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

NATIONAL FINANCE EXAM PREP | questions and answers 2023/24 Advantages of Real Estate Investment: (3 things) - Above average rate of return Tax benefits Land can never be depreciated. Disadvantages of Real Estate Investment: (3 things) - Not highly liquid The purchaser of investment property must be prepared to "invest" for the long haul Market conditions are changing all the time. What is the total amount of money remaining after all expenditures have been paid including taxes, oper...

Mock Exam Questions with correct Answers Residual income is the amount of income available for family support after taxes and social security expense have been subtracted from the gross income and after PITI and other long-term debt has been paid. Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to the property, not the borrower. Response: True Feedback: See Course 5, Lesson 1 What is the minimum coverage required on the hazard insurance policy? (sele...

A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - ANSWER-Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years - ANSWER-2 years Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, s...

FNMA and FHLMC are what type of loan? - Correct answer-conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Correct answer-true conventional loans are not insured by the federal government - Correct answer-true Agency loans include FHA and VA loans - Correct answer-true the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool - Correct an...

Xinnix Final question and answer 2023A veteran has the ability to transfer a portion of their entitlement to another veteran. 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. 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), $1...

Xinnix Ground Course Final questions and answers graded A+ to passA veteran has the ability to transfer a portion of their entitlement to another veteran. 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. 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 stud...

MLO SAFE NMLS safe test practice questions and answers 100% pass Document Content and Description Below MLO SAFE NMLS safe test practice questions and answers 100% pass 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 settl...

MLO SAFE NMLS safe test practice questions with correct solutionTaking 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 requir...

MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Document Content and Description Below MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, f requent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Proce...

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 co...