NMLS National Test w/UST: Loan
Origination Exam Questions and Answers
Graded A+
On an FHA annually adjusting ARM, assume that the starting rate was 5%; the
margin is 2.5%; the index in 6 months is 3%; the index in 12 months is 3.5%; the
index in 18 months is 3.25%. What is the borrower's interest rate in 18 months? -
Correct answer-5.50%
The mortgage loan you submitted to the Lender has been approved. However, there
are some conditions that the Lender requires before the loan docs will be sent to
the closing office. These conditions are referred to as: - Correct answer-Prior to
doc
The lender is requiring repairs on the home to be completed. Those repairs can be
done after the loan closes by including them in a(n): - Correct answer-Escrow
Holdback
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, When you order an Insurance binder on a borrower's loan file, the one-page sheet
that summarizes all the insurance information is known as the: - Correct answer-
Declaration Page
Which form allows the lender to verify your client's tax returns? - Correct answer-
4506-T
You are wondering what the total amount of interest your borrowers will pay on
their 30 year fixed rate loan--if they kept that loan for its full 30 years. On the TIL
you calculate the Amount Financed to be $145,000. Your customers P&I payment
is $975.00 per month. Based on this information, what will be the amount of
interest your customer will pay over the 30 year period? - Correct answer-$206,000
You are doing a refinance loan for your borrowers non-owner occupied property.
You look at the property profile and see that the site address and your customers'
address are different. What action should you take? - Correct answer-No action
required
Which of the following would NOT be considered a prepaid item? - Correct
answer-Title Insurance
Which of the following is not common to split between buyer and seller? - Correct
answer-Loan Origination Fees
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Origination Exam Questions and Answers
Graded A+
On an FHA annually adjusting ARM, assume that the starting rate was 5%; the
margin is 2.5%; the index in 6 months is 3%; the index in 12 months is 3.5%; the
index in 18 months is 3.25%. What is the borrower's interest rate in 18 months? -
Correct answer-5.50%
The mortgage loan you submitted to the Lender has been approved. However, there
are some conditions that the Lender requires before the loan docs will be sent to
the closing office. These conditions are referred to as: - Correct answer-Prior to
doc
The lender is requiring repairs on the home to be completed. Those repairs can be
done after the loan closes by including them in a(n): - Correct answer-Escrow
Holdback
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, When you order an Insurance binder on a borrower's loan file, the one-page sheet
that summarizes all the insurance information is known as the: - Correct answer-
Declaration Page
Which form allows the lender to verify your client's tax returns? - Correct answer-
4506-T
You are wondering what the total amount of interest your borrowers will pay on
their 30 year fixed rate loan--if they kept that loan for its full 30 years. On the TIL
you calculate the Amount Financed to be $145,000. Your customers P&I payment
is $975.00 per month. Based on this information, what will be the amount of
interest your customer will pay over the 30 year period? - Correct answer-$206,000
You are doing a refinance loan for your borrowers non-owner occupied property.
You look at the property profile and see that the site address and your customers'
address are different. What action should you take? - Correct answer-No action
required
Which of the following would NOT be considered a prepaid item? - Correct
answer-Title Insurance
Which of the following is not common to split between buyer and seller? - Correct
answer-Loan Origination Fees
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
