Xinnix TESTS BUNDLE

FNMA and FHLMC are what type of loan? Correct Answer: conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies Correct Answer: true conventional loans are not insured by the federal g...

Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. Correct Answer: False YTD paystubs will be requires from a borrower that is self-employed (schedule C) Correct A...

On an FHA loan the upfront MIP should be included when calculating cash-to-close. Correct Answer: False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) Correct Answer: False A 3-Year ARM adjusts every 3 years Correct Answer: True A Loan O...

T or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans Correct Answer: True What following repairs are allowed under the FHA 203(K) Standard Program Correct Answer: - Those allowed by 203(K) lim...

A veteran has the ability to transfer a portion of their entitlement to another veteran. Correct Answer: False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. Correct Answer: False ...

A veteran has the ability to transfer a portion of their entitlement to another veteran. Correct Answer: False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. Correct Answer: False ...