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9.1- What are Traditional and Non-Traditional Mortgage Products?
9.2- What are Conventional/conforming (e.g., Fannie Mae, Freddie Mac) loans?
9.3- What are the Responsibilities of Fannie Mae?
9.4- What are the Limits on closing cost concessions?
9.5- What Fees are charged on loans with certain risk characteristics?
9.6- What are Fannie Mae/Freddie Mac’s automated underwriting systems?
9.7- What are the Requirements when purchasing a non-owner occupied rental property?
9.8- What are Acceptable down payment amounts? What are Hazard insurance requirements?
9.9- What are the Pre-payment requirements, (e.g., FHA, VA, USDA)?
9.10- What is FHA? What is an “FHA Mortgage”? Explain Facts about FHA loans
9.11- What is VA? What is a VA loan? Explain Facts about VA loans
9.12- Explain Prohibition on mortgage insurance on FHA and VA loans
9.13- How is the interest rate calculated on FHA loan? Explain interest rate calculation scenarios.
9.14- Explain the Types of government guarantors on different loans.
9.15- What is the Definition of “entitlement”?
9.16- What is Certificate eligibility requirement?
9.17- What are Acceptable funds for a down payment/closing costs?
9.18- What Properties are eligible for FHA purchase transactions?
9.19- What are FHA loan limits?
9.20- What are VA funding fees?
9.21- How is the Upfront mortgage insurance premium calculated?
9.22- Explain the Residual income qualification test
9.23- What is the Required documentation?
9.24- Explain the Monthly mortgage insurance payment scenarios
9.25- What is the Minimum down payment for an FHA loan?
9.26- What are Conventional/nonconforming (e.g., Jumbo, Alt-A) loans? Explain Facts on “jumbo loans”
9.27- What is the Definition of “non-conforming” loan? Give some Examples of “non-traditional loans”
9.29- What are the Requirements for an escrow account associated with a “high cost loan”?
9.30- What is Subprime Lending?
9.31- What is Definition of “payment shock”?
9.32- What is Definition of “subprime” loan?
9.33- What are Characteristics of ARM loans?
9.34- Explain "debt-to-income ratio assessment"
9.35- What is credit risk? Give some Examples of credit risk
9.36- Give Scenarios to determine when a balloon loan may be appropriate for a borrower
9.37- What is a subprime borrower? Explain Characteristics of subprime borrowers
9.41- How is the right non-traditional mortgage product dentified for borrowers?
9.42- What are important Communications with consumers regarding non-traditional mortgage product?
9.43- What are Qualified and Non-Qualified Mortgage Programs?
9.44- What are Features of a “qualified mortgage”?
9.45- What are Allowable points and fees for qualified mortgages?
9.46- What Information is used to determine whether a loan is “qualified”?
9.47- What are Annual percentage rates that make a mortgage “qualified”?
9.48- Explain different Categories of qualified mortgages
9.49- Explain categories and types of Non-qualified mortgage (Non-QM)
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