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

Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. - Correct answer-False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - Correct answer-False A borrower requesting a jumbo loan will qualify for an agency loan - Correct answerFalse Trailing spouse income can be used for qualifying purposes. - Correct answer-False The follow...

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 ...

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 fro...