Xinnix SOAR Final Exam Questions Compilation | 100% Correct Answers | 566 Questions | 39 Pages | Everything you need

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