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Unformatted text preview: t are to be sold to Fannie Mae/Freddie Mac A. B. C. D. Differ widely, depending upon the particular lender. Are usually the same throughout the range of lenders. Are set by various government bodies. Differ greatly, depending upon whether the lender is state or federally chartered. 7. Qualifying for a conventional loan normally does not permit: A. B. C. D. Gift money for the down payment A previous bankruptcy A 100% loan (no down payment) All of the above 8. Maximum allowable ratios of housing expense to income can vary with the: A. B. C. D Loan to value ratio Lender Size of down payment All of the above 9. Each of the following is considered income except: A. B. C. D. continuing spousal support. gifts from family members. positive cash flows from rentals. self–employment income. Dynasty School (www.dynastySchool.com) 13-39 REAL ESTATE FINANCE
10. In a DVA loan, the maximum loan amount is established by A. B. C. D. The U.S. Dept. of Veterans Affairs FNMA and GNMA ceilings The lender's policy Both B and C Answer Key: 1–B, 2–D, 3–D, 4–C, 5–B, 6–B, 7–D, 8–D, 9–B, 10–A 13-40 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 14: THE LOAN PROCESSING CHAPTER 14: THE LOAN PROCESSING PREVIEW
This chapter describes how lenders process real estate loans. The discussion covers a loan application and a loan package, approval, the process of closing a loan and the documents that are used, closing costs, loan payments, late charges, prepayment privileges and penalties, and loan assumptions. The chapter also details the basic provisions of laws that affect the processing and closing of loans. LOAN APPLICATION
All loan processing and underwriting begins with an application. The application may be in several forms, but we will review only those forms used by the FNMA/FHLMC, FHA and VA standard application form shown as Form 14–1. The loan application is not an appropriate tool for shoppin...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10