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NMLS 2023/2024 Exam Questions with Correct Answers
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NMLS 2023/2024 Exam Questions with Correct Answers 
 
Bridge loan: - Answer-A bridge loan is a loan for a short duration of time and can be used when one is purchasing one property but is dependent on the equity from another property that has not yet been sold. Once the property is sold then the bridge loan is repaid. 
 
Business day: - Answer-Monday through Saturday except holidays.For the LE, when creditor is open to the public for carrying on substantially all of the creditor's business funct...
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NMLS Practice Test Hard Questions With Correct Answers 2024.
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NMLS Practice Test Hard Questions With Correct Answers 2024.A discount point is BEST described as a charge the borrower pays to: 
 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the closing costs of a loan 
D.) A lender to ensure against foreclosure - correct answer A.) A lender to decrease the interest rate on the mortgage loan 
 
A buyer has made an earnest money payment of...
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NMLS Safe Test Mortgage Licensing Practice Exam Questions With Verified Answers
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NMLS Safe Test Mortgage Licensing 
Practice Exam Questions With Verified 
Answers 
Which federal law requires that the Loan Estimate be provided to the borrower within three 
business days of the time of loan application is taken? - answerTILA 
What type of scam entails homeowners who are encouraged to refinance their property over and 
over until little or no equity remains? - answerLoan flipping or churning 
After a loan closing, funds are disbursed. When are the funds disbursed for an owner-o...
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NMLS SAFE ACT MLO Exam - Ethics and Fraud Exam Questions With 100% Correct Answers
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NMLS SAFE ACT MLO Exam - Ethics and 
Fraud Exam Questions With 100% Correct 
Answers 
A lender provides a borrower with an initial amortization schedule for Private Mortgage 
Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST 
also provide a written notice stating the 
A. Lender's right to increase the monthly payment amount for PMI 
B. Borrower's right to refuse a PMI 
C. Lender's right to extend the time for monthly payments for a PMI 
D. Borrower's...
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NMLS SAFE EXAM 2024 Questions With Verified Answers
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NMLS SAFE EXAM 2024 Questions With 
Verified Answers 
What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z 
What is a HELOC loan? - answera secured loan in that you are borrowing against the equity 
that has been built in your house 
What is a REFI loan? - answer 
LTV stands for - answerLoan to Value 
Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on 
conventional loans 
Define one time variable funding fee and people in what situations is i...
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NMLS SAFE EXAM Questions And Answers (Verified And Updated)
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NMLS SAFE EXAM Questions And 
Answers (Verified And Updated) 
Where credit institutions originate loans - answerPrimary Mortgage Market 
When an ARM has rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D. The rate maximum the rate can decrease over the life of the loan - answerC. The 
maximum the rate can increase over the life of the loan 
When utiliz...
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NMLS Practice Test Exam Questions And Answers (Verified And Updated)
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NMLS Practice Test Exam Questions And 
Answers (Verified And Updated) 
A discount point is BEST described as a charge the borrower pays to: 
A.) A lender to decrease the interest rate on the mortgage loan 
B.) A mortgage broker at the time of application to obtain a favorable rate 
C.) The seller as part of the closing costs of a loan 
D.) A lender to ensure against foreclosure - answerA.) A lender to decrease the interest rate 
on the mortgage loan 
A buyer has made an earnest money payment of ...
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NMLS- SAFE Test Review.Questions and Answers Latest Updated 2024
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When ordering an appraisal, it is illegal to... - ANSWER-Request that the appraiser return a 
minimum or specific value. Mortgage professionals are permitted to communicate their own or 
the borrower's opinion when ordering an appraisal; however, requesting a specific or minimum 
value is considered improper influence of an appraiser and is a serious ethical and legal violation. 
Borrower credit is... - ANSWER-An amount paid by the lender to borrower for locking an 
interest rate at a rate high...
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NMLS SAFE EXAM with complete solutions
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Primary Mortgage Market - ANSWER-Where credit institutions originate loans 
C. The maximum the rate can increase over the life of the loan - ANSWER-When an ARM has 
rate caps of 5/2/6, the 6 refers to what? 
A. The maximum rate increase at the initial adjustment 
B. The start rate for the loan 
C. The maximum the rate can increase over the life of the loan 
D. The rate maximum the rate can decrease over the life of the loan
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NMLS Test-Affinity Questions 100% Solved Correct
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What law deals with credit, APR & Advertising of consumer loans? - correct answer TILA 
Which regulation prohibits kickbacks? - correct answer RESPA 
Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - correct 
answer HPA-Homeowners Protection Act 
Which Regulation prohibits fee splitting? - correct answer RESPA
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NMLS SAFE ACT MLO Exam - Federal Law (with Error-free Solutions)
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If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you 
in regards to a loan, when does right to contact them expire? 
A. 1 month 
B. 2 months 
C. 3 months 
D. 4 months correct answers C. 3 months 
An established business relationship with a company also will be created if you make an inquiry 
to the company, or submit an application to it. This kind of established business relationship 
exists for three months after the inquiry or application. During this time...
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NMLS - Champion Test Questions (Already Graded A+)
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Which law regulates the activities of consumer reporting agencies and users of consumer credit 
reports? correct answers FCRA 
Which agency manages the National Do Not Call Registry? correct answers Federal Trade 
Commission 
Which act led to the Nationwide Mortgage Licensing S