Va loan requirements - Study guides, Class notes & Summaries

VA Loan Requirements - ANSWERS- must be honorably discharged - must meet service requirements - time frame of service; number of days active duty - must obtain certificate of eligibility (COE) Loan Terminology - origination, funding, underwriting, servicing - ANSWERS1) Origination - process of creating a new mortgage loan; includes steps to attract and qualify a borrower 2) Funding - process of transferring funds to a title or escrow company for disbursement 3) Underwriting - process...

VA Loan Requirements - ANSWER-- must be honorably discharged - must meet service requirements - time frame of service; number of days active duty - must obtain certificate of eligibility (COE) Loan Terminology - origination, funding, underwriting, servicing - ANSWER-1) Origination - process of creating a new mortgage loan; includes steps to attract and qualify a borrower 2) Funding - process of transferring funds to a title or escrow company for disbursement 3) Underwriting - process...

Xinnix Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer- False A 3-Year ARM adjusts every 3 years - Answer- 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. - Answer- False A HELOC loan has an ...

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 ...

f a borrower is required to pay alimony or child support, it must be included as a(n): - Asset - Liability - Qualifier - Mitigating circumstance - Answer-Liability. Alimony and child support must be included in a borrower's liabilities if they are required to pay. A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the perceived creditworthiness of consumers living in the area is in violation of: - FCRA - ECOA - HOEPA - RESPA - Answer-ECOA. Re...

NMLS Exam Questions and Answers Fully solved The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation B. If a licensee fails to requ...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - ANSWER D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - ANSWER B. If a licensee fails to request a hearing with the state regul...

NMLS Exam Questions and Answers 100% Correct NMLS Exam Questions and Answers 100% Correct NMLS Exam Questions and Answers 100% Correct NMLS Exam Questions and Answers 100% Correct The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - ANSWER-D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to ...

Conventional Mortgages neither insured nor guaranteed. Typically requires 20%-25% down payment. Conventional with PMI (Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...

Real Estate Exam Questions And Correct Answers, With Complete Verified Solution 100% Constructive Fraud Misleading without intention Private Nuisance A nuisance that affects only a single individual or a very limited number of individuals. Public Nuisance An owner's use of land that causes damage or inconvenience to the general public. GI Zone heavy manufacturing zone eligibility VA loan requires a certificate of ________ Escalation Clause real estate contract offer where the buye...