Loan administration - Study guides, Class notes & Summaries

CFP EXAM 2024 WITH 100% CORRECT ANSWERS Stafford Loans are administered by: A) Private Loan Administration B) Federal Family Education Loan Program C) Parent loans to undergraduate students D) Federal assistance loan program - correct answer B Perkins loans - correct answer Low-interest federal student loans for undergraduate and graduate students distributed on the basis financial need. Are Parent Loans to Undergraduate Students (PLUS) available to both full and part time stude...

WISE Practice Test Questions and Answers with Verified Solutions To be eligible for a Federal Housing Administration (FHA) loan, what must an individual typically meet? - Have at least a high school diploma - Provide a down-payment amounting to 25% of the home's cost - Meet specific income criteria - Obtain co-signers for the loan A high school student is exploring a career in finance. What should the student prioritize in their decision-making process? - Will I be able to achiev...

FHA operates entirely from its self-generated income through the proceeds of mortgage insurance premiums paid by borrowers. Although the variety of attractive conventional loan programs available over the past several years had lowered the FHA share of the mortgage market, it has once again become the loan of choice in response to the mortgage lending crisis. The FHA loan is a viable product for first-time homebuyers, borrowers with credit issues who may have trouble qualifying for a conven...

What function does the Federal Housing Administration (FHA) play in the mortgage loan process? 1. FHA builds homes 2. FHA insures loans 3. FHA lends money 4. FHA establishes national interest rates on mortgage loans - ️️CORRECT ANSWER: FHA insures loans A broker price opinion must include what the price was based on and: 1. License number 2. The broker's phone number 3. Applicable market data 4. A legal description - ️️CORRECT ANSWER: Applicable market data If an agent i...

Stafford Loans are administered by: A) Private Loan Administration B) Federal Family Education Loan Program C) Parent loans to undergraduate students D) Federal assistance loan program - ANSWER B Perkins loans - ANSWER Low-interest federal student loans for undergraduate and graduate students distributed on the basis financial need. Are Parent Loans to Undergraduate Students (PLUS) available to both full and part time students? - ANSWER No, only available to full time students Perfe...

The SAFE Act Chapter 6 Latest Update Graded A+ Nontraditional Mortgage Product Defined by the SAFE Act as any mortgage product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, interest. Registered Loan Originator A natural person who is employed by a depository institution that is regulated by a federal banking agency and is exempt from state licensing regulat...

Personal Finance WISE Test Questions and Answers Rated A+ If an individual deposits $10,000 or more into a bank account, the bank is required to inform the: US Treasury Department The term that describes how easily and quickly you can convert an investment or savings into cash is: Liquidity Which financial instrument usually offers the highest interest rate? Certificate of Deposit What should a person do if they need to pay tuition at the end of August each year? Determine ...

Economic and Personal finance WISE Test Questions and Answers Already Passed If someone deposits at least $10,000 into their bank account, the bank is required to inform the: US Treasury Department Which account type offers the highest liquidity? Money market account What happens when you endorse a check with a blank endorsement? It can be cashed by anyone What is a money order? A certificate purchased to pay a specific amount to a designated recipient Why should James cas...

Gold Coast Chapter 13: Although there are a number of different methods for repaying a loan, there are only 3 types of mortgages: - correct answer FHA insured; VA guaranteed; And conventional. FHA insured mortgage loans: - correct answer The Federal Housing Administration (FHA) is a part of the U.S Department of Housing and Urban Development (HUD). ***The FHA DOES NOT make loans. Instead, it insures loans made by approved local lenders. The loan is funded by a lending institution, su...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...