Correspondent lender - Study guides, Class notes & Summaries

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers In order to become a state licensed LO, the applicant must complete how many hours of prelicense education courses within 30 days of the end of the fiscal quarter a. 45 b. 30 c. 25 d. 20 - Answer-d A lender which will make mortgage loans to customers, but will immediately sell each of their loans to a larger lender (under a contract relationship) is called a: a. Wholesale lender b. Retail lender c. Correspondent l...

Xinnix Final Exam Questions and Answers 100% Pass A veteran has the ability to transfer a portion of their entitlement to another veteran. - 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. - 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 ...

SAFE Exam Test With 100% Correct And Verified Answers Title X - Correct Answer-Created the CFPB IN 2011 A part of the Dodd Frank Act Dodd-Frank Wall Street Reform Act - Correct Answer-July 2010 Created to promote financial stability Created two titles- Title X and Title XIV CFPB - Correct Answer-Consumer financial protection bureau Created by Title X, under the Dodd Frank act Government entity that regulates laws and regulations 2010 Protects consumers from abusive practices ...

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

NMLS Exam Review Questions and answers, VERIFIED/ WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE MINIMAL CREDIT SCORE TO QUALIFY FOR AN FHA LOAN - -500 WHAT DOES PITI STAND FOR? - -PRINCIPAL - INTEREST - TAXES - INSURANCE (CAN ALSO INCLUDE HOA FEES) WHAT IS CONSIDERED A BUSINESS DAY FOR CLOSING DISCLUSRES? - -ANY DAY...

If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed rate, whichever is greater - TRUE A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor - TRUE HOA dues are included in the PITI calculation. - FALSE The Correspondent lender is the "end" lender in a mortgage banker's transaction - TRUE What is their new loan amount and proposed monthly PITI based on 30-year fixed-...

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

Real Estate Finance champion school test Questions and Correct Solutions 2024 Loan processing - Answer -The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - Answer -The process of evaluating a borrowers loan application to determine the risk involved for the lender Funding - Answer -The process of transferring funds to a title or escrow company for disbursement Servicing - Answer -Sending mon...

The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decisions. - ANSWER-loan processing The process of evaluating a borrower's loan application to determine the risk involved for the lender. - ANSWER-underwriting The process of transferring funds to a title or escrow company for disbursement. - ANSWER-funding Sending monthly payment statements and collecting monthly payments, maintaining payment records a...

Real Estate Finance champion school test Questions and Correct Solutions 2024 Loan processing - Answer -The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - Answer -The process of evaluating a borrowers loan application to determine the risk involved for the lender Funding - Answer -The process of transferring funds to a title or escrow company for disbursement Servicing - Answer -Sending mon...