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NMLS TEST COMPILATION BUNDLE
NMLS TEST COMPILATION BUNDLE
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[Meer zien]Where credit institutions originate loans Correct Answer: Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D....
Voorbeeld 4 van de 58 pagina's
In winkelwagenWhere credit institutions originate loans Correct Answer: Primary Mortgage Market 
 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D....
Fraud for profit is a complex scheme involving... Correct Answer: multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and d...
Voorbeeld 4 van de 157 pagina's
In winkelwagenFraud for profit is a complex scheme involving... Correct Answer: multiple parties, 
including mortgage lending professionals, in a financially motivated 
attempt to defraud the lender of large sums of money. 
 
If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and d...
The interest rate given by banks to their customers is called the: Correct Answer: Prime rate 
 
A borrower applies for a loan. After accessing the borrower's credit, the loan is denied. Which of the following must occur? Correct Answer: A loan denial letter (Adverse Action Notice) must be sent t...
Voorbeeld 4 van de 45 pagina's
In winkelwagenThe interest rate given by banks to their customers is called the: Correct Answer: Prime rate 
 
A borrower applies for a loan. After accessing the borrower's credit, the loan is denied. Which of the following must occur? Correct Answer: A loan denial letter (Adverse Action Notice) must be sent t...
1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City Correct Answer: B. Mortgage Fraud is reported to the FBI and to HUD ( 
 
The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal gove...
Voorbeeld 2 van de 10 pagina's
In winkelwagen1) Mortgage loan fraud is reported at what level? 
A. State 
B. Federal 
C. County 
D. City Correct Answer: B. Mortgage Fraud is reported to the FBI and to HUD ( 
 
The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal gove...
CFPB Correct Answer: Consumer Financial Protection Bureau 
 
What does the CFPB do? Correct Answer: Regulates RESPA, TILA, ECOA, and HMDA 
 
FTC Correct Answer: Federal Trade Commission 
 
What does the FTC do? Correct Answer: Monitors Red Flag Rules 
 
RESPA Correct Answer: Real Estate Settlem...
Voorbeeld 4 van de 35 pagina's
In winkelwagenCFPB Correct Answer: Consumer Financial Protection Bureau 
 
What does the CFPB do? Correct Answer: Regulates RESPA, TILA, ECOA, and HMDA 
 
FTC Correct Answer: Federal Trade Commission 
 
What does the FTC do? Correct Answer: Monitors Red Flag Rules 
 
RESPA Correct Answer: Real Estate Settlem...
What are the penalties for violation of RESPA/Section 8? Correct Answer: Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties includes fines of up to $10,000 and up to one year in prison. 
 
Disclosures due within three business days of loan application.....
Voorbeeld 2 van de 9 pagina's
In winkelwagenWhat are the penalties for violation of RESPA/Section 8? Correct Answer: Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties includes fines of up to $10,000 and up to one year in prison. 
 
Disclosures due within three business days of loan application.....
What must a borrower do to avoid having late payments reported to a credit bureau? Correct Answer: Pay within 30 days of due date 
 
Max penalty if a borrower is required to use a specific title company or settlement agent? Correct Answer: 3 times the fee 
 
What should not be over-weighted in an ...
Voorbeeld 2 van de 15 pagina's
In winkelwagenWhat must a borrower do to avoid having late payments reported to a credit bureau? Correct Answer: Pay within 30 days of due date 
 
Max penalty if a borrower is required to use a specific title company or settlement agent? Correct Answer: 3 times the fee 
 
What should not be over-weighted in an ...
Uniform state test Correct Answer: Regulation H 
 
Secure and a Fair Enforcement for mortgage licensing act of 2008 Correct Answer: Require licensing for LO's 
 
HERA (housing and recovery act of 2008) Correct Answer: Focused on Subprime lending practices 
 
NMLS Correct Answer: Nationwide mort...
Voorbeeld 1 van de 4 pagina's
In winkelwagenUniform state test Correct Answer: Regulation H 
 
Secure and a Fair Enforcement for mortgage licensing act of 2008 Correct Answer: Require licensing for LO's 
 
HERA (housing and recovery act of 2008) Correct Answer: Focused on Subprime lending practices 
 
NMLS Correct Answer: Nationwide mort...
What is the pass rate for the NMLS Test and how long is it? Correct Answer: 75% of 115 questions, 125 questions long with 10 ungraded 
 
What is the biggest thing to remember about taking the test? Correct Answer: Read the questions twice, slowly, but do not take over 30 seconds per question the f...
Voorbeeld 3 van de 27 pagina's
In winkelwagenWhat is the pass rate for the NMLS Test and how long is it? Correct Answer: 75% of 115 questions, 125 questions long with 10 ungraded 
 
What is the biggest thing to remember about taking the test? Correct Answer: Read the questions twice, slowly, but do not take over 30 seconds per question the f...
While reviewing a Closing Disclosure during an internal audit, the compliance department of Oops Mortgage Company notices that the aggregate costs for services the borrower could shop for increased by 4.077% more than the allowed aggregate 10% tolerance above the charges disclosed in the Loan Estima...
Voorbeeld 1 van de 3 pagina's
In winkelwagenWhile reviewing a Closing Disclosure during an internal audit, the compliance department of Oops Mortgage Company notices that the aggregate costs for services the borrower could shop for increased by 4.077% more than the allowed aggregate 10% tolerance above the charges disclosed in the Loan Estima...
AfBA/ABA stands for? 
-What is it? Correct Answer: -Affiliated Business Arrangement 
-If referring client to another business of yours (1%) then you must disclose ASAP 
 
Other ways to say "Doc Signing" Correct Answer: -Loan consummation 
-Loan Settlement 
-Loan Closing 
 
What is an escrow acco...
Voorbeeld 2 van de 5 pagina's
In winkelwagenAfBA/ABA stands for? 
-What is it? Correct Answer: -Affiliated Business Arrangement 
-If referring client to another business of yours (1%) then you must disclose ASAP 
 
Other ways to say "Doc Signing" Correct Answer: -Loan consummation 
-Loan Settlement 
-Loan Closing 
 
What is an escrow acco...
Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Correct Answer: Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures ...
Voorbeeld 3 van de 29 pagina's
In winkelwagenTaking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Correct Answer: Predatory Lending. 
 
RESPA-Real Estate Settlement Procedures ...
A graduated payment buydown where the payments are subsidized for only two years, usually 2% the first year and 1% the second year. Correct Answer: 2-1 Buydown 
 
A provision of the Truth in Lending Act related to required disclosures and waiting periods. Initial disclosure to be delivered within t...
Voorbeeld 4 van de 55 pagina's
In winkelwagenA graduated payment buydown where the payments are subsidized for only two years, usually 2% the first year and 1% the second year. Correct Answer: 2-1 Buydown 
 
A provision of the Truth in Lending Act related to required disclosures and waiting periods. Initial disclosure to be delivered within t...
RESPA disclosures? 
due dates? Correct Answer: 3 days after application: 
Home loan tool kit 
Loan estimate 
List of HUD counselors 
Mortgage Servicing Disclosure Statement 
Know before you owe booklet 
Special Info Booklet 
 
3 days before consummation: 
Initial Closing Disclosure 
AfBA disclosur...
Voorbeeld 3 van de 28 pagina's
In winkelwagenRESPA disclosures? 
due dates? Correct Answer: 3 days after application: 
Home loan tool kit 
Loan estimate 
List of HUD counselors 
Mortgage Servicing Disclosure Statement 
Know before you owe booklet 
Special Info Booklet 
 
3 days before consummation: 
Initial Closing Disclosure 
AfBA disclosur...
A borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? 
 
A. $1,000 
B $800 
C $750 
D $1,250 Correct Answer: $750 
 
The answer is $750. Generally, 75% of rental income may be used to qualify a borrower for a loan. This formula...
Voorbeeld 2 van de 12 pagina's
In winkelwagenA borrower receives $1,000 per month in rental income. How much of the income may be used to qualify the borrower for a loan? 
 
A. $1,000 
B $800 
C $750 
D $1,250 Correct Answer: $750 
 
The answer is $750. Generally, 75% of rental income may be used to qualify a borrower for a loan. This formula...
An application must be accompanied by fingerprints when applying for 
a. Licensed MLO 
b. Registered MLO 
c. not required 
d. required for both licensed and registered MLO Correct Answer: d 
 
Quarterly mortgage call reports must be filed 
a. within 30 days of the end of the calendar quarter 
b. ...
Voorbeeld 4 van de 32 pagina's
In winkelwagenAn application must be accompanied by fingerprints when applying for 
a. Licensed MLO 
b. Registered MLO 
c. not required 
d. required for both licensed and registered MLO Correct Answer: d 
 
Quarterly mortgage call reports must be filed 
a. within 30 days of the end of the calendar quarter 
b. ...
TILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? Correct Answer: two (2) 
 
A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? Correct Answer: $16,000 
 
The appra...
Voorbeeld 1 van de 3 pagina's
In winkelwagenTILA requires creditors to maintain records that they complied with the disclosure requirements for how many years? Correct Answer: two (2) 
 
A telemarketer can be fined how much per incident for calling someone registered on the National Do Not Call Registry? Correct Answer: $16,000 
 
The appra...
On dealing with an appraiser, a mortgage loan originator is permitted to Correct Answer: Ask the appraiser to provide further detail regarding the results of an appraisal 
 
The designated responsible party must maintain copies of all advertisements for: Correct Answer: Four years 
 
The Colorado ...
Voorbeeld 2 van de 11 pagina's
In winkelwagenOn dealing with an appraiser, a mortgage loan originator is permitted to Correct Answer: Ask the appraiser to provide further detail regarding the results of an appraisal 
 
The designated responsible party must maintain copies of all advertisements for: Correct Answer: Four years 
 
The Colorado ...
Acceleration Clause Correct Answer: Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
 
Alienation Clause (Due on Sale Clause) Correct Answer: Says you must repay your mortgage if you sell your home to a new owner (loan is not as...
Voorbeeld 3 van de 30 pagina's
In winkelwagenAcceleration Clause Correct Answer: Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) 
 
Alienation Clause (Due on Sale Clause) Correct Answer: Says you must repay your mortgage if you sell your home to a new owner (loan is not as...
A discount point is BEST described as a charge the borrower pays to: 
 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the closing costs of a loan 
D.) A lender to ensure against ...
Voorbeeld 3 van de 18 pagina's
In winkelwagenA discount point is BEST described as a charge the borrower pays to: 
 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the closing costs of a loan 
D.) A lender to ensure against ...
Fraud for money Laundering Correct Answer: -Criminal uses scheme known as value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. 
 
Adverse Action Correct Answer: An unfavora...
Voorbeeld 2 van de 11 pagina's
In winkelwagenFraud for money Laundering Correct Answer: -Criminal uses scheme known as value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. 
 
Adverse Action Correct Answer: An unfavora...
What's a straw buyer? Correct Answer: The real buyer will use the straw buyers name and qualifying information on the mortgage application to mask the actual buyers intent to purchase the property. 
 
Regardless of reduced documentation loans, what totes the MLO need? Correct Answer: Verification...
Voorbeeld 2 van de 13 pagina's
In winkelwagenWhat's a straw buyer? Correct Answer: The real buyer will use the straw buyers name and qualifying information on the mortgage application to mask the actual buyers intent to purchase the property. 
 
Regardless of reduced documentation loans, what totes the MLO need? Correct Answer: Verification...
which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? Correct Answer: FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Correct Answer: Acceleration Clau...
Voorbeeld 3 van de 19 pagina's
In winkelwagenwhich federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? Correct Answer: FEDERAL RESERVE SYSTEM 
 
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Correct Answer: Acceleration Clau...
Qualified mortgages do not include risky features. What are they? Correct Answer: Permanent 
 
There are four categories of Qualified Mortgages. The following is not included. Correct Answer: No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees cha...
Voorbeeld 1 van de 4 pagina's
In winkelwagenQualified mortgages do not include risky features. What are they? Correct Answer: Permanent 
 
There are four categories of Qualified Mortgages. The following is not included. Correct Answer: No negative amortization, No interest only, no loan terms over 30 years and a limit on points and fees cha...
If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? Correct Answer: The borrower has 90 to request and the lender as 30 days to deliver. 
 
Appraisal equals? Corre...
Voorbeeld 2 van de 11 pagina's
In winkelwagenIf an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? Correct Answer: The borrower has 90 to request and the lender as 30 days to deliver. 
 
Appraisal equals? Corre...
1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 
30 days 
•60 days 
•90 days Correct Answer: •90 days 
 
2) A COFI index is defined as? 
 
Cost of funds index 
•Cost of financial index 
•Cost of funding insurance Correct Answer: cost of fund index 
 
3) ...
Voorbeeld 2 van de 5 pagina's
In winkelwagen1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 
30 days 
•60 days 
•90 days Correct Answer: •90 days 
 
2) A COFI index is defined as? 
 
Cost of funds index 
•Cost of financial index 
•Cost of funding insurance Correct Answer: cost of fund index 
 
3) ...
What does TILA stand for? Correct Answer: Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? Correct Answer: a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? Correct Answer: 
 
LTV stands for Correct Answer: Loan to V...
Voorbeeld 2 van de 15 pagina's
In winkelwagenWhat does TILA stand for? Correct Answer: Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? Correct Answer: a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? Correct Answer: 
 
LTV stands for Correct Answer: Loan to V...
standard index Correct Answer: Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of 
 
Par Rate Correct Answer: when the borrower neither pays discount points nor receives a premium for the rate...
Voorbeeld 2 van de 7 pagina's
In winkelwagenstandard index Correct Answer: Once the initial rate has been set for an adjustable rate mortgage (ARM), future interest rate adjustments are based on the upward and downward movements of 
 
Par Rate Correct Answer: when the borrower neither pays discount points nor receives a premium for the rate...
1x verkocht
Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z 
 
Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed...
Voorbeeld 3 van de 25 pagina's
In winkelwagenWhich law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z 
 
Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed...
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