Xinnix Quiz Questions with correct answers

Xinnix Quiz Questions with correct answers Ginnie Mae was wholly created to purchase government mortgages on the secondary market - Correct Answers false which of the following was not a reason The Federal Housing Administration (FHA) was created - Correct Answers to simplify mortgage forms match in order of creation - Correct Answers 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - Correct Answers FNMA-fannie mae FHLMC-Freddie Mac what allowed more conventional mortgages to be originated in the early 1970s with less risk to the investor - Correct Answers private mortgage insurance fannie mae purchased FHA loans from mortgage bankers - Correct Answers true which of the following statements about VA home loan programs is true - Correct Answers it allowed servicemen to purchase homes with as little as no down payment which of the following statements about FNMA is false - Correct Answers it insured mortgage companies against default The consumer financial protection bureau was created to protect consumers - Correct Answers true FNMA and FHLMC are backed by the US government - Correct Answers true why did adjustable rate mortgages become popular in 1980s - Correct Answers interest rates were high a non agency loan must conform to FNMA guidelines - Correct Answers false agency loans do not include fha and va loans - Correct Answers false which of the following are agency products - Correct Answers FNMA FHLMC FHA loans VA loans FNMA and FHLMC are - Correct Answers conforming loans fannie mae has the implied backing of the federal government - Correct Answers true which statement about conventional loans is true - Correct Answers conventional loans are not insured by the federal government how many types of refinances are therw - Correct Answers 2 the proceeds from a cash out refinance loan may be used by the borrower to build a new garage - Correct Answers true your borrowers are requesting a loan for the purpose of buying a home near the local university to rent to students - Correct Answers investment what is the loan called that is obtained for the purpose of replacing the existing mortgage - Correct Answers refinance contruction perm loans are offered by all lenders - Correct Answers false a beach house would more likely be described as - Correct Answers a single family detached property in order for a property to qualify as a PUD, the fee charged must be mandatory - Correct Answers true with townhouses, you own the structure, the ground underneath, and the land in front and in back of the structure - Correct Answers true if the roof of a townhouse needs new shingles, who is responsible - Correct Answers the owener if you own a condo and a tree falls down in the yard outside your unit, who is responsible for making arrangements to remove it - Correct Answers the homeowners association (HOA) condominium fees are included in the monthly ratio(s0 when qualifying a borrower - Correct Answers true who elects the officers of a homeowners association - Correct Answers the homeowners townhouses are joined together by common walls - Correct Answers true what type of residence has three separate units located in one building, under one roof - Correct Answers 2-4 family with condos, you own the title to the land - Correct Answers false with 5/1 arms, you typically qualify based on START rate - Correct Answers false which of the following is true with 7/23 - Correct Answers the loan is fixed for 7 years, and the rate adjusts to a new fixed rate for the remaining 23 years if the borrowers qualifications are met a 10/1 arm usually will have a higher interest rate than a 3/1 arm - Correct Answers true on a 1 year arm, the interest rate is recalculated every 1