Fhlmc - Study guides, Class notes & Summaries

Xinnix Final Exam Questions and Answers with Verified Solutions 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 ca...

Xinnix Final Exam Questions With Answers A 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), $...

Xinnix Final Exam Questions With Answers 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 True ...

XINNIX Mortage Basix Exam Questions and Answers 100% Pass What does FNMA stand for? - Answer- Federal National Mortgage Association What does FHLMC stand for? - Answer- Federal Home Loan Mortgage Corporation What does AU stand for, and what is it? - Answer- Automated Underwriting, a computerized system that uses historical statistics to issue a decision of how to proceed with a loan request. The Purposes of Property acceptable for FNMA and FHLMC include: - Answer- Primary Residence, Seco...

XINNIX Mortage Basix Exam Questions and Answers 100% Pass What does FNMA stand for? - Answer- Federal National Mortgage Association What does FHLMC stand for? - Answer- Federal Home Loan Mortgage Corporation What does AU stand for, and what is it? - Answer- Automated Underwriting, a computerized system that uses historical statistics to issue a decision of how to proceed with a loan request. The Purposes of Property acceptable for FNMA and FHLMC include: - Answer- Primary Residence, Seco...

Mock Exam Review Questions and Answers Graded A (T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't need to be included on the loan application. - Answer ️️ -False What is the maximum seller contribution allowed for a primary residence below 75% LTV? (FNMA/FHLMC) - Answer ️️ -9% (T or F) DU does not consider non-occupant income as qualifying income - Answer ️️ -True (T or F) HOA dues are included in the PITI calculation. - An...

Xinnix Final Exam Questions and Answers with Verified Solutions 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 ca...

Xinnix Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer- False A 3-Year ARM adjusts every 3 years - Answer- 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. - Answer- False A HELOC loan has an ...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

XINNIX Mock Exam Review Questions and Answers 100% Pass (T or F): If a borrower tells you about a liability that is not listed on the credit report, it doesn't need to be included on the loan application. - Answer- False What is the maximum seller contribution allowed for a primary residence below 75% LTV? (FNMA/FHLMC) - Answer- 9% (T or F) DU does not consider non-occupant income as qualifying income - Answer- True (T or F) HOA dues are included in the PITI calculation. - Answer- False...