What is a heloc loan - Study guides, Class notes & Summaries

Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM adjusts every 3 years True A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investor in the lender specs. False A HELOC loan has an interest only payment ...

What does TILA stand for?Answer - Truth-In-Lending Act, Regulation Z What is a HELOC loan?Answer - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan?Answer - LTV stands forAnswer - Loan to Value Define PMI and state what the acronym stands for.Answer - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for?Answer - Disabled veterans ...

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 owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Disabled ...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...

Based on the following scenario, what is the borrower's qualifying ratios under FHLMC guidelines? PITI: $3,350 monthly Income: $8,350 monthly Debt: $595 - car payment - 40.12% / 47.25% A straw buyer is an individual who is paid to purchase a property and apply for a mortgage for someone who is unable to qualify for a loan. - True A borrower's brother would like to give her money to help towards the down payment of her new house. This would be considered _________ - A gift from a relativ...

NMLS SAFE EXAM WITH COMPLETE SOLUTIONS NMLS SAFE EXAM WITH COMPLETE SOLUTIONS NMLS SAFE EXAM WITH COMPLETE SOLUTIONS What does TILA stand for? - ANSWER-Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER-a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER- LTV stands for - ANSWER-Loan to Value Define PMI and state what the acronym stands for. - ANSWER-Private mortgage insurance- on conve...

What does TILA stand for? - ANSWER Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ANSWER a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ANSWER LTV stands for - ANSWER Loan to Value Define PMI and state what the acronym stands for. - ANSWER Private mortgage insurance- on conventional loans

Who are the stakeholders in the loan process? (Ans- The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? (Ans- An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? (Ans- A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What ty...

After the borrower submits a complete loan application, the LE must be delivered or placed in the mail within how many days? - 3 business days A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor. - True A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from purchase to move in? (For non-leap years only) - 46 days 1. Gross rent may be considered effective income when an applicant is...