Ace Nmls Exam With Test Questions

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Whom does a buyer and lender providing a mortgage depend on to determine the market value to the property?
Which among the following components cannot be escrowed as part of borrower's payment?
A mortgage company originates warehouse loans by bundling a number of loans into one package and sells it in the secondary market to permanent investors. What is the life of these warehouse mortgages?
A borrower avails home loan and appraisal value is more than purchase price. What is taken into consideration while calculating LTV?
A mortgage lender offers an exciting interest rate that pulls lots of people. Upon entering into contract borrowers get to know that this is false advertising and the rate is different. What is this act of advertising referred to as?
How many comps does an appraiser need to consider while using a sales comparison approach?
Which is the report that is prepared prior to issuing policy of title insurance showing property ownership, lien, encumbrance if any?
You have a balance in your mortgaged property after deducting the mortgages and liens on it from its current market value. What is the balance referred to as?
What is the type of mortgage that carries higher risk and higher interest rates owing to not having standard conventional loan characteristics?
As per SAFE Act which among the following is an organization that has tax-exempt status and promotes affordable housing?
A borrower owns a business and has more than 38% business interest. What documentation should a loan originator request from them?
A borrower has undergone a foreclosure process in the past and is recorded in their credit report. How long do they need to wait to avail VA Loan?
As per know before you owe rule how many days does a borrower have to review the closing disclosure and ask questions before they close on a mortgage?
A loan servicer identifies a fraud with he loan. What will happen in this situation?
An appraiser is creating an appraisal and commits a legitimate error that can be corrected. Is it ethical for loan originators to ask the appraiser to fix this error?
What is the statement issued by a financial institution holding borrowers account that substantiates and validates the value of asset account disclosed in loan application as well as other account related activity referred to as?
What is FmHA?
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Disclaimer as per NMLS
These Practice Questions are not intended to be a study guide or fully prepare a candidate for passing the SAFE MLO test
These practice questions are not intended to be 20-hour pre-licensing education
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