Non conventional loan - Study guides, Class notes & Summaries
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MLO Test Study Guide | 300 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 31 Pages
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This form of occupancy would have the lowest interest based on risk - owner-occupied 
This form of occupancy would have the highest interest based on risk - non-owner occupied 
Characterized by ownership extending only to the interior dwelling and the shared ownership of 
common external areas by residents - Condominium 
Conforming mortgage limit for a single-family residence in most states is: - $484,350 
The following entities buy or guarantee loans secured by real estate on the secondary mark...
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XINNIX FLIGHT SCHOOL QUESTIONS WITH COMPLETE SOLUTIONS
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The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. correct answer: True 
 
How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA correct answer: 3 years 
 
What are the steps you should follow to determine the correct MI? correct answer: LTV, term, product type, occupancy type and coverage. 
 
Typically, files that have to be manually underwritten are subject to less strict guidelines. correct a...
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Xinnix Ground School Exam Questions With Answers
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Xinnix Ground School Exam Questions With Answers 
first-time homebuyer 
Someone who has never owned a home 
 
 
Move-up homebuyer 
Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. 
 
 
Relocation Homebuyer 
Purchasing a new home in a different city or state due to job transfer or personal desire 
 
 
Affluent homebuyer 
Well seasoned in home buying process. Knowledgeable, financially savvy, busy. 
 
 
Empty-nester homebuyer 
Experienced home...
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Xinnix Quiz Questions with 100% Correct Answers
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Xinnix Quiz Questions with 100% Correct Answers 
Ginnie Mae was wholly created to purchase government mortgages on the secondary 
market - Answer- false 
which of the following was not a reason The Federal Housing Administration (FHA) was 
created - Answer- to simplify mortgage forms 
match in order of creation - Answer- 1st-FNMA 
2nd-GNMA 
3rd-FHLMC 
match the following - Answer- FNMA-fannie mae 
FHLMC-Freddie Mac 
what allowed more conventional mortgages to be originated in the early 1970s wit...
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Xinnix SOAR Final questions and answers latest top score.
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Xinnix SOAR Final questions and answers latest top score. 
 
 
 
 
 
 
 
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 ...
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Mortgage Exam 4 2024 with 100% complete solutions
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At what equity position does PMI automatically terminate on a conventional loan? correct answers22% 
 
A mortgage loan originators who uses his or her position with a mortgage broker to order a borrower's credit report is required to have which of the following before doing so? 
(A) The authorization by the borrower to order the credit report 
(B) To have completed a course covering both the mechanics and FCRA law governing the practice 
(C) The approval of the end lender who has the contract w...
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AYPO Real Estate - Real Estate Finance Final Exam Review Questions & Answers Solved 100% Correct!!
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A "COE" generally IS NOT available to - Dishonorably discharged persons 
A "COE" generally IS NOT available to: - Dishonorably discharged persons 
A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their 
own 
a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 
A contract deed is also called a: - Land Contract 
A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out 
cas...
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Mock Exam Review Questions and Answers Graded A
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(T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't 
need to be included on the loan application. False 
What is the maximum seller contribution allowed for a primary residence below 75% LTV? 
(FNMA/FHLMC) 9% 
(T or F) DU does not consider non-occupant income as qualifying income True 
(T or F) HOA dues are included in the PITI calculation. False 
Using the following information, answer the following conventional financed MI loan question. 
Sa...
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XINNIX FLIGHT SCHOOL EXAM QUESTIONS AND ANSWERS
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XINNIX FLIGHT SCHOOL EXAM 
QUESTIONS AND ANSWERS 
The rate lock period for a refi, with a right of rescission, must be long enough to cover 
the rescission period. - Answer- True 
How long does a borrower have to wait to buy a home after they have had a 
foreclosure? FHA - Answer- 3 years 
What are the steps you should follow to determine the correct MI? - Answer- LTV, term, 
product type, occupancy type and coverage. 
Typically, files that have to be manually underwritten are subject to less st...
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MLO SAFE NMLS safe practice Exam questions with Complete Solutions | A+ Grade
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Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, 
frequent refinancing that does not benefit the borrower and other prohibited acts is called 
__________________________. - Predatory Lending. 
RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of 
residential mortgage loans. 
RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance 
from a particular company...
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