Xinnix SOAR Final Questions and Ans
c c c c c
wers Already Passed
c c
FNMAcandcFHLMCcarecwhatctypecofcloan?c✔✔conforming
thecmaincpurposecofcthecConsumercfinancialcprotectioncbureauc(CFPB)cisctochelpcconsumerscunderstandc
thectermscofctheircagreementscwithcfinancialccompaniesc✔✔true
conventionalcloanscarecnotcinsuredcbycthecfederalcgovernmentc✔✔true
AgencycloanscincludecFHAcandcVAcloansc✔✔true
thecproceedscofcacloancforccashcoutcrefinancecmaycbecusedcbycthecborrowerctocinsurecacnewcpool
✔✔true
acnon-agencycloancdoescnotchavectocconformctocFNMAcguidelinesc✔✔true
FNMAcinsuredcmortgageccompaniescagainstcdefaultc✔✔false
,FanniecMaecpurchasedcFHAcloanscfromcmortgagecbankersc✔✔true
FHAcmortgagescarecselfcinsuredcwhilecconventionalcmortgagescrequirecPMIc✔✔true
GinniecMaecwasccreatedctocpurchasecgovernmentcmortgagesconcthecsecondarycmarketc✔✔false
prepaidcinterestctocreducecthecinterestcratecoverctheclifecofcthecloanc✔✔discountcpoints
FreddiecMaccofferscballooncmortgagescbutcfanniecmaecdoesn'tc✔✔true
unacceptablecborrowerscinclude..c✔✔lifecestates,cpartnerships,cnon-profitcorganizations
whenciscacco-signerctypicallycpermittedconcacconventionalcloan?c✔✔whencthecborrowerciscputting
downcatcleastc10%
borrowercmustccontributechowcmuchcifcthecLTVciscgreatercthanc80%?c(FNMA)c✔✔5%
maximumcratioscforcoccupantcborrowercaloneccannotcexceed...c✔✔35/43%
,DUciscthecautomatedcsystemcfor..c✔✔fanniecmae
LPAciscthecsystemcforc✔✔freddiecmac
thechigherctheccreditcscore,ctheclowercpotentialcforcdelinquencyc✔✔true
thecmostcaccurateccreditcreportc✔✔RMCR-cresidentialcmortgageccreditcreport
ancincfileccreditcreportccontainsconlyccurrentcinformationcaboutcthecborrowersccreditc✔✔false
chapterc13cbankruptcycallowscforcac3-5c yearcrepaymentcplanc✔✔true
creditcreportciscorderedcatcthecendcofcthecprocesscjustcbeforecitcgoesctocthecunderwriterc✔✔false
Permanentcandcnoncpermanentcresidentcalienscareceligiblecforcmortgagecfinancingctypicallycunderct
hecsamectermscascUSccitizensc✔✔true
, Oncacpurchasectransaction,cthecco-
borrowercdoescnotchavectocbeclistedcascacpurchaserconcthecsalesccontractc✔✔false
Ac3/1carmcwillcusuallychavecachighercinterestcratecthancac10/1carmc✔✔false
Typically,cwhatciscthecqualifyingcrateconcac1-
yearcARMcwithcac2/6ccapscandcacstartcratecofc4.5?cThecfullycindexedcratecisc6.375%c✔✔6.5%
Thecfullycindexedcrateconcancadjustablecratecmortgagecisccalculatedcbasedcon?c✔✔index+margin
Whencseveralcriskcfactorscarecpresentcinconecfile,citcisccalledc
andciscancindicatorcofcthecl
ikelihoodcofcdefault?c✔✔layeredcrisk
acch.c7cbankruptcyc✔✔wipescoutcdebtccompletely
5/25cballoonc✔✔Thecloanciscfixedcforc5cyearscandcthencthecnoteciscduec(balloons)corctheccustomer
choosesctocextend.
c c c c c
wers Already Passed
c c
FNMAcandcFHLMCcarecwhatctypecofcloan?c✔✔conforming
thecmaincpurposecofcthecConsumercfinancialcprotectioncbureauc(CFPB)cisctochelpcconsumerscunderstandc
thectermscofctheircagreementscwithcfinancialccompaniesc✔✔true
conventionalcloanscarecnotcinsuredcbycthecfederalcgovernmentc✔✔true
AgencycloanscincludecFHAcandcVAcloansc✔✔true
thecproceedscofcacloancforccashcoutcrefinancecmaycbecusedcbycthecborrowerctocinsurecacnewcpool
✔✔true
acnon-agencycloancdoescnotchavectocconformctocFNMAcguidelinesc✔✔true
FNMAcinsuredcmortgageccompaniescagainstcdefaultc✔✔false
,FanniecMaecpurchasedcFHAcloanscfromcmortgagecbankersc✔✔true
FHAcmortgagescarecselfcinsuredcwhilecconventionalcmortgagescrequirecPMIc✔✔true
GinniecMaecwasccreatedctocpurchasecgovernmentcmortgagesconcthecsecondarycmarketc✔✔false
prepaidcinterestctocreducecthecinterestcratecoverctheclifecofcthecloanc✔✔discountcpoints
FreddiecMaccofferscballooncmortgagescbutcfanniecmaecdoesn'tc✔✔true
unacceptablecborrowerscinclude..c✔✔lifecestates,cpartnerships,cnon-profitcorganizations
whenciscacco-signerctypicallycpermittedconcacconventionalcloan?c✔✔whencthecborrowerciscputting
downcatcleastc10%
borrowercmustccontributechowcmuchcifcthecLTVciscgreatercthanc80%?c(FNMA)c✔✔5%
maximumcratioscforcoccupantcborrowercaloneccannotcexceed...c✔✔35/43%
,DUciscthecautomatedcsystemcfor..c✔✔fanniecmae
LPAciscthecsystemcforc✔✔freddiecmac
thechigherctheccreditcscore,ctheclowercpotentialcforcdelinquencyc✔✔true
thecmostcaccurateccreditcreportc✔✔RMCR-cresidentialcmortgageccreditcreport
ancincfileccreditcreportccontainsconlyccurrentcinformationcaboutcthecborrowersccreditc✔✔false
chapterc13cbankruptcycallowscforcac3-5c yearcrepaymentcplanc✔✔true
creditcreportciscorderedcatcthecendcofcthecprocesscjustcbeforecitcgoesctocthecunderwriterc✔✔false
Permanentcandcnoncpermanentcresidentcalienscareceligiblecforcmortgagecfinancingctypicallycunderct
hecsamectermscascUSccitizensc✔✔true
, Oncacpurchasectransaction,cthecco-
borrowercdoescnotchavectocbeclistedcascacpurchaserconcthecsalesccontractc✔✔false
Ac3/1carmcwillcusuallychavecachighercinterestcratecthancac10/1carmc✔✔false
Typically,cwhatciscthecqualifyingcrateconcac1-
yearcARMcwithcac2/6ccapscandcacstartcratecofc4.5?cThecfullycindexedcratecisc6.375%c✔✔6.5%
Thecfullycindexedcrateconcancadjustablecratecmortgagecisccalculatedcbasedcon?c✔✔index+margin
Whencseveralcriskcfactorscarecpresentcinconecfile,citcisccalledc
andciscancindicatorcofcthecl
ikelihoodcofcdefault?c✔✔layeredcrisk
acch.c7cbankruptcyc✔✔wipescoutcdebtccompletely
5/25cballoonc✔✔Thecloanciscfixedcforc5cyearscandcthencthecnoteciscduec(balloons)corctheccustomer
choosesctocextend.
