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Nationwide Mortgage Licensing System: NMLS/SAFE Exam Units 1, 2, & 3

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NMLS/SAFE exam prep covering material included in units 1, 2, &3 (Units 4 & 5 not included)

Created Date 06.27.19
Last Updated 06.28.19
Viewed 3 Times
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Topics of this game:
  • The term +20 basis points" expressed as a percentage is:
  • Which of the following methods of disclosure does NOT meet the requirements of the Equal Credit Opportunity Act (ECOA)?
  • According to the the Truth-in-Lending Act (TILA), the term "refinance" applies to:
  • What does a loan originator use to determine the estimated value of a property based on analytical comparison of similar property sales?
  • Which of the following documents itemizes all settlement costs including lender charges
  • A discount point is BEST described as a charge the borrower pays to:
  • According to TILA, which of the following fees is EXCLUDED from the calculation of the annual percentage rate?
  • The requirement for private mortgage insurance is generally discontinued when the loan-to-value ration falls below:
  • Earnest $ pmnt - $5k Buyer Pays $2k in option money to be credited at close Sale Price $160,000 Downpayment $20% How much more $ at close?
  • If an applicant works 40 hrs every week and is paid $13.52 per hour, what is the applicants monthly income?
  • RESPA is also known as
  • Sales Price: $100,000 90% LTV 30-yr fixed. 25% coverage requirement, giving us rate of 0.62%. What is loan amount?
  • Under the SAFE Act, a state has all of the following authorities EXCEPT
  • What type of loan has a non-refundable funding fee?
  • Under the CFPB, the following groups are identified as types of consumer and protection laws EXCEPT:
  • According to the GLB Act, an individual who obtains or has obtained a financial product or service from a financial institution is a:
  • The Gramm-Leach-Bliley Act contains all of the following provisions EXCEPT
  • Which encourages financial institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods?
  • ccording to ECOA, a borrower can request a copy of the appraisal report used in the decision process within ___ days of a credit decision
  • Conforming loans follow the underwriting guidelines of
  • Which is not the name of a major credit reporting agency?
  • What are discount points or points?
  • Which home buyer would benefit most from a balloon loan?
  • Recent plans were announced for construction of an airport with a main runway ending 1 mile before your home. Will this diminish the value?
  • A mortgage company makes a number of loans to be assembled into one package and sold to permanent investors. This is called:
  • Which federal law requires that the Good Faith Estimate be provided to the borrower within 3 business days of the time a loan app is taken?
  • What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains?
  • After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance?
  • What is the adjustable number used to compute the interest rate on an ARM called?
  • A borrower is buying a house for $180k. He provides a down payment of $40k. If he pays three discount points,what is the total cost of points?
  • Which is NOT a purpose for the Mortgage Servicing Disclosure Statement?
  • A Latina for a home loan. She is refused based on the reputation of the neighborhood for a high number of foreclosures. This is an example of:
  • Which act establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection w/ high cost mortgages?
  • The type of mortgage that can provide the borrower with a monthly check instead of the borrower paying a monthly payment is known as
  • If adverse action is taken against a credit applicant b/c of information on a credit report, the lender who used that report is required to: