Hecm test exam - Study guides, Class notes & Summaries

HECM Test (2023/ 2024 Update) Questions and Verified Answers Q: T/F The agency is not permitted to provide a copy of the counseling certificate to a borrower's lender. Answer: False. Q: What role does FHA (Federal Housing Administration) play in Home Equity Conversion Mortgages? A. FHA sells the HECM loans on the secondary market B. FHA provides a strict rule of guidelines that lenders must adhere to C. FHA insures HECM loans D. FHA first instituted but no longer plays any p...

HECM Exam| Questions and Verified Answers (Latest 2023/ 2024 Update) Q: What is the purpose of the financial assessment? Answer: to assess whether the borrower is likely to be able pay their property taxes and insurance. Q: What is a legal entity created during a person's lifetime, to hold the ownership of money and real property, often for estate planning purposes? Answer: a living trust Q: What is a divided form of ownership in which one person owns the right to l...

HECM 2023 Test Prep| Questions and Answers (Verified Answers)

HECM Test Questions and Answers Latest 2023 With Verified Answers.A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining...

Prepxl Practice Test 3: Exam Review Questions and answers/ In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They would like to hold onto as much of their savings as they can, but they have chosen to make a down payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they can make to reach the conforming loan limit but still retain savings? - $47,900 - $35,900 - $95,800 - $54,900 - -$35,900. The down p...

NATIONAL MORTGAGE LOAN ORIGINATOR UNIFORM STATE Exam Review Questions and answers, Verified/ A lock-in rate is - -an agreement by a lender to guarantee the availability of a specific rate of interest for a stated time period if the loan is approved and closed by a certain date. A loan originator is an individual who - -for compensation or gain, takes residential mortgage loan applications; or offers or negotiates terms of residential mortgage loans Mavis made an initial application fo...

HECM TEST LATEST UPDATE WITH COMPLETE SOLUTION

NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Document Content and Description Below NMLS SAFE EXAM Questions with accurate answers, Graded A, 2022/2023. Primary Mortgage Market - Where credit institutions originate loans C. The maximum the rate can increase over the lif e of the loan - When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over t...