Xinnix SOAR Final Questions and Answers Already Passed FNMA and FHLMC are what type of loan? ✔✔conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumer... s 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 ✔✔true FNMA insured mortgage companies against default ✔✔false Fannie Mae purchased FHA loans from mortgage bankers ✔✔true FHA mortgages are self insured while conventional mortgages require PMI ✔✔true Ginnie Mae was created to purchase government mortgages on the secondary market ✔✔false prepaid interest to reduce the interest rate over the life of the loan ✔✔discount points Freddie Mac offers balloon mortgages but fannie mae doesn't ✔✔true unacceptable borrowers include.. ✔✔life estates, partnerships, non-profit organizations when is a co-signer typically permitted on a conventional loan? ✔✔when the borrower is putting down at least 10% borrower must contribute how much if the LTV is greater than 80%? (FNMA) ✔✔5% maximum ratios for occupant borrower alone cannot exceed... ✔✔35/43% DU is the automated system for.. ✔✔fannie mae LPA is the system for ✔✔freddie mac the higher the credit score, the lower potential for delinquency ✔✔true the most accurate credit report ✔✔RMCR- residential mortgage credit report an in file credit report contains only current information about the borrowers credit ✔✔false chapter 13 bankruptcy allows for a 3-5 year repayment plan ✔✔true credit report is ordered at the end of the process just before it goes to the underwriter ✔✔false Permanent and non permanent resident aliens are eligible for mortgage financing typically under the same terms as US citizens ✔✔true On a purchase transaction, the co-borrower does not have to be listed as a purchaser on the sales contract ✔✔false A 3/1 arm will usually have a higher interest rate than a 10/1 arm ✔✔false Typically, what is the qualifying rate on a 1-year ARM with a 2/6 caps and a start rate of 4.5? The fully indexed rate is 6.375% ✔✔6.5% The fully indexed rate on an adjustable rate mortgage is calculated based on? ✔✔index+margin When several risk factors are present in one file, it is called ____ and is an indicator of the likelihood of default? ✔✔layered risk a ch. 7 bankruptcy ✔✔wipes out debt completely 5/25 balloon ✔✔The loan is fixed for 5 years and then the note is due (balloons) or the customer chooses to extend. on a 7/1 ARM you qualify based on the start rate ✔✔true The qualifying rate for an ARM with an initial fixed rate period of five years or less is generally the greater of 2% above the start rate/ or the fully indexed rate ✔✔true Negative amortization occurs when the combination of interest rate adjustments and payment caps result in monthly payments that do not cover the monthly interest due ✔✔true How much does a 2/1 buydown typically cost on a conventional loan? ✔✔2.5 discount points on a scale from 450-850, 700 is considered a very low credit score ✔✔false On a conventional mortgage, a lender may use a higher ratio when there are fully documented compensating factors that justify using the higher ratio and or the DU/LPA issues the approval ✔✔true You do not count installment debts if they have less than 10 mo ✔✔true In qualifying on conventional loans, should legal debts be counted in the ratios regardless of duration? ✔✔false which agency has a 41 back ratio only ✔✔VA FHA published qualifying ratios ✔✔31/43 VA is not strict regarding job security ✔✔false PITI ✔✔principal, interest, taxes, insurance ways to determine HOI ✔✔- ask borrower if they have gotten a quote - estimate by calculations HOI calculations ✔✔sales price x .3 = ann [Show More]
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