National Exam Artricia Woods
2026 Exam Questions and
Answers | 100% Pass
A mortgage lender may NOT
A. Close loans with money outside their own portfolio
B. Service loans they do not originate
C. Employ unlicensed loan originators
,D. Close loans in their own name - ANSWER ✔✔Employ unlicensed
loan originators
Which of the following do NOT contain one of the six pieces of
information necessary to officially begin a loan application?
A. Borrower's name and income
B. Borrower's social security number and date of birth
C. Address of property and amount of loan
D. Estimated value of property - ANSWER ✔✔Borrower's social
security number and date of birth
The appraisal report is often used to determine________________
A. The rehab budget for the prospective owner
B. The maximum amount a lender is willing to loan
C. The removal cost of lead based paint
D. The mortgage loan originator's fee - ANSWER ✔✔The maximum
amount a lender is willing to loan
,If the VA appraised value of a subject property is less than the sales
price
A. The loan amount will be less requiring additional cash down or a
lower sales price
B. The loan cannot be approved for a VA guarantee
C. The difference can be included in the loan amount
D. The seller must reduce the sales price - ANSWER ✔✔The loan
amount will be less requiring additional cash down or a lower sales price
The following is true about the mortgagor and mortgagee
A. A mortgagee signs the Mortgage and Note
B. A mortgagee is also referred to as the investor
C. Only property owners pledging the property as security for the loan
can be mortgagees
D. A mortgage loan originator may receive a YSP directly from the
mortgagee - ANSWER ✔✔A mortgagee is also referred to as the
investor
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, The following activity does NOT exempt a person from required
mortgage loan originator licensing
A. Activities related to extending credit to timeshare buyers
B. Family members who negotiate mortgage loans with other family
members
C. Compensation paid to a real estate licensee for referring a borrower
to a licensed mortgage loan originator
D. Activities by real estate licensees - ANSWER ✔✔Compensation
paid to a real estate licensee for referring a borrower to a licensed
mortgage loan originator
Which of the following formulas would apply for calculating cost of
discount points?
A. Loan Amount x Origination Points (as a %) = Discount points in %
B. Loan Amount x Discount Points (as a %) = Cost of discount points
C. Loan Amount X Back end % = Cost of discount points
D. Loan Amount x PITI = Cost of discount points - ANSWER ✔✔Loan
Amount x Discount Points (as a %) = Cost of discount points
2026 Exam Questions and
Answers | 100% Pass
A mortgage lender may NOT
A. Close loans with money outside their own portfolio
B. Service loans they do not originate
C. Employ unlicensed loan originators
,D. Close loans in their own name - ANSWER ✔✔Employ unlicensed
loan originators
Which of the following do NOT contain one of the six pieces of
information necessary to officially begin a loan application?
A. Borrower's name and income
B. Borrower's social security number and date of birth
C. Address of property and amount of loan
D. Estimated value of property - ANSWER ✔✔Borrower's social
security number and date of birth
The appraisal report is often used to determine________________
A. The rehab budget for the prospective owner
B. The maximum amount a lender is willing to loan
C. The removal cost of lead based paint
D. The mortgage loan originator's fee - ANSWER ✔✔The maximum
amount a lender is willing to loan
,If the VA appraised value of a subject property is less than the sales
price
A. The loan amount will be less requiring additional cash down or a
lower sales price
B. The loan cannot be approved for a VA guarantee
C. The difference can be included in the loan amount
D. The seller must reduce the sales price - ANSWER ✔✔The loan
amount will be less requiring additional cash down or a lower sales price
The following is true about the mortgagor and mortgagee
A. A mortgagee signs the Mortgage and Note
B. A mortgagee is also referred to as the investor
C. Only property owners pledging the property as security for the loan
can be mortgagees
D. A mortgage loan originator may receive a YSP directly from the
mortgagee - ANSWER ✔✔A mortgagee is also referred to as the
investor
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, The following activity does NOT exempt a person from required
mortgage loan originator licensing
A. Activities related to extending credit to timeshare buyers
B. Family members who negotiate mortgage loans with other family
members
C. Compensation paid to a real estate licensee for referring a borrower
to a licensed mortgage loan originator
D. Activities by real estate licensees - ANSWER ✔✔Compensation
paid to a real estate licensee for referring a borrower to a licensed
mortgage loan originator
Which of the following formulas would apply for calculating cost of
discount points?
A. Loan Amount x Origination Points (as a %) = Discount points in %
B. Loan Amount x Discount Points (as a %) = Cost of discount points
C. Loan Amount X Back end % = Cost of discount points
D. Loan Amount x PITI = Cost of discount points - ANSWER ✔✔Loan
Amount x Discount Points (as a %) = Cost of discount points
