insurance
⩥ The loan requested divided by the total cost of the project is referred
to as the what? Answer: loan to cost
⩥ Which financial arrangement is exempt from the Real Estate
Settlement Procedures Act? Answer: Bridge loans
, ⩥ ABC Mortgage Company has been accused of inappropriately calling
two consumers on the National Do No Call Registry. What is the fine
ABC could incur for this? Answer: $80,000
⩥ When must a re-certification of value be performed? Answer: 120
days
⩥ Lenders who are authorized to underwrite their own FHA loan
applications have what type of underwriters in their office? Answer:
Direct endorsers
⩥ What are the terms of the "cooling off" period if a loan falls under
HOEPA? Answer: three business days prior to closing
⩥ What information is a mortgage loan originator not allowed to ask a
borrower who is applying for a home mortgage? Answer: receipt of
public assistance
⩥ The Closing Disclosure for an ARM indicates an APR of 6.55%. The
APR changes to 7% prior to close. This requires an additional waiting
period of how long after redisclosure? Answer: 3 business days
⩥ Which of the following is not excluded from ATR/QM rules? Answer:
second homes
