Non conventional loan - Study guides, Class notes & Summaries

Xinnix Ground School Exam Questions With Answers first-time homebuyer Someone who has never owned a home Move-up homebuyer Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty-nester homebuyer Experienced home...

When the buyer assumes the sellers loan, the ______ becomes responsible for repayment of the loan as well as any other obligations to the lender. - Buyer Lenders view non-realty items within the real estate contract to be ______, and therefore the value of those items needs to be deducted from the sales price. - Sales concession When completing the contract how should you describe the location of the property - Lot and block legal description The fixtures that are included in the one to...

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...

A "COE" generally IS NOT available to - Dishonorably discharged persons A "COE" generally IS NOT available to: - Dishonorably discharged persons A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their own a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 A contract deed is also called a: - Land Contract A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out cas...

The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. correct answer: True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA correct answer: 3 years What are the steps you should follow to determine the correct MI? correct answer: LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. correct a...

XINNIX FLIGHT SCHOOL EXAM QUESTIONS AND ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - Answer- True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - Answer- 3 years What are the steps you should follow to determine the correct MI? - Answer- LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less st...

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 company...

At what equity position does PMI automatically terminate on a conventional loan? correct answers22% A mortgage loan originators who uses his or her position with a mortgage broker to order a borrower's credit report is required to have which of the following before doing so? (A) The authorization by the borrower to order the credit report (B) To have completed a course covering both the mechanics and FCRA law governing the practice (C) The approval of the end lender who has the contract w...

Xinnix SOAR Final questions and answers latest top score. FNMA and FHLMC are what type of loan? - correct rming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - correct conventional loans are not insured by the federal government - correct Agency loans include FHA and VA loans - correct the proceeds of a loan for cash out refinance may be used by the borrower ...

XINNIX FLIGHT SCHOOL EXAM QUESTIONS AND ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - Answer- True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - Answer- 3 years What are the steps you should follow to determine the correct MI? - Answer- LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less st...