Nmls practice test Study guides, Class notes & Summaries
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California State NMLS Practice Test (with Complete Solutions)
- Exam (elaborations) • 44 pages • 2024
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Federal banking agencies" include: 
Answers 
A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal 
Reserve System, and FDIC 
B. Fannie Mae and Freddie Mac 
C. The Comptroller of the Currency and the National Credit Union Administration 
D. A and C correct answers D. 
A borrower approaches a lender to refinance their existing negative amortization loan, which was 
originated by that 
same lender. Which of the following statements is incorrect?
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NMLS Practice Test | 100 Hard Questions with 100% Correct Answers | Verified | Latest Update 2024
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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 - A.) A lender to decrease the interest rate on the 
mortgage loan 
A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option 
money to be credited a...
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NMLS Practice Test Hard Questions and Answers Latest Updated
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NMLS Practice Test Hard Questions
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NMLS Practice Test Hard Questions and Answers.docx
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NMLS Practice Test Hard Questions and A 
 
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 - Answer-A.) A lender to decrease the interest rate on the mortgage loan 
 
A buyer has made an earnest money payment of $5,000. The buyer pays an ad...
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California State NMLS Practice Test Graded A+
- Exam (elaborations) • 41 pages • 2023
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California State NMLS Practice Test 
Graded A+ 
"Federal banking agencies" include: 
Answers 
A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve 
System, and FDIC 
B. Fannie Mae and Freddie Mac 
C. The Comptroller of the Currency and the National Credit Union Administration 
D. A and C D. 
A borrower approaches a lender to refinance their existing negative amortization loan, which was 
originated by that 
same lender. Which of the following s...
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NMLS PRACTICE TEST QUESTIONS
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NMLS PRACTICE TEST QUESTIONS
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California State NMLS Practice Test Questions and Answers 2024
- Exam (elaborations) • 28 pages • 2024
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California State NMLS Practice Test
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NMLS Practice Test Exam Questions And Answers (Verified And Updated)
- Exam (elaborations) • 25 pages • 2024
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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 PRACTICE TEST 2023 QUESTIONS WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 79 pages • 2024
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NMLS PRACTICE TEST 2023 
QUESTIONS WITH COMPLETE 
SOLUTIONS 
 
An annual escrow analysis is used to do which of the following? 
A. Ensure the loan is properly amortized 
B. Prevent escrow overages 
C. Reduce burden on the servicer 
D. Report underwriting errors -CORRECT ANSWER 
-- B. Prevent escrow overages 
The disclosure requirements of RESPA would apply to which of the following 
loans? 
A. A loan to purchase 75 acres of land 
B. A farm loan 
C. A loan to purchase a property that includes a g...
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California State NMLS Practice Test Exam Questions with Correct Answers
- Exam (elaborations) • 28 pages • 2024
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California State NMLS Practice Test Exam Questions with Correct Answers 
 
 
A mortgage company advertises for loans in both Spanish and English. Which of the following statements is true? 
Answers 
 
A. The mortgage company must provide the key disclosures such as the TIL and Good Faith Estimate in Spanish to their Spanish speaking 
clients. 
 
B. At least 40% of the employees of the company must be bilingual. 
 
C. The company must have at least one native Spanish speaker available during reg...
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