Conventional mortgages - Study guides, Class notes & Summaries

Mortgage bankers are highly leveraged - Very sensitive to disruptions in the loan making and selling pipeline and can fail in days Alt-A loans - Conventional loans with less stringent underwriting requirements higher LVT lower credit scores reduced documentation of income or assets Somewhere in between conventional and subprime in terms of quality. Commercial banks - Depository lenders that typically made business-related real estate loans and only home loans for business clients. They ...

Virginia Final Exam Questions with Correct Answers 2024 A void contract is one that is A. not in writing. B. voidable by only one of the parties. C. rescindable by agreement. D. not legally enforceable. - answerD. not legally enforceable. In order to be enforceable, real estate contracts must meet the legal requirements for contracts in general. For example, a contract signed by a minor or a "seller" who doesn't own the property in question was never legal to begin with and is thus ...

Xinnix Quiz Questions and answers correctly solved 2023 Ginnie Mae was wholly created to purchase government mortgages on the secondary market - correct answer false which of the following was not a reason The Federal Housing Administration (FHA) was created - correct answer to simplify mortgage forms match in order of creation - correct answer 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - correct answer FNMA-fannie mae FHLMC-Freddie Mac what allowed more conven...

Xinnix SOAR Final Exam with complete solutions FNMA and FHLMC are what type of loan? the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies conventional loans are not insured by the federal government Agency loans include FHA and VA loans the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool a non-agency loan does not have to conform to FNM...

When obtaining a conventional loan, the borrower must give the lender a ~ mortgage and promissory note A mortgage that is subordinate to another mortgage is called a ~ second mortgage A clause in a loan which calls for immediate payment of the entire balance if the borrower gets behind on his loan payments is a ~ acceleration clause A partially amortized loan with a balloon payment would have a ____________________ monthly payment than a fully amortized loan ~ ower A type of contr...

Hud 2024 Updated Exam Q&A A client, who is a divorced local school teacher, is interested in purchasing his first home. He wishes to stay in the same neighborhood where he now lives and to purchase a home in the low-$100,000 range. He currently leases a car for $435 a month and would like to buy a new car. The client has a lease on an apartment with his college friend. Their monthly rent on the apartment, which they split evenly, is $1,100. He has been working as a teacher for five ye...

Champions - Real Estate Finance Exam (2024) || Questions & Answers (Graded A+) Champions - Real Estate Finance Exam (2024) || Questions & Answers (Graded A+) Loan Processing - ANSWER - The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - ANSWER - The process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - ANSWER - The process of transf...

Xinnix SOAR Final Questions with correct Answers 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 tru...

HUD Housing Counseling Exam 100% correct Back-end ratio - ANSWER The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and car payment divided by gross mo...

Champions Real Estate Finance QuestionsFederal National Mortgage Association (FNMA) known as, Fannie Mae - ANSWERSbegan in 1938 as an agency of the federal government In 1968, Fannie Mae became a privately owned and managed corporation Fannie Mae operates exclusively in the secondary market and provides support to mortgage lending institutions in the primary market. Freddie Mac is a federally chartered corporation established as the Federal Home Loan Mortgage Corporation (FHLMC) - ANSWERSin 1...