Xinnix SOAR Final Q&A 2022/2023

FNMA and FHLMC are what type of loan? - Answer- conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Answer- true conventional loans are not insured by the federal government - Answer- true Agency loans include FHA and VA loans - Answer- true the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool - Answer- true a non-agency loan does not have to conform to FNMA guidelines - Answer- true FNMA insured mortgage companies against default - Answer- false Fannie Mae purchased FHA loans from mortgage bankers - Answer- true FHA mortgages are self insured while conventional mortgages require PMI - Answer- true Ginnie Mae was created to purchase government mortgages on the secondary market - Answer- false prepaid interest to reduce the interest rate over the life of the loan - Answer- discount points Freddie Mac offers balloon mortgages but fannie mae doesn't - Answer- true unacceptable borrowers include.. - Answer- life estates, partnerships, non-profit organizations when is a co-signer typically permitted on a conventional loan? - Answer- when the borrower is putting down at least 10% borrower must contribute how much if the LTV is greater than 80%? (FNMA) - Answer- 5% maximum ratios for occupant borrower alone cannot exceed... - Answer- 35/43% DU is the automated system for.. - Answer- fannie mae