NMLS FINAL EXAM (2 VERSIONS) | u u u u u
NEWEST ACTUAL EXAM COMPREHENSIVE u u u u
QUESTIONS AND VERIFIED ANSWERS GRA u u u u
DED A+ | 100% PASS | 2024 UPDATE! u u u u u u u
Which mortgage loan document contains the borrowe's contractual pro
u u u u u u u u
mise to pay? - u u u
✔✔✔ Correct Answer > Note (or promissory note).Neither a mortgage
u u u u u u u u u u u u
or a deed of trust contains a contractual promise topay
u u u u u u u u u u
The NMLS accepts applications for licensing for all 50 states and US oc
u u u u u u u u u u u u
cupied territories but dows not have the authority to
u uor u u u u u u
u a license. - ✔✔✔ Correct Answer > Approve or Deny
u u u u u u u u u
What is the maximum state regulatory civil penalty that can be levied?
u u u u u u u u u u u
- ✔✔✔ Correct Answer > $25,000
u u u u u
What is a permanent change in a borrowers loan terms in response tot
u u u u u u u u u u u u u
heir long term inability to pay known as? -
u u u u u u u u
✔✔✔ Correct Answer >Loan Modification
u u u u u u
,What loss mitigation strategy is a temporary reduction of a borrowers pay
u u u u u u u u u u u
ment while they pay past due amounts? -
u u u u u u u
✔✔✔ Correct Answer >Forbearance
u u u u u
VA funding fee is not charged to eligible veterans or their spouses, orspou
u u u u u u u u u u u u u
ses of vets who died in service (true or false) -
u u u u u u u u u u
✔✔✔ Correct Answer > true
u u u u u
What is an index? - u u u u
u✔✔✔ Correct Answer > Punished interest rate that is used as the basis
u u u u u u u u u u u u
uupon which the note rate of an ARM will adjust. Typical indices are Treas
u u u u u u u u u u u u u
ury Bill Index, the 11th District Cost ofFunds Index (COFI) and the London
u u u u u u u u u u u u u u
Interbank Offered Rate (LIBOR) u u u
What federal regulation allows a borrower to exercise their right torescis
u u u u u u u u u u u
sion? - ✔✔✔ Correct Answer > Regulation Z, TILA
u u u u u u u u
What is the fine for a violation of TILA? - ✔✔✔ Correct Answer >
u u u u u u u u u u u u u
$5,000 and or 1 year imprisonment unless class action then $500,000 or1
u u u u u u u u u u u u
% of net worth
u u u
What are the words behind FCRA? -
u u u u u u
✔✔✔ Correct Answer > FairCredit Reporting Act
u u u u u u u u
What is the DNR? - ✔✔✔ Correct Answer > Do Not Call Registry
u u u u u u u u u u u u
,How often must a lender update their DNR database? -
u u u u u u u u u
✔✔✔ CorrectAnswer > Every 31 days
u u u u u u u
Always include the APR in an advertisement when
u u u u u u u
u ?- u
✔✔✔ Correct Answer > A rate uspresent or quoted
u u u u u u u u u u
How long does a number stay on the DNR? -
u u u u u u u u u
✔✔✔ Correct Answer >Permanently unless consumer removes numb
u u u u u u u u u
er or the number is assigned to another person
u u u u u u u u
Who takes the initiative to place or remove a phone number on theDNR?
u u u u u u u u u u u u u u
- ✔✔✔ Correct Answer > The Consumer
u u u u u u
What are the words behind SAFE? -
u u u u u u
✔✔✔ Correct Answer > Secureand Fair Enforcement
u u u u u u u u
What federal Act requires creditors to allow consumers to opt out ofthe
u u u u u u u u u u u u u
sale of their non-public information (NPI)? -
u u u u u u
✔✔✔ Correct Answer > Gramm-Leach Bliley Act
u u u u u u u
What federal act requires that creditors create a policy to safe guardcons
u u u u u u u u u u u u
umers NPI? - ✔✔✔ Correct Answer > GLBA or Gramm-Leach Blilry Act
u u u u u u u u u u u
, Under the SAFE Act, how many hours of education are required for per-
u u u u u u u u u u u u
licensing and continuing education? -
u u u u u
u✔✔✔ Correct Answer > 20/8 hours
u u u u u
Which action is a violation of the GLBA? -
u u u u u u u u
✔✔✔ Correct Answer >Obtaining customer information by false prete
u u u u u u u u u u
nses (Known as pre- texting)
u u u u
How often can an MLO be investigated by authorities? -
u u u u u u u u u
✔✔✔ CorrectAnswer > As often as necessary
u u u u u u u u
The SAFE Act defines a nontraditonal mortgage as -
u u u u u u u u
✔✔✔ CorrectAnswer > Anything other than a 30 year fixed rate loan
u u u u u u u u u u u u u
What is the waiting period for a person who seeks to license as an MLOth
u u u u u u u u u u u u u u u
at had a prior felony pardoned? -
u u u u u u
✔✔✔ Correct Answer > No waiting period
u u u u u u u
Felony convictions in the last years would keep a person frombeing
u u u u u u u u u u u u
able to obtain an MLO license? - ✔✔✔ Correct Answer > 7years
u u u u u u u u u u u u
MLO Licensees who teach an approved NBMLS course get
u u u u u u u u
hours CEcredit for every u u u u
they teach? - ✔✔✔ Correct Answer > 2 for 1 u u u u u u u u u
NEWEST ACTUAL EXAM COMPREHENSIVE u u u u
QUESTIONS AND VERIFIED ANSWERS GRA u u u u
DED A+ | 100% PASS | 2024 UPDATE! u u u u u u u
Which mortgage loan document contains the borrowe's contractual pro
u u u u u u u u
mise to pay? - u u u
✔✔✔ Correct Answer > Note (or promissory note).Neither a mortgage
u u u u u u u u u u u u
or a deed of trust contains a contractual promise topay
u u u u u u u u u u
The NMLS accepts applications for licensing for all 50 states and US oc
u u u u u u u u u u u u
cupied territories but dows not have the authority to
u uor u u u u u u
u a license. - ✔✔✔ Correct Answer > Approve or Deny
u u u u u u u u u
What is the maximum state regulatory civil penalty that can be levied?
u u u u u u u u u u u
- ✔✔✔ Correct Answer > $25,000
u u u u u
What is a permanent change in a borrowers loan terms in response tot
u u u u u u u u u u u u u
heir long term inability to pay known as? -
u u u u u u u u
✔✔✔ Correct Answer >Loan Modification
u u u u u u
,What loss mitigation strategy is a temporary reduction of a borrowers pay
u u u u u u u u u u u
ment while they pay past due amounts? -
u u u u u u u
✔✔✔ Correct Answer >Forbearance
u u u u u
VA funding fee is not charged to eligible veterans or their spouses, orspou
u u u u u u u u u u u u u
ses of vets who died in service (true or false) -
u u u u u u u u u u
✔✔✔ Correct Answer > true
u u u u u
What is an index? - u u u u
u✔✔✔ Correct Answer > Punished interest rate that is used as the basis
u u u u u u u u u u u u
uupon which the note rate of an ARM will adjust. Typical indices are Treas
u u u u u u u u u u u u u
ury Bill Index, the 11th District Cost ofFunds Index (COFI) and the London
u u u u u u u u u u u u u u
Interbank Offered Rate (LIBOR) u u u
What federal regulation allows a borrower to exercise their right torescis
u u u u u u u u u u u
sion? - ✔✔✔ Correct Answer > Regulation Z, TILA
u u u u u u u u
What is the fine for a violation of TILA? - ✔✔✔ Correct Answer >
u u u u u u u u u u u u u
$5,000 and or 1 year imprisonment unless class action then $500,000 or1
u u u u u u u u u u u u
% of net worth
u u u
What are the words behind FCRA? -
u u u u u u
✔✔✔ Correct Answer > FairCredit Reporting Act
u u u u u u u u
What is the DNR? - ✔✔✔ Correct Answer > Do Not Call Registry
u u u u u u u u u u u u
,How often must a lender update their DNR database? -
u u u u u u u u u
✔✔✔ CorrectAnswer > Every 31 days
u u u u u u u
Always include the APR in an advertisement when
u u u u u u u
u ?- u
✔✔✔ Correct Answer > A rate uspresent or quoted
u u u u u u u u u u
How long does a number stay on the DNR? -
u u u u u u u u u
✔✔✔ Correct Answer >Permanently unless consumer removes numb
u u u u u u u u u
er or the number is assigned to another person
u u u u u u u u
Who takes the initiative to place or remove a phone number on theDNR?
u u u u u u u u u u u u u u
- ✔✔✔ Correct Answer > The Consumer
u u u u u u
What are the words behind SAFE? -
u u u u u u
✔✔✔ Correct Answer > Secureand Fair Enforcement
u u u u u u u u
What federal Act requires creditors to allow consumers to opt out ofthe
u u u u u u u u u u u u u
sale of their non-public information (NPI)? -
u u u u u u
✔✔✔ Correct Answer > Gramm-Leach Bliley Act
u u u u u u u
What federal act requires that creditors create a policy to safe guardcons
u u u u u u u u u u u u
umers NPI? - ✔✔✔ Correct Answer > GLBA or Gramm-Leach Blilry Act
u u u u u u u u u u u
, Under the SAFE Act, how many hours of education are required for per-
u u u u u u u u u u u u
licensing and continuing education? -
u u u u u
u✔✔✔ Correct Answer > 20/8 hours
u u u u u
Which action is a violation of the GLBA? -
u u u u u u u u
✔✔✔ Correct Answer >Obtaining customer information by false prete
u u u u u u u u u u
nses (Known as pre- texting)
u u u u
How often can an MLO be investigated by authorities? -
u u u u u u u u u
✔✔✔ CorrectAnswer > As often as necessary
u u u u u u u u
The SAFE Act defines a nontraditonal mortgage as -
u u u u u u u u
✔✔✔ CorrectAnswer > Anything other than a 30 year fixed rate loan
u u u u u u u u u u u u u
What is the waiting period for a person who seeks to license as an MLOth
u u u u u u u u u u u u u u u
at had a prior felony pardoned? -
u u u u u u
✔✔✔ Correct Answer > No waiting period
u u u u u u u
Felony convictions in the last years would keep a person frombeing
u u u u u u u u u u u u
able to obtain an MLO license? - ✔✔✔ Correct Answer > 7years
u u u u u u u u u u u u
MLO Licensees who teach an approved NBMLS course get
u u u u u u u u
hours CEcredit for every u u u u
they teach? - ✔✔✔ Correct Answer > 2 for 1 u u u u u u u u u
