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Xinnix SOAR Final Exam with Complete Solutions

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Xinnix SOAR Final Exam with Complete Solutions FNMA and FHLMC are what type of loan? Correct Answer-conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies C

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  • September 4, 2024
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  • 2024/2025
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Xinnix SOAR Final Exam with Complete Solutions

FNMA and FHLMC are what type of loan? Correct Answer-conforming




the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers

understand the terms of their agreements with financial companies Correct Answer-true




conventional loans are not insured by the federal government Correct Answer-true




Agency loans include FHA and VA loans Correct Answer-true




the proceeds of a loan for cash out refinance may be used by the borrower to insure a new

pool Correct Answer-true




a non-agency loan does not have to conform to FNMA guidelines Correct Answer-true




FNMA insured mortgage companies against default Correct Answer-false




Fannie Mae purchased FHA loans from mortgage bankers Correct Answer-true

, Xinnix SOAR Final Exam with Complete Solutions



FHA mortgages are self insured while conventional mortgages require PMI Correct Answer-

true




Ginnie Mae was created to purchase government mortgages on the secondary market

Correct Answer-false




prepaid interest to reduce the interest rate over the life of the loan Correct Answer-

discount points




Freddie Mac offers balloon mortgages but fannie mae doesn't Correct Answer-true




unacceptable borrowers include.. Correct Answer-life estates, partnerships, non-profit

organizations




when is a co-signer typically permitted on a conventional loan? Correct Answer-when the

borrower is putting down at least 10%

, Xinnix SOAR Final Exam with Complete Solutions

borrower must contribute how much if the LTV is greater than 80%? (FNMA) Correct

Answer-5%




maximum ratios for occupant borrower alone cannot exceed... Correct Answer-35/43%




DU is the automated system for.. Correct Answer-fannie mae




LPA is the system for Correct Answer-freddie mac




the higher the credit score, the lower potential for delinquency Correct Answer-true




the most accurate credit report Correct Answer-RMCR- residential mortgage credit report




an in file credit report contains only current information about the borrowers credit

Correct Answer-false




chapter 13 bankruptcy allows for a 3-5 year repayment plan Correct Answer-true

, Xinnix SOAR Final Exam with Complete Solutions


credit report is ordered at the end of the process just before it goes to the underwriter

Correct Answer-false




Permanent and non permanent resident aliens are eligible for mortgage financing typically

under the same terms as US citizens Correct Answer-true




On a purchase transaction, the co-borrower does not have to be listed as a purchaser on the

sales contract Correct Answer-false




A 3/1 arm will usually have a higher interest rate than a 10/1 arm Correct Answer-false




Typically, what is the qualifying rate on a 1-year ARM with a 2/6 caps and a start rate of 4.5?

The fully indexed rate is 6.375% Correct Answer-6.5%




The fully indexed rate on an adjustable rate mortgage is calculated based on? Correct

Answer-index+margin

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