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Xinnix SOAR Final Exam Questions Compilation | 100% Correct Answers | 566 Questions | 41 Pages | Everything you need

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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 financ... ial 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. [Show More]

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