Fha funding fee - Study guides, Class notes & Summaries

NMLS MLO Exam Questions and Answers | Latest Version | 2024/2025 | Already Passed 2/3/6 caps ARM initial adjustment max is 2%, subsequent adjustment period max is 3%, and lifetime cap of 6% 3rd party recording fee tolerance? 10% 5/6 ARM with 2/6 caps, what does the 5/6 represent? Initial rate is fixed for first 5 years and may adjust once every 6 months thereafter A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing...

What does TILA stand for? - Truth-In-Lending Act, Regulation Z What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - LTV stands for - Loan to Value Define PMI and state what the acronym stands for. - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Disabled veterans and surviving spouses. USDA loans are also calle...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - answer LTV stands for - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

ASREB Exam Practice Questions and Answers types of loans - Correct Answer ️️ -FHA loan, Conventional loan, VA loan FHA loan - Correct Answer ️️ -MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - Correct Answer ️️ -PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Correct Answer ️️ -Funding Fee based on value USDA loan - Correct Answer ️️ -loan is zero do...

Which of the following transactions is not governed by the new TRID Rules? A. A purchase money transaction B. A closed-end second mortgage C. A reverse mortgage D. A refinance transaction correct answersC. A reverse mortgage HELOCs and Reverse Mortgages are not required to follow TRID requirements, they continue to use the Good Faith Estimate and TIL Disclosures. Who developed and maintained the NMLS? correct answersThe NMLS is a registration system that was developed and maintained ...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - answer LTV stands for - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - answer LTV stands for - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

Champions - Real Estate Finance Questions And Answers 2024 100% Scores Loan Processing - CORRECT ANSWER-The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - CORRECT ANSWER-The process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - CORRECT ANSWER-The process of transferring funds to a title or escrow company for disbursement. Servic...

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS | LATEST VERSION | 2024/2025 | ALREADY PASSED __________________ requires that a borrower is notified ___________ days prior to the effective date of the loan servicing transfer. RESPA (Real Estate Settlement Procedures Act), 15 days prior ________________________ is another name for Section 114 of FACTA and also amends FCRA. The Red Flag Rules A ______________ buyer is a person who gets paid for the use of their name and credit history i...

Champions Real Estate Finance Exam Questions with correct Answers 100% Verified Residential Mortgages have two categories - answerConventional Loans & Government Loans Portfolio Loans - answerLoans not sold in secondary market Conventional Conforming Loans - answerLoans purchased in the secondary market that meet Fannie Mae & Freddie Mac standards Four C's of Creditworthiness - answerCharacter, Capacity, Capital, & Collatareal Character - answerA measure of the willingness of borrower ...