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NMLS SAFE Study guides, Class notes & Summaries
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NMLS Safe Test Mortgage Licensing Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version
- Exam (elaborations) • 39 pages • 2024
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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? - TILA 
What type of scam entails homeowners who are encouraged to refinance their property over and over 
until little or no equity remains? - Loan flipping or churning 
After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, 
residential refinance? - After 3 business-day rescission period 
What is the adjustab...
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NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED
- Exam (elaborations) • 35 pages • 2024
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NMLS SAFE EXAM 2024 QUESTIONS 
AND ANSWERS ALREADY PASSED 
 
What does TILA stand for? Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? a secured loan in that you are borrowing against the equity that has 
been built in your house 
 
What is a REFI loan? 
 
LTV stands for Loan to Value 
 
Define PMI and state what the acronym stands for. Private mortgage insurance- on 
conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for? Disabled ...
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NMLS Safe Test Mortgage Licensing Practice Exam Q's with Complete Solutions
- Exam (elaborations) • 66 pages • 2024
- Available in package deal
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NMLS Safe Test Mortgage Licensing 
Practice Exam Q's with Complete 
 
Solutions 
 
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? TILA 
 
What type of scam entails homeowners who are encouraged to refinance their property over and 
over until little or no equity remains? Loan flipping or churning 
 
After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, 
r...
-
NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED
- Exam (elaborations) • 140 pages • 2024
- Available in package deal
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- $12.49
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NMLS SAFE EXAM QUESTIONS AND 
ANSWERS ALREADY PASSED 
 
Where credit institutions originate loans Primary 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 C. The maximum the 
rate can increase over the life of the loan 
 
When utilizing a temporary ...
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NMLS SAFE EXAM STUDY GUIDE
- Exam (elaborations) • 29 pages • 2024
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NMLS SAFE EXAM STUDY GUIDE 
 
What does TILA stand for? - Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has 
been built in your house 
 
What is a REFI loan? - 
 
LTV stands for - Loan to Value 
 
Define PMI and state what the acronym stands for. - Private mortgage insurance- on 
conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for? - 
Disabled veterans and survi...
And that's how you make extra money
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NMLS SAFE EXAM PREP
- Exam (elaborations) • 29 pages • 2024
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NMLS SAFE EXAM PREP
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NMLS SAFE EXAM 2024 with Guaranteed Accurate Answers
- Exam (elaborations) • 21 pages • 2024
- Available in package deal
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- $14.09
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What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable funding fee and people in what situations is it...
-
NMLS SAFE Exam 2024 with Guaranteed Accurate Answers
- Exam (elaborations) • 86 pages • 2024
- Available in package deal
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- $16.49
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Primary Mortgage Market - correct answer Where credit institutions originate loans 
 
C. The maximum the rate can increase over the life of the loan - correct 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 
 
B. The borrower qualified at the buydown rate - cor...
-
NMLS SAFE EXAM 2024 with Guaranteed Accurate Answers
- Exam (elaborations) • 21 pages • 2024
-
- $13.49
- + learn more
What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable funding fee and people in what situations is it...
-
NMLS SAFE EXAM 2024 with Guaranteed Accurate Answers
- Exam (elaborations) • 86 pages • 2024
-
- $15.79
- + learn more
Primary Mortgage Market - correct answer Where credit institutions originate loans 
 
C. The maximum the rate can increase over the life of the loan - correct 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 
 
B. The borrower qualified at the buydown rate - cor...
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