VIP Exclusive
Loans & Mortgage Licensing VIP Certification Exam
Loans — This exam mirrors the NMLS SAFE Mortgage Loan Originator (MLO) National Test, administered by Prometric on behalf of the Nationwide Multistate Licensing System. The real exam contains 125 questions (120 scored), a 190-minute time limit, and requires a 75% passing score. It covers Federal Mortgage-Related Laws, General Mortgage Knowledge, Loan Origination Activities, Ethics, and Uniform State Content.
57
Questions
190m
Time Limit
75.00%
To Pass
Question 1 of 57👑 VIP
A borrower applies for a $320,000 conventional mortgage. The appraised value of the home is $400,000. The lender requires private mortgage insurance (PMI). Under the Homeowners Protection Act (HPA), at what point does the borrower have the AUTOMATIC right to have PMI cancelled without making a written request?
Questions 2–57 and full explanations are VIP-exclusive.