Fnma Study guides, Class notes & Summaries

SOMB II Practice Test | questions and answers with complete solution When refinances as a percentage of total originations rise, does profitability at large banks tend to rise or to fall? - Fall What are the top three Mortgage lender's main sources of income? - - Fees negotiated at origination - Gain on sale - Interest Income Interest income earned at the note rate from the date a loan closes until it is sold belongs to? - The lender Which type of loan sale generates the most revenue...

Xinnix Final | Questions| with 100% Correct Answers 2024 VERIFIED GRADED A+ A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer- False 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. - Answer- False On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their o...

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. - False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - False A borrower requesting a jumbo loan will qualify for an agency loan - False Trailing spouse income can be used for qualifying purposes. - False The following are types of renovation mortgages - FNMA Homestyle and FHA 203...

Xinnix SOAR Final Exam Questions and Answers 100% Pass FNMA and FHLMC are what type of loan? - 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 - Answer- true conventional loans are not insured by the federal government - Answer- true Agency loans include FHA and VA loans - Answer- true the proceeds of a loan for cash out refinance may be used by the borrower to in...

ACME Home Loans is a private lender with a strict policy of limiting originations to conventional qualified mortgages with minimum loan amounts of $300,000. To ensure compliance with this policy, loan originators are instructed to refuse to accept applications from consumers who want loan amounts of less than $300,000, or who have debt-to-income ratios of 44% or more. This policy is: - Not a violation of any federal fair lending law - Potentially unlawful under the disparate impact theory ...

Xinnix Final Exam Questions With Answers A veteran has the ability to transfer a portion of their entitlement to another veteran. 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. False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 car payment, $375 student loan ($2,250 balance), $...

Xinnix Final Exam Questions With Answers On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM adjusts every 3 years True A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investor in the lender specs. False A HELOC loan has an interest only payment True ...

Florida Real Estate STATE exam Questions and Answers 100% Pass The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a...

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. False YTD paystubs will be requires from a borrower that is self-employed (schedule C) False A borrower requesting a jumbo loan will qualify for an agency loan False Trailing spouse income can be used for qualifying purposes. False The following are types of renovation mortgages FNMA Homestyle and FHA 203(K) ...

Xinnix Exam Questions and Answers 100% Pass Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer- True What is the maximum seller contribution allowed for a primary residence at 95% LTV? (FNMA/FHLMC) - Answer- 3% On an ARM, redisclosure of the Truth in Lending is required if the APR changes more than ____%? - Answer- .25 FHA loans have both a BASE Loan Amount and Total Loan Amount - Answer- True A borrower's brother would like to give her money to h...