What does fnma stand for - Study guides, Class notes & Summaries

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring home buyers to purchase title insurance from a particular co...

Mock Exam questions and answers correctly answered latest 2023Residual income is the amount of income available for family support after taxes and social security expense have been subtracted from the gross income and after PITI and other long-term debt has been paid. Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insu...

Dodd-Frank Act what does it do? - ANSWER Wall street reform act which implements MLO compensations and Safe ACT. created after recession Dodd-Frank Act created when? - ANSWER created 2010 SAFE Act - ANSWER Secure and Fair Enforcement for Mortgage Licensing Act SAFE Act - ANSWER Created to set minimum standards for the education licensing and testing of mortgage loan originators. such as NMLS NMLS - ANSWER Nationwide Mortgage Licensing System and Registry SAFE Act - ANSWER Requires...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance? - ANSWER-After 3 business-day rescission period...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

Advantages of Real Estate Investment: (3 things) - ANSWER-Above average rate of return Tax benefits Land can never be depreciated. Disadvantages of Real Estate Investment: (3 things) - ANSWER-Not highly liquid The purchaser of investment property must be prepared to "invest" for the long haul Market conditions are changing all the time. What is the total amount of money remaining after all expenditures have been paid including taxes, operating costs, and mortgage payments? - ANSWER-C...

997 NMLS Questions with Answers The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: -Price fixing -Redlining -Steering -Blockbusting>>>> Blockbusting You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? -CHARM Booklet -ARM Disclosure -Fair Lending Practices Booklet -RESPA Bo...

A veteran has the ability to transfer a portion of their entitlement to another veteran. - Correct answer-False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. - Correct answer-False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card ...

CA Real Estate Exam- Practice Questions and Answers 100% Verified Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to...