Xinnix SOAR

1. A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed.: True 2. A veteran may exchange a portion of their entitlement for cash.: False 3. Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC): True 4. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closin...

1. A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed.: True 2. A veteran may exchange a portion of their entitlement for cash.: False 3. Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC): True 4. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closin...

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...

A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. Correct Answer: True A veteran may exchange a portion of their entitlement for cash. Correct Answer: False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) Correct Answer: True Gross rent may be considered effective income when an applicant is planning to...

A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. - True A veteran may exchange a portion of their entitlement for cash. - False Judgments and tax liens are required to be paid off at or prior to loan closing. (FNMA/FHLMC) - True Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on ...

FNMA and FHLMC are what type of loan? - conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - true conventional loans are not insured by the federal government - true Agency loans include FHA and VA loans - true the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool - true a non-agency loan does not have to conform to FNMA guidelines - t...