Principal limit factor - Study guides, Class notes & Summaries

Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer- fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - Answer- 90 days __________ extend above the surface without limitation. - Answer- air rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. - Answer- true A(n) __________ is one that combines some of ...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...

HECM Terminology Exam Questions and Answers 100% Pass Principal Limit - Answer- the maximum mortgage amount; equals the maximum claim amount times the principal limit factor. The maximum amount of money available from the loan at any given time, including the amount already borrowed, any set-asides, and any remaining available funds. Principal Limit Factor - Answer- the percent of the maximum claim amount that equals the principal limit; determined by the age of the youngest borrower and ...

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 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), $170 credit card pa...

A borrower's income is a factor considered when determining the principal limit (maximum loan amount) for a reverse mortgage. - False A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered.... - A gift from a relative and would require a gift letter, as well as proof that the funds have been transferred to the borrower's account A borrower can use a credit card to pay for their required down payment. - Response: False...

HECM Exam Questions and Answers 100% Correct What is the role of the Housing Counseling Agency in the HECM program? - Answer- Educate the consumer about the costs and benefits of the HECM program. What is home equity? - Answer- Home value minus liens on the home. In what two ways are HECM's different from "home equity loans"? - Answer- Do not have to be able to make monthly payments or make monthly payments. What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...

MPTC Criminal Law Exam Questions and Answers, Latest Updated 2024/2025 (GRADED) Threat to commit a crime - Answer Elements: -Communicate -Crime -Reasonable fear Right of arrest: Complaint only Sources of Criminal Law - Answer Statutes Common law Regulations Six Kinds of Intent - Answer Specific Intent Malicious General Intent Reckless Negligent Strict Liability Three Rights of Arrest - Answer Arrest Warrant Warrantless Arrest Complaint Application Three ways an officer can arres...

Asset Allocation should conform to an individual's _____________ - Answer-risk tolerance A springing durable power of attorney is effective only on a _____________________ - Answerconditional event What is the minimum age for receiving Social Security benefits? - Answer-62 Assume Greg inherits stock from his father that he purchased at $50 per share and it appreciated to $75 per share by the date of his father's death. At the time the estate settled one year later, the stock had declined ...

Xinnix Final Exam Questions and Answers with Verified Solutions A veteran has the ability to transfer a portion of their entitlement to another veteran. - 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. - Answer ️️ -False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 ca...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...