1) Seller can Sell property at a premium/profit with Fannie Mae financing after?
30 days
•60 days
•90 days - ANSWER •90 days
2) A COFI index is defined as?
Cost of funds index
•Cost of financial index
•Cost of funding insurance - ANSWER cost of fund index
3) Subordinate financing relates to
•seller financing.
•second mortgages.
•financing in the secondary mortgage market.
•subprime loans. - ANSWER second mortgage
4) Explain what Investors with non-recourse loans mean?
•Borrower does not have any recourse on default
•Borrower doesn't occupy the property
•Borrower has 20% equity - ANSWER Borrower does not have any recourse on default
1
, 5) Which of the following is true of the COFI?
It stands for the Cost of Future Interest.
•It is the preferred index if interest rates are expected to fall.
•It is only used in the 11th Federal Home Loan Bank District.
•It is the slow-moving Cost of Funds Index. - ANSWER It is the slow moving cost of
funds index
6) Who is in charge of discrimination complaints?
•Federal housing authority
•Lender
•ECOA
•Loan Officer - ANSWER Federal housing authority
7) The advantage of a home equity loan over refinancing is
•lower interest rate.
•less likelihood of default.
•tax deductibility.
•the ability to pay off part of the total debt separately. - ANSWER the ability to pay off
part of the total debt separately
9) When a telemarketer calls a person on the do not call list in violation of the do not call
regulations, he is subject to a fine of
$5,000.
2
30 days
•60 days
•90 days - ANSWER •90 days
2) A COFI index is defined as?
Cost of funds index
•Cost of financial index
•Cost of funding insurance - ANSWER cost of fund index
3) Subordinate financing relates to
•seller financing.
•second mortgages.
•financing in the secondary mortgage market.
•subprime loans. - ANSWER second mortgage
4) Explain what Investors with non-recourse loans mean?
•Borrower does not have any recourse on default
•Borrower doesn't occupy the property
•Borrower has 20% equity - ANSWER Borrower does not have any recourse on default
1
, 5) Which of the following is true of the COFI?
It stands for the Cost of Future Interest.
•It is the preferred index if interest rates are expected to fall.
•It is only used in the 11th Federal Home Loan Bank District.
•It is the slow-moving Cost of Funds Index. - ANSWER It is the slow moving cost of
funds index
6) Who is in charge of discrimination complaints?
•Federal housing authority
•Lender
•ECOA
•Loan Officer - ANSWER Federal housing authority
7) The advantage of a home equity loan over refinancing is
•lower interest rate.
•less likelihood of default.
•tax deductibility.
•the ability to pay off part of the total debt separately. - ANSWER the ability to pay off
part of the total debt separately
9) When a telemarketer calls a person on the do not call list in violation of the do not call
regulations, he is subject to a fine of
$5,000.
2
