The fully indexed rate - Study guides, Class notes & Summaries

NMLS Exam Questions & Answers. 100% Accurate/ The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - -D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - -B. If a licensee fails to r...

Ordinary Whole Life Correct Answer Ordinary whole life insurance provides insurance protection to age 100, cash value accumulation to age 100, and fixed level premium payments. Limited Pay Whole Life Correct Answer have level premiums that are limited to a certain period(less than life). The period can be of any duration. Ex: 20-pay life, pay premiums for 20 years and then you are fully covered until your 100. Single Premium Whole Life Correct Answer involves a large one-time-only premium ...

MLO Test Study Guide Questions and Answers | Latest Update | 2024/2025 | Already Passed "Seller Concessions" as relates to the mortgage business are: Seller concessions are costs that the seller or lender are paying. A 1 year ARM has a margin of 1.25%, and at the time of adjustment its index is at .50%. What would be the fully indexed rate? Index plus Margin = Fully Indexed rate. 1.25% plus .50% = 1.75%. A 3/1 ARM is a: Hybrid ARMs are advertised as 3/1, 5/1, 7/1, or 10/1 ARMs....

Xinnix Quiz Questions with 100% Correct Answers Ginnie Mae was wholly created to purchase government mortgages on the secondary market - Answer- false which of the following was not a reason The Federal Housing Administration (FHA) was created - Answer- to simplify mortgage forms match in order of creation - Answer- 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - Answer- FNMA-fannie mae FHLMC-Freddie Mac what allowed more conventional mortgages to be originated in the early 1970s wit...

(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit report Provides additional rights for identity theft victims and active duty military personnel (FCRA) Fair Credit Reporting Act - Regulation V Disclosures - A one-time written notice of derogatory inf...

California Insurance State Exam (2024) || Questions & Answers (Graded A+) California Insurance State Exam (2024) || Questions & Answers (Graded A+) Which of the following is NOT a benefit of insurance - ANSWER - Losses due to fraud are eliminated An individual that has 40 quarters of coverage for social security purposes it's considered to be - ANSWER - Fully insured Anyone employed in California to assist an insurance agent in transacting insurance is called an insurance - ANSWER - s...

Xinnix SOAR Final Questions with correct Answers 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 tru...

What is the purpose of the buyer's guide? A.To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. correct answer: A.To Allow the consumer to compare the costs of different policies Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of the insurance company? AAdhesion B...

NMLS CE QUESTIONS WITH ACCURATE ANSWERS 2024 Which of the following is not a benefit of the HomeReady and HomePossible programs? They may be able to be used to avoid PMI with a low down payment amount Which of the following is not an accurate statement about FannieMae's HomeReady program? The borrower only has to contribute 1 percent of their own funds. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:03 / 0:15 Full screen ...

If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed rate, whichever is greater - TRUE A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor - TRUE HOA dues are included in the PITI calculation. - FALSE The Correspondent lender is the "end" lender in a mortgage banker's transaction - TRUE What is their new loan amount and proposed monthly PITI based on 30-year fixed-...