XINNIX GROUND SCHOOL LATEST QUESTIONS AND ACCURATE
ANSWERS FOR GUARANTEED RESULTS
ANSWER: First-time homebuyer A person who has never been a home owner
ANSWER: Move-up homebuyer owns a property now or in the past and wants
to upgrade its size, location, cost, etc.
Homebuyer Relocating: ANSWER Buying a new house in a different state or
city because of a change in employment or personal preference
Rich buyer of a home: ANSWER knowledgeable about the process of
purchasing a home. active, fiscally astute, and knowledgeable.
Homebuyer with no children: ANSWER seasoned homebuyers without
dependent children who wish to downsize because they are becoming older.
Homebuyer investor: ANSWER experienced and well-versed in the mortgage
procedure. Time-sensitive, intelligent, rate-sensitive, and maybe irritable.
attempting to shut as soon as feasible.
In mortgage banking, an ANSWER correspondent lender is the end lender.
ANSWER wholesale lender is the final lender in mortgage brokering.
Correspondent lenders: Banks and mortgage bankers sell their closed loans to
ANSWER. line of credit for the warehouse.
ANSWER for wholesale lenders At closure, the table fund. All closing
documents are in the wholesale lender's name.
ANSWER Federal National Mortgage Association, also known as Fannie Mae
(FNMA)
Federal Home Loan Mortgage Corporation ANSWER Freddie Mac (FHLMC)
, Federal Housing Administration (FHA) ANSWER
Veteran's Administration (VA) ANSWER
Any loans that are not provided by the four lending agencies are referred to as
non-agency loans.
Conforming loans: A REPLY Any loan from an agency
Jumbo loan: A response any traditional loan that exceeds the lending caps
established by Freddie Mac and Fannie Mae. By definition, all jumbo loans are
nonconforming; this isn't always the case, though.
Conventional: A loan that is not covered by FHA or VA
Answer: Non-conforming Any loan that doesn't follow the rules set forth by
Fannie Mae or Freddie Mac
Application for a uniform residential loan, URLA-ANSWER, 1003.
ANSWER: Construction loan a temporary, short-term loan to cover
construction costs. As the project moves forward, the lender pays the builder on
a regular basis.
Permanent loan for construction ANSWER Similar to a construction loan,
except after the house is finished, the interim finance is replaced by long-term
financing.
Primary residence (primary residence, owner-occupied) - ANSWER The home
that the owner actually resides in
ANSWER: Secondary dwelling (second home) Although not regarded as a
principal residence, the property was bought for habitation. Like a vacation
house.
Investment property (rental property): ANSWER The borrower buys the
property to create cash flow for rental revenue rather than to occupy.
ANSWER: First residence > Second residence > Investment property Based on
the purpose of the property, the risk of default to the lender is ranked from
lowest to greatest.
ANSWERS FOR GUARANTEED RESULTS
ANSWER: First-time homebuyer A person who has never been a home owner
ANSWER: Move-up homebuyer owns a property now or in the past and wants
to upgrade its size, location, cost, etc.
Homebuyer Relocating: ANSWER Buying a new house in a different state or
city because of a change in employment or personal preference
Rich buyer of a home: ANSWER knowledgeable about the process of
purchasing a home. active, fiscally astute, and knowledgeable.
Homebuyer with no children: ANSWER seasoned homebuyers without
dependent children who wish to downsize because they are becoming older.
Homebuyer investor: ANSWER experienced and well-versed in the mortgage
procedure. Time-sensitive, intelligent, rate-sensitive, and maybe irritable.
attempting to shut as soon as feasible.
In mortgage banking, an ANSWER correspondent lender is the end lender.
ANSWER wholesale lender is the final lender in mortgage brokering.
Correspondent lenders: Banks and mortgage bankers sell their closed loans to
ANSWER. line of credit for the warehouse.
ANSWER for wholesale lenders At closure, the table fund. All closing
documents are in the wholesale lender's name.
ANSWER Federal National Mortgage Association, also known as Fannie Mae
(FNMA)
Federal Home Loan Mortgage Corporation ANSWER Freddie Mac (FHLMC)
, Federal Housing Administration (FHA) ANSWER
Veteran's Administration (VA) ANSWER
Any loans that are not provided by the four lending agencies are referred to as
non-agency loans.
Conforming loans: A REPLY Any loan from an agency
Jumbo loan: A response any traditional loan that exceeds the lending caps
established by Freddie Mac and Fannie Mae. By definition, all jumbo loans are
nonconforming; this isn't always the case, though.
Conventional: A loan that is not covered by FHA or VA
Answer: Non-conforming Any loan that doesn't follow the rules set forth by
Fannie Mae or Freddie Mac
Application for a uniform residential loan, URLA-ANSWER, 1003.
ANSWER: Construction loan a temporary, short-term loan to cover
construction costs. As the project moves forward, the lender pays the builder on
a regular basis.
Permanent loan for construction ANSWER Similar to a construction loan,
except after the house is finished, the interim finance is replaced by long-term
financing.
Primary residence (primary residence, owner-occupied) - ANSWER The home
that the owner actually resides in
ANSWER: Secondary dwelling (second home) Although not regarded as a
principal residence, the property was bought for habitation. Like a vacation
house.
Investment property (rental property): ANSWER The borrower buys the
property to create cash flow for rental revenue rather than to occupy.
ANSWER: First residence > Second residence > Investment property Based on
the purpose of the property, the risk of default to the lender is ranked from
lowest to greatest.
