Exam (elaborations)
RMLO For Real Estate Agents 2024 – Questions & Answers
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RMLO For Real Estate Agents 2024 – Questions & Answers
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RMLO For Real Estate Agents 2024 – Questions &Answers
Secondary Market Right Ans - Is the market for purchasing and selling
existing mortgage designed to provide greater liquidity for selling mortgages.
Federal National Mortgage Association FNMA Right Ans - plays a vital role
in financing mortgages and increasing homeownership opportunities in the
Unites States. Fannie Mae began in 1938 as an agency of the federal
government to bring stability to the U.S. housing market.
Ginnie Mae Right Ans - guarantee allows mortgage lenders to obtain a
better price for their loans in the capital markets.
Federal Housing Finance Agency FHFA Right Ans - On september 7 2008,
this agency placed Fannie Mae and Freddie Mac in conservatorship. This step
was taken because a default by either of the two firms.
American Association of Residential Mortgage Regulators AARMR Right
Ans - AARMR is the national association of executives and employees of the
various states charged with the responsibility for administration and
regulation of residential mortgage lending, servicing and brokering.
Nontraditional mortgage product Right Ans - means any product other
than a 30year fixed rate mortgage
Unique identifier Right Ans - a number or NMLS # that permanently
identifies a loan originator. Is assigned by protocol established by the
Nationwide Mortgage Licensing System and Registry and the Bureau.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 SAFE
ACT Right Ans - this act established the minimum standards for the
licensing and registration of mortgage loan originators.
Regulation H Right Ans - All state licensed mortgage loan originators must
satisfy annual continuing education requirements which must include at least
8 hours of education approved by the NMLSR
, The Unique identifier of any person originating a residential mortgage loan
Right Ans - shall be clearly shown on all residential mortgage loan
applications or advertisements, including business cards or websites, text
messages, and any other documents as established by rule, regulation or order
of the commissioner.
Uniform Residential Loan Application URLA Right Ans - is the official
application form for all residential loans and is the central document of the
residential loan application process. Designated by Fannie Mae and Freddie
Mae, the URLA form 1003 Fannie Mae 1003 gathers all the crucial information
about the prospective borrower that the lender will need to evaluate the
applicant's creditworthiness.
The 4 R's Right Ans - The second model used to determine the borrower's
monthly income Are the employment and income considered Regular salary,
hourly. Recurring weekly bi weekly monthly annually. Receive in Cash
documented w2 tax return bank statement. Reasonable is the income in line
or realistic for the occupation or profession.
Employment and income that meets the requirements of the 4 Rs Right Ans
- are considered stable and reliable for qualified purposes.
Sole proprietorship Right Ans - is an unincorporated business that is
individually owned and managed. The individual owner has unlimited
personal liability for all debts of the business
Liquid assets Right Ans - are cash on hand or any tangible or intangible
item that can be converted quickly and easily into cash without losing much of
their value.
Examples of liquid assets Right Ans - Any cash on hand sourced, funds in as
savings account, certificates of deposit, stocks, Funds in a checking account,
funds in a money market account, Mutual Funds, Bonds
Non Liquid Assets Right Ans - Hard assets and net worth assets or
possessions that cannot be converted into cash quickly. Non liquid assets are
the tangible property of a borrower.
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