Fnma Study guides, Class notes & Summaries

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...

________ are non-conforming loans because they exceed the FNMA loan limit of $____________ - Jumbo loans, $417,000 ________ backs all government loans (FHA, VA, USDA) - Government National Mortgage Association (Ginnie Mae/GNMA) ________ loans are loans that 'conform' to FNMA, FHLMC standards - Conforming A borrower must make a 10% down payment on a purchase transaction to qualify for the loan. The borrower made a $1,000 good faith deposit at the time of acceptance of the offer to purchas...

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...

Ginnie Mae was wholly created to purchase government mortgages on the secondary market - false which of the following was not a reason The Federal Housing Administration (FHA) was created - to simplify mortgage forms match in order of creation - 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - FNMA-fannie mae FHLMC-Freddie Mac what allowed more conventional mortgages to be originated in the early 1970s with less risk to the investor - private mortgage insurance fannie mae purchas...

Federal National Mortgage Association (FNMA) known as, Fannie Mae - Answer-began 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) - Answer-in 1970 for the purpose of purchasing mortg...

Xinnix SOAR Final questions and answers 100% verified. FNMA and FHLMC are what type of loan? - correct rming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - correct conventional loans are not insured by the federal government - correct Agency loans include FHA and VA loans - correct the proceeds of a loan for cash out refinance may be used by the borrower...

Xinnix Ground School Exam Questions With Answers 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 follow...

A lease that provides the specified rent increases at set future dates is called: A) A percentage lease. B) A graduated lease. C) An interval lease. D) An adjustable lease. B) A graduated lease. A Quit Claim Deed is commonly used to: (a) Convey title (b) Secure a loan (c) Cloud the title to real property (d) Release an interest in title (d) Release an interest in title *It may also be used to convey title, but that is not is primary use. A graduated lease would mean that: (a) Ren...

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 Mortage Basix Exam Questions and Answers 100% Pass What does FNMA stand for? - Answer- Federal National Mortgage Association What does FHLMC stand for? - Answer- Federal Home Loan Mortgage Corporation What does AU stand for, and what is it? - Answer- Automated Underwriting, a computerized system that uses historical statistics to issue a decision of how to proceed with a loan request. The Purposes of Property acceptable for FNMA and FHLMC include: - Answer- Primary Residence, Seco...