Xinnix SOAR Final Exam Questions Compilation | 100% Correct Answers | 566 Questions | 41 Pages | Everything you need

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