A program description contains the summary of eligibility requirements for a loan to be sold to a specific
lender/investor - Correct Answers TRUE
If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed
rate, whichever is greater - Correct Answers TRUE
HOA dues are included in the PITI calculation. - Correct Answers FALSE
The Correspondent lender is the "end" lender in a mortgage banker's transaction - Correct Answers
TRUE
What is the maximum seller contribution allowed for an investment property at 80% LTV
(FNMA/FHLMX)? - Correct Answers 2%
What is their new loan amount and proposed monthly PITI based on 30-year fixed-rate of 6.375%
value= $350,000
balance= $228,000
monthly= $1920
cash out = $20,000
taxes= $270
HOI= $75
CC= 2.5%
PP= 1% - Correct Answers $259,620/$1,964.69
lender/investor - Correct Answers TRUE
If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed
rate, whichever is greater - Correct Answers TRUE
HOA dues are included in the PITI calculation. - Correct Answers FALSE
The Correspondent lender is the "end" lender in a mortgage banker's transaction - Correct Answers
TRUE
What is the maximum seller contribution allowed for an investment property at 80% LTV
(FNMA/FHLMX)? - Correct Answers 2%
What is their new loan amount and proposed monthly PITI based on 30-year fixed-rate of 6.375%
value= $350,000
balance= $228,000
monthly= $1920
cash out = $20,000
taxes= $270
HOI= $75
CC= 2.5%
PP= 1% - Correct Answers $259,620/$1,964.69
