Fha funding fee - Study guides, Class notes & Summaries

Made with funds insured by the federal government (e.g., FHA loans) Made with collateral insured by the federal government (e.g., flood insurance) Made with funds from a lender regulated by the federal government or that has deposits insured by the federal government (e.g., depository institutions regulated by the FDIC or NCUA) Intended for sale to Fannie Mae or Freddie Mac Made by a creditor regulated under the Truth-in-Lending Act, or Made by a mortgage broker and assigned to a creditor...

NMLS SAFE EXAM 2024 WITH VERIFIED ANSWERS. What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - correct answer LTV stands for - correct answer Loan to Value Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans Define one time variable fun...

NMLS SAFE EXAM STUDY GUIDE What does TILA stand for? - Truth-In-Lending Act, Regulation Z What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - LTV stands for - Loan to Value Define PMI and state what the acronym stands for. - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Disabled veterans and survi...

NMLS SAFE EXAM QUESTIONS AND ANSWERS LATEST Define PMI and state what the acronym stands for. - Answer-Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Answer-Disabled veterans and surviving spouses. USDA loans are also called what? - Answer-502 loans Define MIP - Answer-Can be paid up front or in installments. Mortgage insurance premium used by FHA to protect themselves against higher-risk borro...

NMLS Practice Test Hard Questions and Answers | Latest Version | 2024/2025 | Already Passed A buyer has made an earnest money payment of $5,000. The buyer pays an additional $2,000 in option money to be credited at closing on property with sale price of $160,000. If the required down payment is 20%, how much additional money will the buyer need to provide toward the down payment at closing? A.) $32,000 B.) $27,000 C.) $30,000 D.) $25,000 D.) $25,000 $160,000 x .20 (20%) = 3200...

How is the binder deposit shown on the Closing Disclosure Form? - >>credit to the buyer what is the status of a sales associates license if he does not complete the required post licensing education prior to his first renewal section? - >>null and void Mortagee - >>lender when you sell or transfers - >>due on sale 2 mortgage clauses - >>due on sale clause, acceleration clause acceleration clause - >>the buyer defaulted government insured loan - >&gt...

What does TILA stand for? - ️️Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ️️a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ️️ LTV stands for - ️️Loan to Value Define PMI and state what the acronym stands for. - ️️Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - ️️Disabled veterans and su...

What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - correct answer LTV stands for - correct answer Loan to Value Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it...

NMLS MLO Exam Questions and Answers | Latest Version | 2024/2025 | Already Passed 2/3/6 caps ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and lifetime cap of 6% 3rd party recording fee tolerance? 10% 5/6 ARM with 2/6 caps, what does the 5/6 represent? Initial rate is fixed for first 5 years and may adjust once every 6 months thereafter A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing...

NMLS SAFE EXAM WITH COMPLETE SOLUTIONS NMLS SAFE EXAM WITH COMPLETE SOLUTIONS NMLS SAFE EXAM WITH COMPLETE SOLUTIONS What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER- LTV stands for - ANSWER-Loan to Value Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conve...