100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Xinnix SOAR Final Questions and Correct Answers tXinnix SOAR Final Questions and Correct Answers the Latest Update and Recommended Versionhe Latest Update and Recommended Version $15.49   Add to cart

Exam (elaborations)

Xinnix SOAR Final Questions and Correct Answers tXinnix SOAR Final Questions and Correct Answers the Latest Update and Recommended Versionhe Latest Update and Recommended Version

 4 views  0 purchase
  • Course
  • Xinnix
  • Institution
  • Xinnix

Xinnix SOAR Final Questions and Correct Answers the Latest Update and Recommended Version

Preview 4 out of 96  pages

  • November 2, 2024
  • 96
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Xinnix
  • Xinnix
avatar-seller
TestTrackers
TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!



Xinnix SOAR Final Questions and Correct
Answers the Latest Update and
Recommended Version
FNMA and FHLMC are what type of loan?

✓ conforming



the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers

understand the terms of their agreements with financial companies

✓ true



conventional loans are not insured by the federal government

✓ true



Agency loans include FHA and VA loans

✓ true



the proceeds of a loan for cash out refinance may be used by the borrower to insure a new

pool

✓ true



a non-agency loan does not have to conform to FNMA guidelines

✓ true



|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]

, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!


FNMA insured mortgage companies against default

✓ false



Fannie Mae purchased FHA loans from mortgage bankers

✓ true



FHA mortgages are self insured while conventional mortgages require PMI

✓ true



Ginnie Mae was created to purchase government mortgages on the secondary market

✓ false



prepaid interest to reduce the interest rate over the life of the loan

✓ discount points



Freddie Mac offers balloon mortgages but fannie mae doesn't

✓ true



unacceptable borrowers include..

✓ life estates, partnerships, non-profit organizations



when is a co-signer typically permitted on a conventional loan?



|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]

, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!


✓ when the borrower is putting down at least 10%



borrower must contribute how much if the LTV is greater than 80%? (FNMA)

✓ 5%



maximum ratios for occupant borrower alone cannot exceed...

✓ 35/43%



DU is the automated system for..

✓ fannie mae



LPA is the system for

✓ freddie mac



the higher the credit score, the lower potential for delinquency

✓ true



the most accurate credit report

✓ RMCR- residential mortgage credit report



an in file credit report contains only current information about the borrowers credit

✓ false



|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]

, TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!


chapter 13 bankruptcy allows for a 3-5 year repayment plan

✓ true



credit report is ordered at the end of the process just before it goes to the underwriter

✓ false



Permanent and non permanent resident aliens are eligible for mortgage financing typically

under the same terms as US citizens

✓ true



On a purchase transaction, the co-borrower does not have to be listed as a purchaser on the

sales contract

✓ false



A 3/1 arm will usually have a higher interest rate than a 10/1 arm

✓ false



Typically, what is the qualifying rate on a 1-year ARM with a 2/6 caps and a start rate of

4.5? The fully indexed rate is 6.375%

✓ 6.5%



The fully indexed rate on an adjustable rate mortgage is calculated based on?




|
✓ Thank You for Choosing Us! ✓ Resources & Updates: [Testtrackers - Stuvia US]
✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81989 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.49
  • (0)
  Add to cart