NMLS

NMLS study guide QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Loan Amount Interest Rate The amount of money the customer is borrowing Percentage paid for the use of money, usually expressed in an annual percentage (a fee for borrowing) Point 1% of the loan amount Discount Points Term Money paid upfront in exchange for a lower interest rate Length of the loan (10 years=120 months, 15 years=180 months, 30 years=360 months).

NMLS study guide QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. A lender has how many days to refund excessive variances on a Closing Disclosure? days 60 Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage 3 business days Truth in lendin...

NMLS study guide QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Which of the following is prohibited by RESPA: RESPA was created Kickbacks; one of the primary reasons The biggest barrier to ethical conduct by loan originators: Competitive pressures—The competitive nature of the mortgage lending business sometimes tempts loan originators to cut ethical corners. When a speculative bubble occurs, people sometimes assume that there will always be someone wil...

NMLS study guide Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. T/ F If you fail national test 3 times you must wait 6 months to retake T/ F The right of rescission does not apply to purchase transactions True True T/F According to the LO comp role, LO is allowed to receive higher compensation based on their interest rate of the loan False T/F Lenders must use the Equal Housing Opportunity Logo. False T/F There is only one type of LE for bot...

NMLS STUDY GUIDE Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. 1003 A Fannie Mae loan application form designed by Fannie Mae and Freddie Mac that is used by lenders to obtain personal financial information from borrowers who apply for a mortgage loan secured by a one-to-four unit residential real estate. Also known as: Uniform Residential Loan Application (URLA). It has been widely adopted by mortgage lenders as a standard loan application form and is often p...

NMLS Study Guide Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. What does the Real Estate Settlement Procedures Act do? for loans on residential properties (1-4 units) What can not be exchanged? Provides consumer protection Nothing of value can be given in exchange for the referral of business with the exception of real estate brokerage firms that are allowed to exchange referrals between themselves What regulation is RESPA? Regulation X RESPA i...

NMLS Study Guide Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. What is the purpose of getting an NMLS Number? Unique Identifier, will appear on 1003 loan application, Promissory notes, Mortgages and trust deeds What is the requirement for completing the NMLS pre-licensing? each year for continuing education What is the next step after completing the NMLS education? What is needed for submitting fingerprints in the NMLS process? What is a requir...

NMLS Study Guide Cards QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Lender The person who is responsible for ascertaining whether or not the Loan Estimate has been provided Terms of Repayment REG Z. Requires that an advertisement must include Proceeds will be used to construct a structure or manufactured home on the real property within two years from the settlement of the loan RESPA covers loans secured by vacant, or unimproved property ONLY IF:

NMLS Study Guide 2025 Exam QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. ReXpa Consumer protection, applicable to all federal loans. ReXpa Section 6 RESPA section 6 QWR: Protects against Servicing of loans Qualified Written Request: Written letter sent to the services that: Requests information about the loan Asks services to correct an error Services must acknowledge receipt within 5 business days of receiving Services has 30 business days to re...

NMLS study guide 2 QUESTIONS AND 100% CORRECT ANSWERS UPDATED FOR 2025/2026. Portfolio Lender Retail lender (ex. a bank, savings bank, credit union, or mortgage lender) that interacts directly with the borrower and actually makes the loan. If it holds, rather than sells, it's loans, it is called a portfolio lender. Correspondent Lender Generally a smaller lender that takes apps and underwrites and funds loans either with its own money or from a line of credit with a l...