NMLS

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Author:
SUONGTPHUNG
ID:
28793
Filename:
NMLS
Updated:
2010-08-03 02:47:38
Tags:
GENERAL CONCEPTS APPLICATION
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Description:
NMLS GENERAL CONCEPTS AND THE APPLICATION
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  1. SETS THE GUIDELINES FOR WHAT ARE REFERRED TO AS CONFORMING LOANS:
    A. FHLMC/ FREDDIE MAC
    B. FNMA/ FANNIE MAE
    C. BOTH A AND C
    D. FCRA/ FEDERAL CONFORMING REQUIREMENTS ASSOCIATION
    C. BOTH A AND C
    (this multiple choice question has been scrambled)
  2. YOU CAN QUALIFY FOR A VA LOAN IF YOU
    A. LIVE IN VIRGINIA
    B. SERVE AT LEAST 90 ACTIVE, CONTINUOUS DAYS IN THE US ARMED FORCES
    C. ARE RETIRED
    D. WORK FOR THE MILITARY
    B. SERVE AT LEAST 90 ACTIVE, CONTINUOUS DAYS IN THE US ARMED FORCES
    (this multiple choice question has been scrambled)
  3. WHEN YOU BORROW MORE THAN 80% OF A HOME'S VALUE, YOU HAVE TO PAY FOR:
    A. FLOOD INSURANCE
    B. MORTGAGE INSURANCE
    C. HAZARD INSURANCE
    D. TITLE INSURANCE
    B. MORTGAGE INSURANCE
    (this multiple choice question has been scrambled)
  4. A HELOC IS A
    A. HOME EQUITY LAW OF CLOSING
    B. COMPLICATED LOAN AVAILABLE TO GOVERNMENT EMPLOYEES
    C. FORM THAT MUST BE COMPLETED BY THE BORROWER WITHIN 3 DAYS OF APPLICATION
    D. HOME EQUITY LINE OF CREDIT
    D. HOME EQUITY LINE OF CREDIT
    (this multiple choice question has been scrambled)
  5. PEOPLE CHOOSE TO WORK WITH MORTGAGE BROKERS AND BANKERS OVER BANKS AND OTHER DEPOSITORY INSTITUTION FOR
    A. EXPERTISE AND PROFESSIONALISM
    B. VARIED LOAN CHOICES
    C. CONVENIENCE, SPEED AND SERVICE
    D. ALL OF THE ABOVE
    D. ALL OF THE ABOVE
  6. THE PRIMARY MARKET IS DEFINED AS
    A. ALL THE ACTIVITY INVOLVED IN THE ORIGINATION AND CLOSING OF A LOAN
    B. WHERE CAPITAL IS LENT TO THE BORROWER
    C. WHERE MORTGAGE BROKER AND MORTGAGE BANKERS ORIGINATE AND PROCESS MORTGAGE LOANS
    D. ALL OF THE ABOVE
    D. ALL OF THE ABOVE
  7. CURRENTLY KNOWN AS FANNIE MAE, THE FNMA WAS ORIGINALLY NAMED THE
    A. FIDUCIARY NATIONAL MORTGAGE ASSOCIATION
    B. FEDERAL NATIONAL MORTGAGE ASSOCATION
    C. FEDERATION OF NATIONAL MORTGAGE AGENTS
    D. FEDERAL NEW MORTGAGE ACT
    B. FEDERAL NATIONAL MORTGAGE ASSOCATION
    (this multiple choice question has been scrambled)
  8. EVIDENCE OF CLEAR OWNERSHIP
    A. DEED
    B. OWNERSHIP IN SEVERALTY
    C. TITLE
    D. DEED OF TRUST
    C. TITLE
    (this multiple choice question has been scrambled)

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