Fha mortgage insurance Study guides, Class notes & Summaries
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NMLS SAFE EXAM 2024 WITH 100% CORRECT ANSWERS
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What does TILA stand for?Answer - Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan?Answer - a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan?Answer - 
 
LTV stands forAnswer - Loan to Value 
 
Define PMI and state what the acronym stands for.Answer - Private mortgage insurance- on conventional loans 
 
Define one time variable funding fee and people in what situations is it waived for?Answer - Disabled veterans ...
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S.A.F.E Mortgage Loan Originator Exam 100% Correct
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S.A.F.E Mortgage Loan Originator Exam 
 
100% Correct 
 
GLBA Gramm-Leah-Bliley Act 
 
FTC Federal Trade Commission 
 
FCC Federal Communications Commission 
 
NPI Non-public Personal Information 
 
Consumer Individual who obtains financial services for personal use 
 
Customer Continuing relationship with a financial institute 
 
EBR Established Business Relationship 
 
FACTA Fair Credit Reporting Act (Original FCRA) 
 
FHA Fair Housing Act & Federal Housing Administration 
 
ECOA Equal Credit ...
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Real Estate Finance I-CHAMPIONS Exam | 60 Questions and Answers.
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Real Estate Finance I-CHAMPIONS Exam | 60 Questions and Answers. 
The minimum downpayment on a VA loan is: 
 
(a) 2% of the sales price 
 
(b) 0% of the sales price 
 
(c) 3.75% of the sales price 
 
(d) 1% of the sales price - Answer- B 
_________ is the process of creating a new mortgage loan. 
 
(a) Origination 
 
(b) Funding 
 
(c) Underwriting 
 
(d) Servicing 
* - Answer- A 
A veteran can have more than one VA loan: 
 
(a) If the prior VA loan was paid in full and the property disposed of ...
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HUD Certification Exam with 100% Correct Answers 2023
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Deed Restrictions - Correct answer-Legally enforceable terms that govern the use of 
real estate 
Redlining - Correct answer-The practice of refusing to make residential loans or 
imposing more onerous terms on any loans made because of the predominant race, 
color, national origin, religion, sex, disability, or familial status of the area's residents. 
Civil Rights Act of 1968 - Correct answer-Following the assassination of Dr. Martin 
Luther King Jr., Congress passed what monumental piece of ...
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HUD Housing Counselor Certification Practice | 130 Questions with 100% Correct Answers | Verified | Latest Update 2024
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What is the maximum percent of area median income allowable for a household to qualify for a Housing 
Choice Voucher? - 50% 
Which is the maximum recommended housing ratio for renting an apartment? - 30% 
Eligibility requirements for down-payment assistance programs include which factors? - Income, 
home-buyer education, purchase price 
The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for 
an 
FHA mortgage? - 1.75% 
If the client was denied a mort...
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Champions Powerhouse Training SAE 146 Questions with Verified Answers,100% CORRECT
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Champions Powerhouse Training SAE 146 Questions with Verified Answers 
 
An area of neighborhoods or sub divisons that 
is serviced by your firm. - CORRECT ANSWER Geographic Farm 
 
A plan by which you develop to gain name 
recognition - CORRECT ANSWER Marketing Plan 
 
Becoming different in your approach through 
growth and development - CORRECT ANSWER differentiate 
 
All the properties in a particular price range, 
in the area your firm services - CORRECT ANSWER economic farm 
 
Words or cont...
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HUD Housing Counselor Certification Practice Questions with Correct Answers
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What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? Correct Answer 50% 
 
Which is the maximum recommended housing ratio for renting an apartment? Correct Answer 30% 
 
Eligibility requirements for down-payment assistance programs include which factors? Correct Answer Income, home-buyer education, purchase price 
 
The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an 
FHA mortgage...
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HUD Test 1 | 160 Questions with 100% Correct Answers | Verified | Latest Update 2024
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Which document should the counselor review with the client to identify spending habits and track 
expenses? - Bank Statement 
Which additional information would the housing counselor need to prepare a household budget for this 
client? - Net income 
Which item in the client's budget is a fixed expense? - Car lease payment 
What is the maximum percent of area median income allowable for a household to qualify for a Housing 
Choice Voucher? - 50% 
Which is the maximum recommended housing ratio fo...
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PREPXL- General mortgage knowledge EXAM(Graded A+ actual test)
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According to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual 
percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 
1% 
.5% 
.125% 
.25% - Answer-.125% 
The term "subordination" refers to: 
The process of releasing a lien 
The process of recording a lien 
The process of one lienholder accepting inferior lien priority in favor of another 
The process of researching a lien - Answer-The process of one lienholder accepting...
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HUD Housing Counselor Certification Practice Questions with 100% Correct Answers
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HUD Housing Counselor Certification Practice 
Questions with 100% Correct Answers 
Which is the maximum recommended housing ratio for renting an apartment? - Correct 
Answer ️️ -30% 
Eligibility requirements for down-payment assistance programs include which factors? - 
Correct Answer ️️ -Income, home-buyer education, purchase price 
The client is considering an FHA mortgage. What is the upfront mortgage insurance 
premium (UFMIP) for an 
FHA mortgage? - Correct Answer ️️ -1.75% 
If ...
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