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CMB Exam - Study Questions and Answers 2025
CMB Exam - Study Questions and Answers 2025
[Meer zien]Voorbeeld 4 van de 38 pagina's
Voorbeeld 4 van de 38 pagina's
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Voorbeeld van de inhoud
Answers 2025According to federal law, which of the following transactions are subject to the three-day
right of rescission?
Primary residence for rate/term and/or cash-out refinance.
What federal law governs right of rescission?
What are 3 borrower qualifications unique to the VA loan product?
1. Certificate of Eligibility
2. Active or previous duty service w/ entitlement available
3. VA loans do not use a front-end ratio, but instead use residual income to
qualify the borrower.
Right of Rescission
cancel certain kinds of loans within three days of signing.
This is provided to consumers in refinance transactions on their primary residence as well as
providing non-borrowers that also have ownership interest in the primary property subject to
the loan.
Right of Rescission
What does USDA require regarding a non-purchasing spouse in a community property state?
.
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
excluded by state law. Lenders must provide a credit report for the non -
is required in USDA's AUS engine "GUS".
Name 3 community property states
Washington and Wisconsin.
What formula is used to calculate the front end DTI ratio?
PITI / Monthly Income
What formula is used to calculate the back end DTI ratio?
PITI + Monthly debt / Monthly Income
What are 4 expectations of an appraiser during their inspection of a property?
* conduct a complete visual inspection of the accessible areas of the interior and exterior of
the property.
* responsibility to note any adverse conditions that were apparent during the inspection.
* expected to consider and describe the overall condition and quality of the property
* identify items that require immediate repair as well as items where maintenance may have
been deferred or which may not require immediate repair.
If an appraiser observes an adverse property condition, what must the appraiser do?
.
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Fannie does not consider the appraiser to be an expert in all fields. In these
situations when an appraiser cannot determine if the condition requires
immediate repair, the property must be appraised subject to and an
inspection must be completed by a qualified professional. The appraiser
measure the impact and decide on the final opinion of market value.
How is VA residual income calculated?
What is Mortgage Servicing?
The contractual right to receive mortgage payments from mortgagors for a
fee and remit pieces of those payments (Principle, interest, taxes and
insurance) to appropriate recipients).
Define Fair Value/Market Value for mortgage servicing
the amount a servicing portfolio is worth when offered for sale, in the open
market, to a reasonably knowledgeable buyer, given a sufficient time to
analyze the portfolio and enough information upon which to base a bid.
Define Economic Value for mortgage servicing
.
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
the amount a servicing portfolio is worth to a specific entity given its unique
operating environment.
Define Book Value for mortgage servicing
the amount a particular servicing portfolio is worth as reflected on the
balance sheet.
What is impairment of value in relation to mortgage servicing?
The unamortized portion of the MSA that represents the book value of the
portfolio.
Define liquidation value in mortgage servicing
the amount a servicing portfolio is worth if sold by a creditor or other
liquidation scenario.
What influences market value of a servicing portfolio?
* timing of payments
* rep/warrants associated with the nominal proce
* buy-back provisions normally found in Purchase and sale agreements regarding fraud
originations
Define regulatory value of mortgage servicing
amount a particular servicing portfolio is worth under risk -based capital
MSA's quarterly.
.
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