Xinnix SOAR Final Exam with Complete Solutions
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 C
when is a co-signer typically permitted on a conventional loan? Correct Answer-when the
borrower is putting down at least 10%
, Xinnix SOAR Final Exam with Complete Solutions
borrower must contribute how much if the LTV is greater than 80%? (FNMA) Correct
Answer-5%
maximum ratios for occupant borrower alone cannot exceed... Correct Answer-35/43%
DU is the automated system for.. Correct Answer-fannie mae
LPA is the system for Correct Answer-freddie mac
the higher the credit score, the lower potential for delinquency Correct Answer-true
the most accurate credit report Correct Answer-RMCR- residential mortgage credit report
an in file credit report contains only current information about the borrowers credit
Correct Answer-false
chapter 13 bankruptcy allows for a 3-5 year repayment plan Correct Answer-true
, Xinnix SOAR Final Exam with Complete Solutions
credit report is ordered at the end of the process just before it goes to the underwriter
Correct Answer-false
Permanent and non permanent resident aliens are eligible for mortgage financing typically
under the same terms as US citizens Correct Answer-true
On a purchase transaction, the co-borrower does not have to be listed as a purchaser on the
sales contract Correct Answer-false
A 3/1 arm will usually have a higher interest rate than a 10/1 arm Correct Answer-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% Correct Answer-6.5%
The fully indexed rate on an adjustable rate mortgage is calculated based on? Correct
Answer-index+margin
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