California State NMLS Practice Test Graded A+

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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 statements is incorrect? A. The lender must make due regard for the borrower's ability to repay the new loan. B. The new loan cannot be a stated income pay option arm. C. The lender can collect a prepayment penalty, as long as it does not exceed 1.75% of the principal balance. D. If their existing mortgage is a reverse mortgage, it is not considered a negative amortization loan. ✔✔C. A borrower cannot be required to pay interest on the principal balance of a loan secured by a mortgage on real property more than how many days prior the date that loan proceeds are disbursed from escrow? Answers A. One (1) day B. Three (3) days C. Five (5) days D. Seven (7) days ✔✔A. A borrower's file requires a VOD, however currently, the borrower has no money but is expecting an inheritance check. What can the MLO do? Answers A. The MLO may request the VOD takes place after the funds are deposited B. Request the borrower to take out a pay day advance loan, put it in his account, and repay it once the verification is done C. The MLO may loan the borrower money and take it back after the VOD is complete ✔✔A. A foreclosure consultant may not charge a fee in which exceeds ___ percent per annum of a loan which the consultant makes to the owner. Answers A. 10% B. 20% C. 3% D. 5% ✔✔A. A late charge may be imposed for late payment of an installment due on a mortgage loan or deed of trust but cannot exceed greater than $5 or ___ percent of the installment due. Answers A. One (1) percent B. Three (3) percent C. Five (5) percent D. Ten (10) percent ✔✔C. A mortgage broker's fiduciary duty to a client involves which of the following?

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