RMLO QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
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Module
RMLO
Institution
RMLO
RMLO QUESTIONS AND ANSWERS A+ GRADED. Buy Quality Materials!
Sole Proprietor
an unincorporated business that is individually owned and managed by an individual which assumes full liability
Equity in a RE investment
what is not a liquid asset?
income
what fact about a borrower may an un...
Sole Proprietor
an unincorporated business that is individually owned and managed by an individual
which assumes full liability
Equity in a RE investment
what is not a liquid asset?
income
what fact about a borrower may an underwriter take into consideration when approving
a loan app
Down Payment Assistance Programs
which would not be considered an interested party contribution?
Public Records
where to view info on repos and collections?
courage
which of the following is not a three c of underwriting?
LTV (Loan to Value)
Ratio of principle of balance
LTV
calculated by dividing the loan amount to the lower of appraised value
insurance
which of the following would be considered in a borrowers housing expense to income
ratio
Mortgage Insurance
Protects the lender in case a mortgage loan payment cannot be made
Conforming/non-conforming
Two categories of conventional loans
HUD
which government agency backs FHA loans
Direct Endorsement
lender authorized to approve loans for fa insurance
6% of the sales price
FHA sellers are permitted to provide financing concessions up to 6% of what?
vacation homes
properties that arent availble for fha mortgage insurance
HECM (Home Equity Conversion Mortgages) or Reverse Mortgage
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