Va loans - Study guides, Class notes & Summaries

Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - Answer-Estoppel Amount stated in a purchase contract in case the buyer breaches is called: - Answer-Liquidated In a sublease with a positive leasehold who benefits from excess rent? - Answer-Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November 2nd - Answer-512.57 De...

to market conditions and their internal needs and objectives. It should be noted that the terms of mortgages bought and sold cannot be changed by the new note holders. Which of the following is considered a conventional loan? A. FHA insured B. VA guaranteed C. Commercial bank's 15 year loan D. Contract for deed - answerC. Commercial bank's 15 year loan. Though 30 year loans are more common, 15 year loans are considered standard, conventional loans. Options A and B are part of various g...

XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 3 years What are the steps you should follow to determine the correct MI? LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. Fa...

Xinnix SOAR Final Questions and Answers Already Passed 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 ...

Intent to File - CORRECT ANSWER-Protects filing date for 1 year. Intent to File contains? - CORRECT ANSWER-Identification of Vet & Claimant, election of benefit asking for, signature of claimant or vet How to notify of intent to file - CORRECT ANSWER-Electronically (ebenefits or Stakeholder Enterprise Portal, mail VA Form 21-0966, Phone: National call center or public contact representative. How many Intents to File will the VA recognize - CORRECT ANSWER-Only 1 at any given time DD 2...

Xinnix Quiz Questions with 100% Correct Answers Ginnie Mae was wholly created to purchase government mortgages on the secondary market - Answer- false which of the following was not a reason The Federal Housing Administration (FHA) was created - Answer- to simplify mortgage forms match in order of creation - Answer- 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - Answer- FNMA-fannie mae FHLMC-Freddie Mac what allowed more conventional mortgages to be originated in the early 1970s wit...

Superior NC Real Estate Important Final Exam questions (Answered 100% Correctly) 2024 RESPA -Real Estate Settlement Procedures Act: applies ONLY to 1-4 family residential transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) C. the trustor(s) The trustor is the borrower in a lending situation using a trust deed. The b...

Real Estate Finance 1 - Texas, Champions School of Real Estate – Finance Latest Update 100% Pass Loan Processing 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 The process of evaluating a borrowers loan application to determine the risk involved for the lender. Funding The process of transferring funds to a title or escrow company for disbursement. Servicing Sending monthly pa...

1.1. A title was recorded for a parcel of real property vested in the name of Johan Wilson, a single woman. After her marriage to William Roberts, she executed a deed to the property only in the name of Johan Roberts, a married woman. The discrepancy in the grantors name is: A. Valid if William Roberts agrees to it B. A defect on title that may cause title to be vested as tenants in common C. Immaterial if the property is properly described D. A defect which may cause a cloud on the title ...

1. bank 2. commercial bank 3. savings & loans 4. credit union 5. mortgage broker 6. mortgage banker - 1. bank - full service 2. commercial bank - originate largest amount of loans without using depositor's funds. 3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. AKA savings bank or thrift 4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors and low loan rates to borrowers. 5....