Xinnix SOAR Final ACTUAL EXAM/ MOSTLY TESTED
QUESTIONS AND CORRECT DETAILED ANSWERS| 100%
CORRECT SOLUTIONS/GRADE A+
FNMA and FHLMC are what type of loan? conforming
the main purpose of the Consumer financial
protection bureau (CFPB) is to help consumers
true
understand the terms of their agreements with
financial companies
conventional loans are not insured by the federal
true
government
Agency loans include FHA and VA loans true
, the proceeds of a loan for cash out refinance may
true
be used by the borrower to insure a new pool
a non-agency loan does not have to conform to
true
FNMA guidelines
FNMA insured mortgage companies against
false
default
Fannie Mae purchased FHA loans from mortgage
true
bankers
FHA mortgages are self insured while
true
conventional mortgages require PMI
Ginnie Mae was created to purchase government
false
mortgages on the secondary market
prepaid interest to reduce the interest rate over
discount points
the life of the loan
Freddie Mac offers balloon mortgages but fannie
true
mae doesn't
life estates, partnerships, non-profit
unacceptable borrowers include..
organizations
QUESTIONS AND CORRECT DETAILED ANSWERS| 100%
CORRECT SOLUTIONS/GRADE A+
FNMA and FHLMC are what type of loan? conforming
the main purpose of the Consumer financial
protection bureau (CFPB) is to help consumers
true
understand the terms of their agreements with
financial companies
conventional loans are not insured by the federal
true
government
Agency loans include FHA and VA loans true
, the proceeds of a loan for cash out refinance may
true
be used by the borrower to insure a new pool
a non-agency loan does not have to conform to
true
FNMA guidelines
FNMA insured mortgage companies against
false
default
Fannie Mae purchased FHA loans from mortgage
true
bankers
FHA mortgages are self insured while
true
conventional mortgages require PMI
Ginnie Mae was created to purchase government
false
mortgages on the secondary market
prepaid interest to reduce the interest rate over
discount points
the life of the loan
Freddie Mac offers balloon mortgages but fannie
true
mae doesn't
life estates, partnerships, non-profit
unacceptable borrowers include..
organizations
