Nationwide Multistate Licensing System NMLS Quiz
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GENERAL MORTGAGE KNOWLEDGE
Question 1
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A borrower makes an 18% down payment on a conventional purchase; in which scenario is PMI required?
A
When the borrower has less than 20% down at closing
B
When the borrower has a high credit score that reduces default risk
C
When the borrower chooses to pay discount points to lower the rate
D
When the borrower chooses a shorter loan term to build equity faster
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