NMLS safe mortgage loan originator EXAM A+ GRADE ASSURED COMPLETE SOLUTIONS AND VERIFIED ANSWERS

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Exam Solution
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NMLS Safe Exam 2026 A+ GRADE ASSURED COMPLETE S
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OLUTIONS AND VERIFIED ANSWERS (0013C) vc vc vc vc




QUESTION 1 vc




What is the minimum down payment for a USDA loan?
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ANSWER

$0



QUESTION 2 vc




How many hours of continuing education are minimally required?
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ANSWER

8 hours every year
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QUESTION 3 vc




Who is responsible for completing the HUD-1/Loan Disclosure?
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ANSWER

The closing agent
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QUESTION 4 vc




A mortgagor's title insurance policy is:
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ANSWER

Based on purchase price
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QUESTION 5 vc

,The assignee of a mortgage and note is participating in the:
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ANSWER

Secondary mortgage market vc vc




QUESTION 6 vc




VA loans are:
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ANSWER

Partially guaranteedvc




QUESTION 7 vc




The late fee for a VA loan is:
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ANSWER

4% of principal and interest
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QUESTION 8 vc




The purchase price of a home is $325,000 and the appraisal price is $350,000. If the first
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mortgage is in the amount of $200,000 and the second mortgage is $60,000, what is the
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combined loan-to-value ratio? vc vc




ANSWER

80.0%



QUESTION 9 vc




The purchase price of a home is $375,000 and the buyer will assume a $175,000 first mo
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rtgage. The loan-to-vc vc



value cannot exceed 85%. What is the maximum amount of the new second mortgage?
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ANSWER

$144,750



QUESTION 10 vc




What clause in a mortgage allows the lender to call the entire loan balance due?
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ANSWER

Acceleration

,QUESTION 11 vc




PITI payments do NOT include which of the following:
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ANSWER

Funding fee vc




QUESTION 12 vc




Who does Fannie Mae hold responsible for the quality of an appraisal?
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ANSWER

Appraiser



QUESTION 13 vc




Which law is known as Regulation B?
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ANSWER

Equal Credit Opportunity Act
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QUESTION 14 vc




Which law prohibits discrimination by lenders?
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ANSWER

Equal Credit Opportunity Act
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QUESTION 15 vc




A property sold for $200,000 and was appraised at $180,000. The borrower reserved a l
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oan for $150,000. What is the loan-to-value?
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ANSWER

83.3%



QUESTION 16 vc




How many days does a lender have to send an adverse action notice?
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ANSWER

30

, QUESTION 17 vc




The GFE/Loan Estimate must be mailed or given to the borrower within how many days
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after receiving the signed application?
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ANSWER

3 business days
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QUESTION 18 vc




The enforcement of a lien is known as:
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ANSWER

Foreclosure



QUESTION 19 vc




What minimum percentage of ownership in a related service requires a conflict of intere
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st disclosure?
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ANSWER

1%



QUESTION 20 vc




What minimum percentage of ownership qualifies an individual as self-employed?
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ANSWER

25%



QUESTION 21 vc




What government agency enforces ECOA?
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ANSWER

CFPB



QUESTION 22 vc




A lender can discriminate based on:
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ANSWER