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Exam (elaborations)

NMLS PRACTICE TEST MORTGAGE LOAN ORIGINATION QUESTIONS WITH CORRECT ANSWERS

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NMLS PRACTICE TEST MORTGAGE LOAN ORIGINATION QUESTIONS WITH CORRECT ANSWERS .Which of the following would not be found on a credit report? - ANSWERS-Payments made to creditors who do not send data to a repository .A borrower does not wish to complete the demographics questions in the Government Monitoring section of the 1003. What should the mortgage loan originator do? - ANSWERS-Indicate that the applicant chooses not to self-disclose, and complete what he or she can based on visual observation during a face-to-face interview .Bankruptcy information will remain on a consumer's credit report for: - ANSWERS-Ten years .Sue Johnson is a receptionist for a construction company. She receives bi-weekly pay in the amount of $1,153.85. What is her monthly qualifying income? - ANSWERS-$2,500 .Why would a borrower pay discount points in conjunction with his/her loan transaction? - ANSWERS-To lower their note rate

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NMLS PRACTICE TEST MORTGAGE
LOAN ORIGINATION QUESTIONS
WITH CORRECT ANSWERS



\.Which of the following would not be found on a credit report? - ANSWERS-
Payments made to creditors who do not send data to a repository


\.A borrower does not wish to complete the demographics questions in the
Government Monitoring section of the 1003. What should the mortgage loan
originator do? - ANSWERS-Indicate that the applicant chooses not to self-disclose,
and complete what he or she can based on visual observation during a face-to-
face interview


\.Bankruptcy information will remain on a consumer's credit report for: -
ANSWERS-Ten years


\.Sue Johnson is a receptionist for a construction company. She receives bi-weekly
pay in the amount of $1,153.85. What is her monthly qualifying income? -
ANSWERS-$2,500


\.Why would a borrower pay discount points in conjunction with his/her loan
transaction? - ANSWERS-To lower their note rate
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  • nmls practice test mortgage loan origination quest
  • mortgage loan origination questions with correct
  • questions with correct answers
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