NMLS
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The Mortgage Lending Industry - ANSWER-Segment 1 
Which one of the following is NOT an alternative term used to refer to a savings and loan 
institution? 
-Mutual savings bank 
-Thrift institution 
-Mortgage banker 
-Savings and loan association - ANSWER-Mortgage banker 
A non-institutional lender would be: 
-a seller of collateralized mortgage obligations 
-a seller offering a purchase money mortgage to a buyer 
-an insurance company 
-a mutual savings bank - ANSWER-a seller offering a purchase...
Payments for qualified mortgages must be based on - Answer the maximum interest rate that 
will apply during the first five years after the date of the first payment. 
Which of the following fees is not included in the calculation of the finance charge for a 
mortgage? - Answer fees charged by an unaffiliated appraiser. Finance charges always 
include fees charged by the creditor, charges by an affiliate of the creditor, and fees charged 
by a third-party provider required by the creditor. Fees ...
Fraud for money Laundering - answer-Criminal uses scheme known as value tampering 
-Criminal offers to buy house at reduced rate 
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the 
difference in cash. 
Adverse Action - answerAn unfavorable credit decision rendered against a consumer made on 
the basis of information contained on the credit application. If a lender takes adverse 
action against an applicant, the lender must notify the applicant in writ...
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.
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...
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...
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...
California State NMLS Practice Test
Loan Officer - NMLS
MLO SAFE NMLS safe test practice questions