Fnma Study guides, Class notes & Summaries

Xinnix SOAR Final Exam Questions and Answers 100% Pass FNMA and FHLMC are what type of loan? - 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 - Answer- true conventional loans are not insured by the federal government - Answer- true Agency loans include FHA and VA loans - Answer- true the proceeds of a loan for cash out refinance may be used by the borrower to in...

Xinnix Exam Questions and Answers 100% Pass Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer- True What is the maximum seller contribution allowed for a primary residence at 95% LTV? (FNMA/FHLMC) - Answer- 3% On an ARM, redisclosure of the Truth in Lending is required if the APR changes more than ____%? - Answer- .25 FHA loans have both a BASE Loan Amount and Total Loan Amount - Answer- True A borrower's brother would like to give her money to h...

Choose the relationship between the name of the report and mortgage interest rate tendencies - When CPI goes up, rates tend to go up; when the GDP goes down, rates tend to go down; when the unemployment rate goes up, rates tend to go down. Although the appraiser makes the value determination, it is up to the processor to assess the appraisal report and to make sure that the property is acceptable collateral for the loan. - False A borrower may have more than one FHA loan at the same time. -...

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 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 ...

Xinnix SOAR Final Question and answers already passed 2023 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 c...

Xinnix Quiz Questions and answers correctly solved 2023 Ginnie Mae was wholly created to purchase government mortgages on the secondary market - correct answer false which of the following was not a reason The Federal Housing Administration (FHA) was created - correct answer to simplify mortgage forms match in order of creation - correct answer 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - correct answer FNMA-fannie mae FHLMC-Freddie Mac what allowed more conven...

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

Xinnix SOAR Final questions and answers latest top score. FNMA and FHLMC are what type of loan? - correct rming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - correct conventional loans are not insured by the federal government - correct Agency loans include FHA and VA loans - correct the proceeds of a loan for cash out refinance may be used by the borrower ...