Xinnix SOAR Final questions and answers 100% verified.

Xinnix SOAR Final questions and answers 100% verified. FNMA and FHLMC are what type of loan? - correct rming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - correct conventional loans are not insured by the federal government - correct Agency loans include FHA and VA loans - correct the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool - correct a non-agency loan does not have to conform to FNMA guidelines - correct FNMA insured mortgage companies against default - correct Fannie Mae purchased FHA loans from mortgage bankers - correct FHA mortgages are self insured while conventional mortgages require PMI - correct Ginnie Mae was created to purchase government mortgages on the secondary market - correct prepaid interest to reduce the interest rate over the life of the loan - correct unt points Freddie Mac offers balloon mortgages but fannie mae doesn't - correct unacceptable borrowers include.. - correct estates, partnerships, non-profit organizations when is a co-signer typically permitted on a conventional loan? - correct the borrower is putting down at least 10% borrower must contribute how much if the LTV is greater than 80%? (FNMA) - correct answers.5% maximum ratios for occupant borrower alone cannot exceed... - correct answers.35/43% DU is the automated system for.. - correct e mae LPA is the system for - correct ie mac the higher the credit score, the lower potential for delinquency - correct the most accurate credit report - correct answers.RMCR- residential mortgage credit report an in file credit report contains only current information about the borrowers credit - correct chapter 13 bankruptcy allows for a 3-5 year repayment plan - correct credit report is ordered at the end of the process just before it goes to the underwriter - correct Permanent and non permanent resident aliens are eligible for mortgage financing typically under the same terms as US citizens - correct On a purchase transaction, the co-borrower does not have to be listed as a purchaser on the sales contract - correct A 3/1 arm will usually have a higher interest rate than a 10/1 arm - correct 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% - correct answers.6.5% The fully indexed rate on an adjustable rate mortgage is calculated based on? - correct +margin When several risk factors are present in one file, it is called ____ and is an indicator of the likelihood of default? - correct ed risk a ch. 7 bankruptcy - correct out debt completely 5/25 balloon - correct answers.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 - correct 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 - correct 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 - correct