NMLS MLO - Mortgage Loan Origination Exam
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Total 120 questions
Question #6 (Topic: Exam A)
What is the loan amount on the purchase price of $249,955.00 if the borrower is putting 18% down?
A. $204,693.10
B. $204,936.10
C. $204,963.10
D. $204,966.10
Answer: C
Question #7 (Topic: Exam A)
For an FHA loan, which of the following payments must a borrower make to protect a lender in case of a foreclosure?
A. Down payment
B. Hazard insurance premium
C. Mortgage insurance premium
D. Homeowners association dues
Answer: C
Question #8 (Topic: Exam A)
A licensed mortgage loan originator (MLO) sharing his commission with another licensed MLO at his company for actual services performed on a loan is considered which of the following terms?
A. Tip sharing
B. Fee splitting
C. Single fee method
D. Double fee method
Answer: B
Question #9 (Topic: Exam A)
Non-qualified mortgages offer more options for borrowers who:
A. are unemployed.
B. are self-employed.
C. have no down payment.
D. are currently living with their parents.
Answer: B
Question #10 (Topic: Exam A)
Under which of the following programs is a creditor required to provide disclosures to the consumer that fully describe each of the creditor's variable-rate loan programs in which the consumer expresses an interest?
A. ARM
B. FHA
C. Fixed
D. Construction
Answer: A
