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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

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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

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

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  • November 2, 2024
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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



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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?



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✓ 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



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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?




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