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Federal Housing Administration
Encouraged lenders to fund loans by insuring the full value of mrtg for qualified brwrs. |
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| Both Fannie Mae and Freddie Mac fall under this |
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| Both VA and USDA fall under this |
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| Veteran's Administration (VA) |
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| United states department of agriculture |
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| Non traditional mortgages |
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| It's not insured by the government |
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| Down payment requirements and the role of the private mrtg insurace |
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| The Homeowners Protection Act of 1998 p174 |
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| Loan-to-value Requirements |
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| Income Qualifications and guidelines |
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| Seller financing and Seller Concessions |
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| Underwriting for Conforming Loans |
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| Seller Financing is also known as? P175 |
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| Lender's credit overlay's may require a loan applicant to meet higher standards for: (4) |
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| Option ARMs or non traditional ARMs |
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| Non-Conventional/ Government Loans (3) p177 |
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| FHA Loans - distinctive characteristics of FHA lending include: (6) |
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| What are some favorable characteristics of FHA loans that have made them popular mrtg products for today's brwrs? |
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| The law states that I order to be eligible for FHA insurance, a mrtg must be made by an FHA-lender and the amount of the mrtg must be the lesser of: |
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The FHA loan limits are divided into lower-cost areas (the floor) and high-cost areas (the ceiling).
The current FHA general loan limits
(Floors and ceilings) are: |
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What are the measures Congress and FHA took to address the losses and to bolster the MMIF:
/ intended to reduce the default rate on FHA loans, thereby decreasing the number of claims paid from the MMIF |
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| What are the brwr contributions to the MMIF: (2) p182 |
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| Cancellation of Mrtg Insurance p183 |
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| Down Payment and Credit Score Requirements of FHA Loans |
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| What is the minimum requirement FHA allows to permit lending? |
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500 credit score
Many lenders use higher lending standards than those that are established by HUD
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| What are FHA programs? p184 |
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| Home Equity conversion mortgage |
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| What are some advantages and distinctive characteristics of VA loans? (6) p185 |
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| Veterans Benefits Improvement Act |
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| What are the revisions of the Veteran's Benefits's improvement Act of 2008? Under what title is it? |
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| Maximum Loan Guaranty Amont for VA Loans |
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| A veteran who has used all or part of his/her entitlement may restore the entitilement and use it to purchase another home after showing that: (4) p187 |
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| What does an originator need to establish with a veteran so that a transaction can proceed? (3) |
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| Interest Rates with VA loans: |
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| Special rules that apply if loan has an adjustable interest rate: p(188) |
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| In addition to the VA loan funding fee, veterans can be required to pay "customary and reasonable" fees for the following services and items: |
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| The VA funding fee can be financed |
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| VA loans can be for purchases or refi's and can be used for a number of different transactions including: (6) p190 |
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| There are many rules for the origination of both types of loans and these refs are loca in the Code of Federal Regulations in the following sections: |
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| Mortgage insurance requirement |
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| There are also a number of important similarities between direct & guaranteed loans. Both types of RHS or 502 loans must: p192 |
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| Guidance on non traditional mrtg product risks |
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| USDA (RHS) fixed rate loans |
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| Prepayment of Fixed Rate Mrtgs |
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| Prepayment penalties are prohibited in : |
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| With a fixed rate qualified mrtg, prepayment penalties are limited to: |
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| Protecting consumers form the risks of adjustable rates |
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| Qualifying Borrowers for ARMs |
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| The ability to make monthly amortizing payments: |
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| What are the types of Arms? p202 |
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| Interest only ARMs and Payment option ARMs |
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| Balloon payment qualified mrtg |
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| There are 3 types of reverse mrtgs. What are the common features of all three? |
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| What are the three types of reverse mortgages |
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| Single purpose reverse mortgages |
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| Home Equity COnversion Mortgages (HECM) |
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| What are some reasons why a reverse mrtg might become due and payable? |
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| What are some default classes that may be added, which make the reverse mrtg due & payable upon the homeowner? P205 |
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| What limitations and requirements are HECMs subject to? |
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| Reverse Mrtg Stabilization Act of 2013 |
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| Immediate actions taken by HUD to make reverse mrtgs safer include: |
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| Non traditional mrtg products |
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| Reduced Documentation / No Documentation Loans |
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| No Income, No Assests (NINA) |
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| Stated Income, Stated Assets (SISA) |
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| No Income, Verified Assets (NIVA) |
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| Stated Income, Verified Assets (SIVA) |
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