Nontraditional Mortgage Products
A conforming loan - ANS-follows the secondary marketplace criteria set by Fannie
Mae/Freddie Mac
A jumbo loan is also known as - ANS-non conforming loan
a mortgage in which general payments over the lifestyles of the loan pay off the whole
balance of the important and the hobby due at the end of the term is known as - ANS-fully
amortizing
a loan loan, normally a 2nd loan, that has a predetermined most mortgage quantity, has an
adjustable rate, may be borrower in opposition to and paid off as wished, and has an hobby
handiest minimum monthly payment, is referred to as a - ANS-HELOC - Home equity line of
credit
a reverse loan must be repaid if the home is unoccupied by the borrower how lengthy? -
ANS-12 consecutive months
According to the Interagency Guidance on Non traditional Mortgage Product Risks,
nontraditional mortgage product risks, nontraditional loan loans can be least volatile for
debtors with - ANS-low debt to income ratios
Borrower Stan is thinking about a simultaneous 2nd mortgage. Each of those risk mitigating
factors that would help him get this mortgage except - ANS-a excessive housing fee ratio
at some stage in the life of an average reverse mortgage, which of the following elements is
decreased? - ANS-fairness
Each of these are traits that could make a mortgage Non Traditional EXCEPT - ANS-Fixed
Rate
If a borrower physical activities his proper to exchange from an adjustable charge loan to a
set charge mortgage one time for the duration of the loan time period, furnished positive
situations are met, he has what type of loan - ANS-Convertible adjustable rate loan
In which federal law could you locate the definition of a non traditional mortgage? -
ANS-SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act)
Initial interest quotes which are tons decrease than the normal hobby charge, with the
charge typically returning to the normal hobby rate at the first adjustment is known as a -
ANS-teaser rate
A conforming loan - ANS-follows the secondary marketplace criteria set by Fannie
Mae/Freddie Mac
A jumbo loan is also known as - ANS-non conforming loan
a mortgage in which general payments over the lifestyles of the loan pay off the whole
balance of the important and the hobby due at the end of the term is known as - ANS-fully
amortizing
a loan loan, normally a 2nd loan, that has a predetermined most mortgage quantity, has an
adjustable rate, may be borrower in opposition to and paid off as wished, and has an hobby
handiest minimum monthly payment, is referred to as a - ANS-HELOC - Home equity line of
credit
a reverse loan must be repaid if the home is unoccupied by the borrower how lengthy? -
ANS-12 consecutive months
According to the Interagency Guidance on Non traditional Mortgage Product Risks,
nontraditional mortgage product risks, nontraditional loan loans can be least volatile for
debtors with - ANS-low debt to income ratios
Borrower Stan is thinking about a simultaneous 2nd mortgage. Each of those risk mitigating
factors that would help him get this mortgage except - ANS-a excessive housing fee ratio
at some stage in the life of an average reverse mortgage, which of the following elements is
decreased? - ANS-fairness
Each of these are traits that could make a mortgage Non Traditional EXCEPT - ANS-Fixed
Rate
If a borrower physical activities his proper to exchange from an adjustable charge loan to a
set charge mortgage one time for the duration of the loan time period, furnished positive
situations are met, he has what type of loan - ANS-Convertible adjustable rate loan
In which federal law could you locate the definition of a non traditional mortgage? -
ANS-SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act)
Initial interest quotes which are tons decrease than the normal hobby charge, with the
charge typically returning to the normal hobby rate at the first adjustment is known as a -
ANS-teaser rate
