Hecm test - Study guides, Class notes & Summaries

HECM Test (2023/ 2024 Update) Questions and Verified Answers Q: T/F The agency is not permitted to provide a copy of the counseling certificate to a borrower's lender. Answer: False. Q: What role does FHA (Federal Housing Administration) play in Home Equity Conversion Mortgages? A. FHA sells the HECM loans on the secondary market B. FHA provides a strict rule of guidelines that lenders must adhere to C. FHA insures HECM loans D. FHA first instituted but no longer plays any p...

HECM Test 100% Correctly Solved 2024 A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Answer- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A...

HECM Test Practice Questions |Questions with 100% Correct Answers | Updated & Verified 2024 The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - answerb If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the ma...

HECM Test Exam With Verified Correct Answers 2024

Hecm test 5 100% Correctly Solved The objective of reverse mortgage counseling is to educate clients on - Answer- how reverse mortgages work and their implications · the appropriateness of a reverse mortgage for their personal and financial situations, and · possible financial alternatives to reverse mortgages The following topics must be thoroughly covered in every reverse mortgage counseling session - Answer- client needs and circumstances · features of a reverse mortgage · client...

A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Answer-E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A counseling agency must offer and provi...

HECM Test Exam Questions And Revised Correct Answers 2024 A borrower got her HECM loan many years ago when the lending limit for her county was $600,000. Her home is appraised for $800,000. What is the most her repayment of the loan could be? A. $600,000 B. $800,000 C. 75% of appraised value D. Net proceeds from selling the home - ANSWERS D A borrower has a $200,000 home value. What is the likely upfront cost added to the loan balance at closing? (Revisit. Where is the formula?) A...

A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - Correct Answer-E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining federal grant funds T/F A counseling agency must offer a...

HECM Test Exam Questions And Revised Correct Answers updated A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWERS E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining ...

Hecm test 5 – Questions and Answers Distinction Graded