19. According to DU, what type of loan would you be doing if you were paying off a purchase money first lien of $100,000.00 and the borrower is walking away with $3,000.00 at closing. A) Rate and term refinance B) Cash-out refinance 35. Your borrower's cash for closing is coming from a loan against the 401k funds. What documentation would you require if the loan file was targeted to Freddie Mac? A) Most recent statement and conditions under which the funds may be withdrawn or borrowed plus evidence of liquidation B) No documentation is necessary
19. According to DU, what type of loan would you be doing if you were paying off a purchase money first lien of $100,000.00 and the borrower is walking away with $3,000.00 at closing. A) Rate and term refinance B) Cash-out refinance 35. Your borrower's cash for closing is coming from a loan against the 401k funds. What documentation would you require if the loan file was targeted to Freddie Mac? A) Most recent statement and conditions under which the funds may be withdrawn or borrowed plus evidence of liquidation B) No documentation is necessary
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:19. According to DU, what type of loan would you
be doing if you were paying off a purchase
money first lien of $100,000.00 and the borrower
is walking away with $3,000.00 at closing.
A) Rate and term refinance
B) Cash-out refinance
35. Your borrower's cash for closing is coming
from a loan against the 401k funds. What
documentation would you require if the loan file
was targeted to Freddie Mac?
A) Most recent statement and conditions under
which the funds may be withdrawn or borrowed
plus evidence of liquidation
B) No documentation is necessary
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